The Entrepreneurship Report FoodieFit Business †Free Samples

Question: Discuss about the Entrepreneurship Report FoodieFit Business. Answer: Introduction Entrepreneurship is the form of exploring the different things with different people. The term eliminates the stereotypical conceptualized model used in the business process. The three crucial characteristics, such as risk taking, venturing, and innovations, are the major components of entrepreneurship business (Schaper et al., 2014). The entrepreneurship businesses are sometimes conceptualized as the professional application of the skills, knowledge, and competencies of introducing new ideas. The study will discuss the launch of FoodieFit, offers the healthy meal services to the corporate across the Mauritius market. The study will present the identification, description, and analysis of the opportunities. The recognition of the business suitability will be disclosed in this study to determine the successive progress of this entrepreneurship business. FoodieFit is the entrepreneurship business that offers the healthy meal services to the corporate people in Mauritius. It is often noticed that people stay busy due to their tight schedule at office. They usually work in a shift from 8/9o clock in the morning due to which they hardly find time to prepare healthy diets for their breakfast or lunch. Apart from this Tiffin delivery services, FooodieFit has been offering the healthy diet advices to the business corporate. Currently, people are much conscious about the healthy diet. However, due to the busy work schedule, they are unable to prepare the healthy food. The company is focusing on such requirements and delivering the healthy food for breakfast and lunch. People can order for the food as per their convenience and it will be delivered within time. Opportunity Recognition process It is to be indicated that opportunities are created by building different innovative ideas and entrepreneurial activities. The environment of the entrepreneurs usually cannot be altered much significantly. However, it is also noticed that some of the people make their choices to launch new business entity by recognizing the opportunities (Richter, Kraus and Syrj 2015). Simultaneously, they need to face some of the external constraints related to the economic parameter. In such cases, it is necessary to identify the right opportunity and establish the business according to such consequences. In case of FoodieFit, it has been noted that the business people in Mauritius are unable to schedule their time for preparing healthy meals. However, they even need to continue with their daily official works. In addition to this, some of the people even prefer diverse foods that are sometimes unavailable in the local market. The entrepreneur company recognizes such opportunities to sell the meal s to these business officials for their breakfast and lunches. The company has even set up the online store in which the target customers can order to get their food delivered in a proper place and within the time. Hence, it can be stated that the company can earn much profitability by developing this food delivery business in the Mauritius market. Description of the Opportunity In order to launch a new business in a country, it is necessary to pay the attention to the economic structure in a specific way (Chen and Zhang 2015). Once the opportunity is identified, it is essential to describe them in a structured way. The business opportunities for the entrepreneurs are mainly based on three basic criteria. The first and foremost demands of the opportunity description are to recognize the need or the problem. The business is needed to be structured in order to resolve the addressed problem. The need and demands are always intangible (Shrader and Hills 2015). Hence, it is necessary to address and resolve the identified issues by launching the necessary product or services. In order to avail the opportunities, it is essential to develop the innovative business ideas that can satisfy the needs and the demands of the target customers. The customers usually seek for the value added services and the convenient services from the company (Gartner, Carter and Hills 2016). Therefore, it is essential to keep the concentration on the best business features that cannot be replicated by other competitors. Description of the target market is essential for every entrepreneurship businesses. An entrepreneur usually builds up the idea of establishing the business entity that can satisfy the demands of the customers and ensure profitability for long run (Maine, Soh and Dos Santos 2015). Hence, it is essential to set the target market and develop the product or service as per their needs and convenience. These three major factors are essential for an entrepreneurship business in terms of availing the market opportunities. In case of FoodieFit, it has been noted that the target customer is the business professionals who face trouble in preparing healthy food due to lack of time. They usually end up having high-calorie food for their breakfast and lunch. However, it is essential for them to consumer the healthy food to stay fit and competitive. Therefore, the company has the significant opportunity to deliver the demanding foods to these business professionals by keeping focus on the healthy diets. Moreover, the company is also focusing on providing the healthy diet charts to these business professionals for keeping them fit. The identification of the sources to take the orders is necessary for the company. In such cases, the online media would be much preferable. People can order their breakfast or lunch through online sites, and the foods will be delivered to the customers. Such conv enience would be much attractive to the target customers. The advancements of the technologies are even enhancing the scope of sustaining and increasing the business market shares for the entrepreneurs. Therefore, the business has the significant opportunities to launch the business. Analysis of the Opportunity It is already mentioned that the opportunities are needed to be created by ensuring the sufficient resources and capabilities of the business (Mainela, Puhakka and Servais 2014). The business market demands the fulfillment of the customers needs, organizing the internal activities, and earning profitability for the business growth. The FoodieFit is launched for delivering the healthy foods for breakfasts and lunches for the business professionals in Mauritius. The company also attempts to provide the healthy diet charts to these business professionals since they are much conscious about their health. However, one of the major factors that the entrepreneurship business needs to be concerned about is the market feasibility (cs, Autio and Szerb 2014). It is essential for the business to understand the economic structure of the market. Moreover, the acceptability of the business in the market is also necessary to be recognized. Hence, this section of the study will recognize the feasibil ity of the Mauritius market structure for launching this food delivery business by FoodieFit. The analysis of the market and the economic structure will be discussed in this section of the study. Accordingly, the study will also highlight whether this entrepreneurship business will be able to grow in this market for long run or not. Industry/ Market Currently, Mauritius is supporting the women rights to earn by establishing their entrepreneurship businesses, be it delivering the Tiffin services or clothes. The Mauritius government is recognizing the current trends on the market that may help in growing economy of the country. The people in the country are much concerned about their health. They prefer the healthy and nutritious food (Kumar 2015). However, the current competition in the business markets does not allow them to invest more time on preparing the healthy food for the breakfasts and lunches. Therefore, there are the demands of healthy Tiffin services. There is the high demand of the Tiffin or nutritious food delivery services for the business professionals. However, it is noted that the people in Mauritius prefer lower price of the products and services due to the lower economy growth. Hence, while structuring the new business entity, it is necessary to understand the market feasibility and the demands of the customer s (Smith, Halton, and Strachan 2014). Moreover, the sequential parameter of the customers preferences is also necessary to be developed. The use of the online media and online sites for ordering foods and clothes is also in trend. Therefore, the food delivery services will be operated via online mediums. Economics It is reported that the economic structure of Mauritius market grew only 3% in the year of 2015. The International Monetary Fund (IMF) confirmed that if the country can undertake the sound economic policies, it would favor the medium-term outlook in a significant way. It is significantly noticed that various challenges are the reasons behind the slow growth of Mauritius economy. The market has the sensitive pricing structure (Beedessee, Ramanjooloo and Marie 2015). The purchasers often have to give the best effort to find the best deal of the use of the products or the services. The current market is highlighting the growing trend by providing the best services or products at lowest prices. In fact, it has been observed that the disposable income is in the verge of declining that has been leading the customers towards become more cautious about the spending behaviour (Howwemadeitinafrica.com 2017). As a result, some of the projects have been facing the recognizable challenges in main taining the proper financial structure (Vossenberg 2013). However, there is the solution for mitigating the issues faced by the financial sectors of the country. The increasing level of the entrepreneurship businesses and the confidence in the business growth can remarkably increase the economic growth in Mauritius (Marketresearchreports.biz 2017). Similarly, FoodieFit needs to develop the e-business at the initial stage to minimize the venture costs and increase the profit parameter. If the company can deal through the online websites, it will be much cost-effective. In fact, the company even needs to pay attention towards the pricing structure of the foods that depends on the economic parameter of the entire Mauritius. Personal Criteria The identification of the market trend and economic structure highlights the feasibility of opening this entrepreneurship business. However, apart from paying attention towards such factors, it is necessary to keep the focus on several personal criteria as well. The company has the significant opportunity to deliver the demanding foods to these business professionals by keeping focus on the healthy diets. For example, the business needs to consider the target market, the budget, and the selected medium for business promotions. FoodieFit is aiming to provide the food services to the working professionals who have lesser time to prepare the healthy foods for their breakfast. The target market for the business is thus the business class people who are much conscious about the healthy diet. This entrepreneurship company has decided to invest MUR150000- MUR200000 for establishing the venture. The budget will be utilized for purchasing the ingredient to prepare the food, delivery charges, the shipping facilities, ventures, the online websites, and the promotional activities (Boso et al. 2016). On the other hand, the selection of the relevant promotional media is also necessary to spread the awareness among the target customer group (Lundstrm et al. 2014). The business may establish the online official websites for providing the information to the business officials. The leaflet type menu cards can be handed over to the corporate areas in Mauritius. The positive word of mouth will also help the business to spread awareness among the corporates or the working professionals in Mauritius. Conclusions The entire study determines that FoodieFit has the sheer opportunity to establish the entrepreneurship business in Mauritius market. However, the slow growth of the economy can be the obstacle for expecting the future growth. The problem can be resolved if the entrepreneurship businesses are established. In such cases, it is necessary for FoodFit to keep the prices lower. The company aims to provide the healthy meal to the working professionals or corporates across Mauritius. In addition to this, the company would also provide the healthy diet advices to the corporates for their healthy living. In order to avail the opportunities underlying the market, it is essential to identify the market opportunities and the fruitful techniques to avail these opportunities in a significant way. References cs, Z.J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement issues and policy implications.Research Policy,43(3), pp.476-494. Beedessee, G., Ramanjooloo, A. and Marie, D.E., 2015. Marine natural products research in Mauritius: progress and challenges.Marine Chemistry,170, pp.23-28. 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