Food and

beverages at
tourists site
TouFood for tourists
seeking their national
food

This Photo by Unknown author is licensed under CC BY.

 Entrepreneurship: It is a process of
developing a changing and creating the
business by taking risks and going beyond
normal ideas for profit (Marc,2008).
Enterprise: It is the profit-earning business
that is run by an entrepreneur, it is ventured
business of entrepreneurship (Elizabeth,
INTRODUCTION 2007). 
Innovation: Innovation is the process to
improve product and services by bringing
continuous improvement and ideas ( Stephen
J., and Rosenberg, 2010)
 What is product?
Our product is food business that will be launched at tourism
sites. Idea of food business is to serve tourists coming from
different countries and different culture. These people crave
for their national food that creates a huge opportunity for the
entrepreneurs. 

Our food chain "TouFood" will cover 20 nationalities in the

start.

Different food items will be center of focus for the business.

Different food items will make the tourism site more
attractive and revenue will be generated. 
 Post-in/product
competitors
Currently there are only two competitors, MacDonalds and KFC, but their market
share is high due to global success. 

They are operating in more than 100 countries.

Their food chain has strong financial stability and revenue.

Their management is very strong and innovative. 

Almost every culture like their food items. 

Uniqueness/competitiveness

TouFood will cover 20

nationalties, unlike Quality of food will be
comoetitors who provide daily checked by the
junk food, healthy food will "quality assesment team".
be center of focus. 

Diverse management team. 

 Curiosity: curiosity of new food Self-confidence and reliance:
items can build strong customer Self-confidence and positivity is
relationship. important. 

Characteristics Drive and energy: Food Internal locus of control: Internal

resturrant should have energetic management will be controlled
of successful workers who will so that goals and objectives can
entrepreneur  serve visitors quickly. be supervised.

Clear goal-setting: Goals should

Pragmatic problem solving:
be clear, for a food business, goal
Continuous problem solving
is to serve visitors at tourism site
skills will require customer
having different cultures so that
feedback and daily check
they can feel their national and
of food inventory. 
continental food.
 It is very important for the entrepreneur to create
culture by evaluating external and internal factors that
Creating would help towards successful business venture. Evaluation
of factors help in decision making, profit analysis,
culture by investment decisions, futire business expansion plans,
inventory management, and give a right direction of
evaluating running a business. Following factors are important to
create culture:

internal
and Economy of country: it is important to evaluate economy,
for example, for tourism purpose more people means
external economy is generating huge revenue from this particular
sector and venturing food business will be in favor, people
factors from different countries will have more purchasing power
parity than local people so it will be overall a wise decision
to open the business. 
 continue
01 02
Employees: . Money and resources:
Employees evaluation the evaluation of this internal
is directly related to the factors helps business
customer satisfaction. to identify availability of
financial resources. 
03
Evaluation of competitors: It
is business risk for
the entrepreneurs that need
to be addressed. 
 Identify market gap and set-up a new idea, brainstorm about the idea and cluster
into problem statement. For food business at tourism site, idea is to serve people
food to the people belonging to different cultures. 

Sources of funding: To find source of funding is important, for food business at

tourism site, there would be many investors willing to invest, as tourism is the profit
seeking sector. 
Process of
business: Setting up business operations by finding suitable location and hire employees.

conception Market the food by stalling free samples of food items to visitors, start
to advertisement and social media.

execution
Make business strategies 

Execute the business and take implementation plan in action. 

 Locus of control theory of entrepreneurship 

Relevant This theory is proposed by Jullian Rotter. It states external and

internal locus of control based on own life perceptions and ideas. 
theories
and External factors: External factors include role of economy,
models government, market structure, competitors.

For food business, above external factors play crucial role to

forecast profit and loss, feasibility of business operations,
compliance of state laws and identify market structure. 
 Internal factors:

These factors are duly in hands of business owner, these are

Locus of flexible but of continuum nature as external factors. Internal
control management, business operations, employees team and
inventory control are some of these (Eric Adom, and Affum-
theory Osei,2019). 

For a food business, these factors play important role, as food

inventory control is linked with customer satisfaction.
Employees training and role are integral part of food business as
they work as front-man for the visitors and tourists. 
 Linear model of
innovation
• Innovative model requires following attributes
for the business to carry on:
• Research and development
• Product development
• Product uniqueness
• Business will have in-depth knowledge of
culture and food preference to develop
the product accordingly. Food service will
be improved continuously by product
development, therefore, new items of food
will be the unique approach (Beniot,2011). 

This Photo by Unknown author is licensed under CC BY.

Financial projections and forecasting
Net sales                                                            $500,000
Budget= $100,000 COGS                                                              ($300,000)
Labor                   20000
Material               50000 Gross profit                                                       $200,000
Suppliers            30000 Selling and administration expenses           ($100,000)
Food inventory  90000 Net income                                                       $100,000
Contingency        15000

INCOME AFTER FIRST YEAR OF PROJECTION

Conclusion
• Business of food will pose great
opportunity to earn lumpsum
money at tourism sites. It is a
market gap that will satisfy tourists
that seek their national food.
Tourism stables economy and
generates profits so there will be
many investors willing to invest
money in food startup. 
References
• Godin, B. (2011). The linear model of innovation: Maurice Holland and the research cycle. Social
Science Information, 50(3-4), 569-581.
• Asante, E. A., & Affum-Osei, E. (2019). Entrepreneurship as a career choice: The impact of locus
of control on aspiring entrepreneurs' opportunity recognition. Journal of Business Research, 98,
227-235.
• Dollinger, M. (2008). Entrepreneurship. Marsh Publications.
• Chell, E. (2007). Social enterprise and entrepreneurship: Towards a convergent theory of the
entrepreneurial process. International small business journal, 25(1), 5-26.
• Kline, S. J., & Rosenberg, N. (2010). An overview of innovation. Studies on science and the
innovation process: Selected works of Nathan Rosenberg, 173-203.