Assessment 1 Report.edited

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BUSI 1692 International Entrepreneurship Assessment 1: Details of presentations and group reports 1

Table of Contents 1. Business Idea Presentation: Richard Hotel Group ....................................................................... 1 2. Identifying the Business Opportunity/Gap (Yash Patel) ............................................................. 2 3. Social Impact of Richard Hotel Group on Local Communities (Manasa) .................................. 2 4. Overcoming Resource Scarcity in Richard Hotel Group (Karthik) ............................................. 3 5. Funding Strategy for Richard Hotel Group (Karthik) ................................................................. 4 6. Protecting Intellectual Property for Richard Hotel Group (Manasa) ........................................... 4 7. Expanding into Foreign Markets (Yash Patel) ............................................................................ 5 References ........................................................................................................................................ 6 2

1. Business Idea Presentation: Richard Hotel Group The Richard Hotel Group aims to become a leading business destination by making a lasting impression in both local and national markets. This is expressed by the management team, headed by Yash Patel, CEO; Karthik, CFO; Tryphosa, COO; Mubashir, VP of Marketing; and Manasa, CHRO. Type of Business: Start-up The innovative Richard Hotel Group was established as a Limited Liability Company (LLC) in East London, United Kingdom. A group of friends who were passionate about offering great hospitality experiences came together to create the company. Richard Hotel Group is a start-up company that aims to carve out a space for itself in the cutthroat hotel sector. Intriguing Aspects of the Business The hotel sector is known for its flexibility in responding to changing consumer demands. Richard Hotel Group hopes to take advantage of this by offering upscale and business-oriented services. The Richard Hotel Group is distinguished by its dedication to providing guests with superior accommodations and amenities and its advantageous East London location. This unique combination will draw business travellers from abroad as well as from inside the area, laying the groundwork for a notable market presence ( Cem et al., 2019) . Products and Service The Richard Hotel Group caters to business travellers' demands by offering 4-diamond luxury lodging. Modern conference equipment, exhibition spaces, conference and meeting rooms, and well-appointed rooms are all included in various services. The hotel wants to provide a full experience, ensuring visitors are comfortable and productive while there. Customer Value Proposition Richard Hotel Group's unmatched dedication to quality and service is why guests should select it. The hotel's excellent location and committed management team make it the perfect option for business travellers looking for a chic yet practical stay. In order to stand out in the crowded 3

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hospitality market, Richard Hotel Group promises to improve the quality of life for its visitors by offering premium amenities and services at affordable costs. In the eyes of its discriminating clientele, Richard Hotel Group stands out because it combines elegance, business-focused amenities, and individualized services. 2. Identifying the Business Opportunity/Gap (Yash Patel) The Richard Hotel Group's business potential was identified through a thorough examination of the hospitality sector, which revealed a gap in the supply of superior lodgings designed with business travellers in mind. The crew gathered much information about the market through client inquiries, participation in local business support organizations, and a careful review of competitor offerings and catalogues (Ratten, 2020). Capturing the Opportunity Richard Hotel Group deliberately positioned itself as a 4-diamond hotel with a primary focus on catering to business travellers' unique demands to seize this potential. The hotel has a distinct market position because of its emphasis on well-equipped convention and meeting spaces and its dedication to upholding industry standards. The hotel's advantageous East London location only enhances its appeal to domestic and foreign business travellers. Furthermore, establishing collaborative associations with global tour operators, governmental and diplomatic entities, and involvement with hospitality establishments showcases a proactive strategy towards broadening the hotel's scope and reinforcing its standing as a favoured location for business-related visits ( Zahra and George, 2017) . 3. Social Impact of Richard Hotel Group on Local Communities (Manasa) Yes, Richard Hotel Group is dedicated to social entrepreneurship, actively contributing to improving East London and beyond. The business strategy is intended to generate beneficial economic and social development and provide luxury accommodations ( Hrytchuk et al., 2020) . Job Creation and Skills Training 4

Providing jobs and skill development is one of the main ways that Richard Hotel Group gives back to the community. The hotel intends to employ locals, giving locals job chances. Training programmes and internships will also be launched to empower underemployed or unemployed people and provide them with essential skills for future employment. Economic Upliftment Richard Hotel Group hopes to promote job creation and the community's economic development by forming a tax-exempt organization. The hotel's presence is expected to boost economic activity and improve East London's business environment. Community Support The key component of the Richard Hotel Group's approach is community engagement. To ensure that the hotel is in line with the needs and values of the local populace, the hotel plans to work with community people. With this strategy, community support is increased, and a symbiotic relationship is formed where the hotel's success also benefits the neighbouring towns. 4. Overcoming Resource Scarcity in Richard Hotel Group (Karthik) As a new company, Richard Hotel Group is aware of the difficulties caused by a lack of resources, and it has created a strategic plan to successfully traverse and overcome these obstacles (Zahra, 2021). Strategic Networking To lessen resource constraints, the hotel will aggressively participate in strategic networking within the hospitality sector. Developing connections with vendors, nearby companies, and industry partners will create opportunities for affordable sourcing of products and services. Creating coalitions and negotiating advantageous terms will be essential to making the most use of the resources at hand. Effective Financial Management 5

The Richard Hotel Group will apply strict financial management procedures, guaranteeing prudent resource distribution. Implementing a comprehensive budgeting procedure and ongoing oversight of expenditures will optimize operational effectiveness. Utilizing Community Resources In addition to being a social duty, community involvement can help people access more resources. The hotel intends to work with neighbourhood companies to create win-win agreements to help the community while overcoming financial limitations. Exploring Funding Opportunities The hotel intends to proactively investigate diverse revenue streams, such as grants, gifts, and possible collaborations. To solve resource scarcity and promote sustainable growth, the hotel can look to investors or venture capitalists who share its vision for financial support. 5. Funding Strategy for Richard Hotel Group (Karthik) The Richard Hotel Group has developed a complex financing plan to obtain the funds required for its founding and expansion. Taking advantage of the variety of alternatives, the hotel intends to use a mix of financial instruments designed to meet its unique requirements ( Van Stel et al., 2023) . Angel Investors Contacting angel investors is a good way to provide the company with first funding. The Richard Hotel Group is looking for people who can mentor and offer invaluable industry experience in addition to money. This method guarantees strategic direction from seasoned experts and fits in with the hotel's entrepreneurial spirit. Venture Capital The Richard Hotel Group offers venture capital avenues to investigate, particularly in the early stages of expansion. The objective is to attract venture investors who specialize in the hospitality industry and can facilitate hotel expansion and technical advancements. 6

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Crowdfunding Richard Hotel Group intends to use crowdfunding sites to increase public support and encourage community involvement. This strategy raises money and gives backers a sense of loyalty and ownership. Websites like Kickstarter or Indiegogo that let users contribute to the hotel's concept will be considered for specific initiatives. Grants and Contributions Part of the fundraising plan will involve securing grants and contributions strategically. To further the hotel's objectives for social entrepreneurship, Richard Hotel Group will look into forming alliances with charitable organizations, trade groups, and local governments. 6. Protecting Intellectual Property for Richard Hotel Group (Manasa) Richard Hotel Group prioritizes protecting intellectual property (IP), especially in the cutthroat hospitality sector. The hotel will implement a thorough plan to safeguard its distinctive name, inventions, and confidential data ( Terjesen et al., 2016) . Trademarks and Brand Protection Richard Hotel Group will file for trademarks about its name, logo, and distinguishing characteristics. Due to the legal protection, exclusivity is guaranteed and rivals are prohibited from utilizing confusingly identical branding. Copyright Protection Copyright protection shall be applied to original content, which includes any creative works created by the hotel and its marketing materials and website content. Protecting against unauthorized usage and replication strengthens the reputation of the property. Agreements on Confidentiality Confidentiality agreements must be signed by partners, contractors, and staff members involved in crucial business operations. These contracts will specify why proprietary procedures, trade secrets, and sensitive data will be safeguarded. 7

Non-Disclosure Agreements (NDAs) The Richard Hotel Group will use non-disclosure agreements in talks and joint ventures with other parties. These legal contracts promote confidence in business partnerships by guaranteeing the protection of confidential information discussed during negotiations. Regular IP Audits Regular intellectual property audits will be essential to finding possible weak points and bolstering defences. Due to this proactive strategy, the hotel can respond to shifts in the market and new risks to its intellectual property. 7. Expanding into Foreign Markets (Yash Patel) Transformation of Product/Service In order to accommodate the cultural quirks and inclinations of various markets, Richard Hotel Group might implement minor adjustments to its offerings. This may entail adding regionally specific features, food options, or design cues to appeal to the local audience while preserving the fundamental qualities of its opulent and business-oriented lodging ( Autio et al., 2011) . Target Markets and Competitors The first emphasis will be on major international business centres that draw business travellers worldwide, like Singapore, Dubai, and New York. In many markets, well-known chains of upscale hotels are competitors. What sets Richard Hotel Group apart from more established competitors is its dedication to providing business-centric services with a personalized touch. Modes of Entry We plan to take a progressive strategy to enter international markets. Establishing strategic partnerships with hotel management businesses or local partners can enhance operational efficiency and comprehension of the market. For quick growth, collaborative ventures or franchising could be investigated. Market Segmentation 8

The target market for Richard Hotel Group consists of executives and professionals who travel for work. The segmentation will concentrate on a higher-income group aged 25 to 55, looking for upscale lodging with cutting-edge conference capabilities. Promotion and Advertising Strategies for advertising will make use of both digital and conventional media. Increased visibility can be achieved through partnerships with foreign travel companies and participation in international trade shows. Digital marketing will be essential to reaching the tech-savvy business traveller group. This includes targeted social media campaigns and collaborations with travel influencers. Content marketing is a vital element of the promotional plan, which highlights the hotel's distinctive features and dedication to providing individualized service. 9

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References Autio, E., George, G. and Alexy, O., 2011. International entrepreneurship and capability development—qualitative evidence and future research directions. Entrepreneurship theory and practice , 35 (1), pp.11-37. Cem, I.Ş.I.K., KÜÇÜKALTAN, E.G., ÇELEBİ, S.K., ÇALKIN, Ö., Enser, İ. and ÇELİK, A., 2019. Tourism and entrepreneurship: A literature review. Journal of Ekonomi , 1 (1), pp.1-27. Hrytchuk, H., Filiuk, S., Kaplina, T., Zhumbei, M. and Panova, O., 2020. International entrepreneurship for innovative management of the development of the hotel business. International Journal of Entrepreneurship , 24 , pp.1-7. Ratten, V., 2020. Coronavirus and international business: An entrepreneurial ecosystem perspective. Thunderbird International Business Review , 62 (5), pp.629-634. Terjesen, S., Hessels, J. and Li, D., 2016. Comparative international entrepreneurship: A review and research agenda. Journal of Management , 42 (1), pp.299-344. Van Stel, A., Barrientos-Marin, J., Caçador-Rodrigues, L., Millan, A. and Millán, J.M., 2023. Measuring performance differentials across entrepreneurship types. International Entrepreneurship and Management Journal , 19 (3), pp.981-1016. Zahra, S.A. and George, G., 2017. International entrepreneurship: The current status of the field and future research agenda. Strategic entrepreneurship: Creating a new mindset , pp.253-288. Zahra, S.A., 2021. International entrepreneurship in the post-Covid world. Journal of World Business , 56 (1), p.101143. 10

Assessment 1 Report.edited

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