Introduction to proposed venture

There are no arguments for the statement of “freedom is the most important thing in this big
information era”. Based on that very true opinion, I am going to propose a new venture. That is a
restaurant with books. As we all know, when we are hungry, we go to restaurant for having
something to eat and to full tummy. Like that, today people are in hunger for seeking freedom in
their minds. There is no something like a book that can take us anywhere within a second in free
mind. In the restaurant I replace books to foods. That is the concept of the restaurant.

I chose Colombo city as the market place as initiation and the target market is elder community
who are hardly busy with eight hours daily work as well as busy with complex family problems.
Even though this is a new concept for Sri Lanka, I think there is competition with existing
restaurants because people are more familiar with them in the area.

Introduction to entrepreneurship
Some sources have described entrepreneurship as the new appearance of the individual who
formulated a wander idea, developed it, collect resources and created a new business venture.
Some sources have described it as the process about by individuals of recognizing new
opportunities and adapting them into merchantable products or services. Most of sources have
described entrepreneurship as bringing something new.

Identifying Opportunities is one of important things in entrepreneurship. There are several

sources to identifying opportunities as follows. Observing trends of customers, their buying
patterns and expectations. Try to solve problems in creative ways. Identifying gaps in the market,
Following competitors.

SWOT analysis as an entrepreneur

Strengths Creative, motivated, flexibility, future
oriented
Weaknesses Resistant to change, lack of communication
skills, not initiating, lack of resourcefulness
 Opportunities Foreign markets, social power of the internet,
potential investors
Threats Personal risk of not monthly earning, family
problems

SWOT analysis and PESTEL analysis of the New Idea

SWOT analysis

Strengths Creative idea, future oriented, filling a niche

Weaknesses Lack of monetary support, lack of resources
and space
Opportunities Emerging trend of reading soft copies of
books, increasing social problems of peoples,
new discussions about freedom
Threats Lack of staff, competition from restaurants,
updating technology

PESTEL analysis

Political The government help to innovations

Environmental Increasing trends non communicable diseases,
health problems
Social The interest of elders to try new experiences,
increasing family problems, increasing trend
in lack of communication and people are
getting to isolated, busy life
Technological Emerging trend of reading soft copies of
books, elder community’s lack of interest to
use technology
Economical Emerging economic problems led to seek
freedom
Legal Rules and regulations imposed on traditional
restaurants