Abu Dhabi University
INE300 Fundamentals of Innovation and Entrepreneurship
General goal
You will prepare an “Opportunity Analysis Project”. This is different from a business plan: you are not defending/selling an idea for a new business, but you propose an idea for a start-up and then investigate whether this is really a good opportunity or not (yet)! You will demonstrate that you know what aspects of a potential start-up are important to evaluate very critically by reporting on the critical evaluation that you have done of your own idea.
You can choose any idea for a potential start-up that you like: the only requirement is that it has to be NEW in the UAE. You can either chose an idea that you have developed in project 1, or chose a totally different idea. It can be completely new (non-existing product or service) or completely new for the UAE (already existing in different countries, but not here in any Emirate).
Contents of the report:
In your written analyses and presentation you will tell the "story" of your proposed start-up by addressing as much of the following as possible:
A. Concept and Vision. Where did your idea come from (e.g. a university lab)? Explain what the market opportunity is and how your solution addresses this. What makes your solution particularly compelling? How does it make the world a better place? Do you have personal experiences with this market? Is there existing intellectual property that you must license or new intellectual property you must develop in order to pursue this opportunity? Has anyone tried something like this before? If so, why did they fail or succeed, and why is the opportunity still attractive?
B. Market Analysis. What industry or sector of the economy are you addressing? Why is this market attractive? What segment of the overall market are you pursuing? What market research can be done to describe this market need? What are the total industry or category sales over the past three years? What is the anticipated growth for this industry? If this is a new market, what is the best analogous market data that illustrates the opportunity? Project the potential market size and growth for your opportunity.
C. Customers and Customer Development. This is extremely important. You need to have a clear idea of who your target customer is. The only way for you to be able to do this is to "get out of the building" and speak with your potential customers. You will need to answer questions such as: What does the customer need? Why does the customer need it? What is the customer using today? What is the customer willing to pay for your solution? Why? How will you reach this customer? You should include both primary (or first-hand) research and secondary research, emphasizing primary over secondary.
D. Competition and Positioning. Who else serves this customer need? Who might attempt to serve this market in the future? What advantages and weaknesses do these competitors and would-be competitors have? What share of the market do specific competitors serve? Are the major competitors' sales growing, declining, or steady? What are the barriers to entry for you? What are the barriers to entry for additional competitors? How could partners and allies best help you overcome competition from established enterprises or other startups?
E. Business Model. Now that you have discovered an opportunity and talked to potential customers, how will you turn it into a business? How will you make money and when do you expect your venture to be profitable? What is the major risk to address right away (e.g., market or technical)? In other words, which hypothesis regarding product or market strategies need to be tested right away? (advice: use the business model canvas)
F. Learning and Adaptation. Is this idea a true opportunity or not*, and why? What else did you learn (and how did you learn this) ?
Executive summary
Study on this topic would be beneficial for the entrepreneur which does desire to open new business at UAE. This describes the requirements and the product development. The scopes of business at the location and the customer’s analysis for the location are to discuss in this location. This would also provide the technological, legal and financial issues that may create impact over the business are to elaborate here in this particular study along with possible recommendation to establish and grow the business.
Introduction
The startup business enterprise does require much analysis to the target market where the businesses are to start. This is because of the fact that the business has to success in its criteria and the management to this are also essential. The startup business at the UAE does require the same requirements so that the business does not fail and run successfully with much profit. The study is the proposal to start the new business such as food and beverage restaurant at the tourist place of UAE which is hoped to have great success and create much success for making the profit. This study discusses the product development for the new business and the scope of it within the country. This study also discusses the information which is required to set the enterprise. The business events that are suitable for the promotion and campaign of the same are also discussed along with the data analysis through primary and secondary data analysis. This study also focuses on the technical, financial and legal issues regarding the new business startup at UAE. Possible recommendation for the business is provided at the later portion of this particular study.
Product development for the start-up enterprise
UAE is the place for tourists and this has the larger scope for the business such as restaurants with delicious foods and beverages. Hence the new startup business at the country would be food and beverages related as restaurant related. This would be profitable business at the start-up level (Alajoutsijärvi, 2014). The startup business of this kind does not require much financial support also, however, this requires some technical, legal and political as well as environmental support. The place is visited by a huge number of customers at the different season and the places are likely to overcrowd at certain occasions. The business does require various strategies which would help them to make better business at the tourist place like the Dubai creek.
People of all over the world does believe that Dubai has the capability to satisfy the taste of food with the specialization over the Chinese, authentic Japanese as well as Persian seafood. This has the larger scope to serve the tourists with the great taste at the marine of Dubai creek. The business at various locations does require some more employees and the employment scope for many people would establish for the local inhabitants (Furr, 2014.). This also does provide support from the local areas and this protects the business from various hazardous factors. They should provide different cultural events for the enjoyments to the customers who do visit to them.
Information required collecting for the enterprise start up
The place of Dubai creek is the best place for starting up of the new business as this place are full of tourists all round the year who are gathering at the huge amount. The business would get flourished during the festival season and make more profits (Manchanda, 2014). A tourist from various countries does love to eat continental foods and this is the scope for making the profit. The decoration of the restaurant must attract the customers and the theme should be well organized. This theme is the aspect for the customer’s attraction. The restaurant can have some activities like games for the children as well as for the adults which does enhance the brand name and the customers do refer to others to visit the place to enjoy the same as they had done at their experience. The guests which can acquire in various season are to look for the proper analysis and this has to concern about by the business owner (Jeston, 2014).
The primary, as well as the secondary data analysis, would help know the knowledge of people visits this place. The business can have more than one restaurant at the marina of Dubai creek. The people and the tourist are spread all over the marine location and the business can gain more revenue by opening some branches to various locations of the marine. The branch also does increase the brand name to the customers. The business organization should deliver the customers with better appreciated events which woukld attract them and this would engage more customers to them. This would make better profit to them as well.
Planning of business events
The business can organize some events for the customer’s enjoyments as well as this would also increase the attraction towards the customers. The place to visit is near the marina of Dubai creek and this does require to represent some cultural and heritage programs and these are attracted to the customers. The visitors who do visit the restaurant also can be attracted with certain singing and dance events at the cultural level. The business can use certain technologies such as online application through which the restaurant and the events can be booked and this creates another level of customer’s satisfaction (Mahroum, 2016). The online publicity does spread the brand name to the people all over the world and the customers are more prone to visit the place that has the better publicity as well as better services. The way to serve the customers should be satisfactory and this increases the customer’s attraction and increases the actual revenue for the business organization. The events that the business organization provides to the customers do have the events which must be appreciated and they should enjoy the same. This would make the brands image better to the customers.
Data collection
Q1: How do you feel this restaurant will be effective in this locality?
| Options | Response percentage | Total no of responses |
| Excellent | 60% | 18 |
| Better | 10% | 3 |
| Good | 6.67% | 2 |
| Not good | 10% | 3 |
| Disagree | 6.67% | 2 |
| No response | 6.67% | 2 |
Analysis: It can be well noticed that more amount of people in in favour of having a feeling that the restaurant is located at the right place. They are totally satisfied with the location of the place and ,many are happy due to its relevant location., while on the other hands, very less amount of people are of the opinion that the restaurant is not well located.
Q2: Would it be beneficial to open the restaurant at the Dubai Creek?
| Options | Response percentage | Total no of responses |
| Excellent | 53.33% | 16 |
| Better | 13.33% | 4 |
| Good | 6.67% | 2 |
| Not good | 10% | 3 |
| Disagree | 6.67% | 2 |
| No response | 10% | 3 |
Analysis: In this context majority of the people think that it is beneficial to open the restaurant at the Dubai Creek. They are of the opinion that it shall be beneficial both for them as well as for the business organization in establishing the restaurant at this place. While some of the people have a negative opinion regarding this context.
Q3: Are the services provided by the restaurant at all attractive in nature?
| Options | Response percentage | Total no of responses |
| Excellent | 43.33% | 13 |
| Better | 16.67% | 5 |
| Good | 6.67% | 2 |
| Not good | 13.33% | 4 |
| Disagree | 6.67% | 2 |
| No response | 13.33% | 4 |
Analysis: In this part of the analysis, it is seen that maximum of the people find the services provided by the restaurant to be much attractive. the restaurant provides many services ranging from food to entertainment etc. On the contrary, it is found that less than 7% of the people do not find the services to be not at all attractive.
Q4: Do the staffs working in this concern are efficient?
| Options | Response percentage | Total no of responses |
| Excellent | 40% | 12 |
| Better | 16.67% | 5 |
| Good | 6.67% | 2 |
| Not good | 13.33% | 4 |
| Disagree | 107% | 3 |
| No response | 13.33% | 4 |
Analysis: In this context, it can be clearly observed that 40% of the people surveyed are having an opinion that the staffs are efficient. While on the other hand, it is found that some percentage of the total sample are not satisfied with the service of the staff and thus they find them to be inefficient.
Q5: Is the prices related to the services provided by the restaurant within the range, and is it good?
| Options | Response percentage | Total no of responses |
| Excellent | 53.33% | 16 |
| Better | 13.33% | 4 |
| Good | 6.67% | 2 |
| Not good | 10% | 3 |
| Disagree | 6.67% | 2 |
| No response | 10% | 3 |
Analysis: It is found that most of the people from the sample find the prices of the food and services to be within their price range. While on the contrary, some of the people find the food and services to be overpriced.
Q6: Is there any need to add more dishes in the menu list?
| Options | Response percentage | Total no of responses |
| Yes | 63.33% | 19 |
| Maybe | 16.67% | 5 |
| No | 6.67% | 2 |
| No response | 13.33% | 4 |
Analysis: It is to be found that most of the people find there is a need for thge restaurant to add more dishes in the food item menu. They are interested in tasting new kind of food. While some of the people are happy with the existing food menu.
Q7: Do you prefer cultural events in the restaurant?
| Options | Response percentage | Total no of responses |
| Yes | 63.33% | 19 |
| Maybe | 16.67% | 5 |
| No | 6.67% | 2 |
| No response | 13.33% | 4 |
Analysis: Most of the people from the sample expressed that there is a need for the restaurant to conduct better and more of cultural events inside the premises of the restaurant. They are more interested to enjoy themselves in the cultural events in the restaurant. While on the other hand, some of the people are not at all interested in these cultural events.
Q8: Are you satisfied with the environmental conditions inside the restaurant?
| Options | Response percentage | Total no of responses |
| Yes | 66.67% | 20 |
| Maybe | 16.67% | 5 |
| No | 3.33% | 1 |
| No response | 13.33% | 4 |
Analysis: It is found that some of the people are really satisfies with the internal ambience and environment b of the restaurant. They enjoy themselves inside the restaurant. On the other hand, some people do not feel the environment to be at a;ll good.
Q9: Would there be availability of more customers in this area?
| Options | Response percentage | Total no of responses |
| Yes | 70% | 21 |
| Maybe | 13.33% | 4 |
| No | 3.33% | 1 |
| No response | 13.33% | 4 |
Analysis: It is found that majority of the sample people have the thoughts that the business shall get more and more customers in that area. They feel that the restaurant is very well located. While some feel that, the location is not at all good to attract more and more customers.
Q10: How would you rate the online application procedure?
| Options | Response percentage | Total no of responses |
| Excellent | 43.33% | 13 |
| Better | 16.67% | 5 |
| Good | 6.67% | 2 |
| Not good | 13.33% | 4 |
| Disagree | 6.67% | 2 |
| No response | 13.33% | 4 |
Analysis: Some of the people from the sample source of data have given a positive response regarding the quality and conveyance as maintained by the organization related to its online application procedure. While some have concluded with the statement that they do not find the online services to be not at all efficient and good.
Various kinds of data were collected from the secondary sources in order to provide with relevant data for this project. For getting data from secondary sources, various kinds of books, journals and articles have been considered for this study.
Technical, legal and financial issues regarding the new start up business in UAE-
A business faces many problems while carrying out its business (Rixon et al. 2017). In this context, the restaurant also faces many challenges related to technical, legal and financial issues.
The various technical issues faced by the business are-
The various legal issues faced by the organization are-
The various financial issues faced by the restaurant are-
Recommendation for the business start up
The business which is yet to start the business should analyze the target market before the starting the same. The technologies and activities of the business should attract the people and this has to keep in mind by the business organization. The packages must be attractive and various range of this has to serve for the people as desired by them at the location where the tourists do visit all over the year. Various issues such as the technology finance and legal have to manage well so that the business can run successfully (Mainela, 2017). They can develop their customer’s base with some effective business strategies. They should also realize the competition within the market since this has huge of the same.
Conclusion
The study has stated that the business of restaurant at the marine location of Dubai creek are the best to start and this would give the profit at any cost since the place is overcrowded all round the year. Different events and programs would help the business to gain more and more customers and this would actually gain more profit from the effective business. Despite the service and quality products, the business has to concern about the environmental aspects. This does require the better organization with the better theme to the business. Hence this can conclude that the business of restaurant with many functional aspects is the best business to start at the location like the Dubai creek at UAE.
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