Firstly, we need to define what an entrepreneur actually is. People need to understand that there is a difference between a businessman and an entrepreneur. A businessman sets up a business on an existing idea about a certain product or service which he/she deem to be a profitable. An entrepreneur however, brings a new and innovative idea/solution about a product or service in the market. So, an entrepreneur is the one who creates a new business with his/her creativity while facing risk and uncertainty in order to achieve profit. He/she also wants to achieve growth by recognizing the opportunities and availing them by assembling necessary resources.

The term ‘Entrepreneur’ is seen as a very fascinating title by people all around the globe. Entrepreneurship is perceived as a difficult road with new challenges every day which is not untrue, but with hard work and resilience, a lot that was once a dream, can be achieved. Once a person embarks on this journey, the motivation is so intense that he learns to embrace uncertainties and has more willingness to make sacrifices. Regardless of the demanding nature of entrepreneurship, it is still very desirable because of its monetary and emotional rewards.

There are certain ways you can adopt to ensure the success of your entrepreneurial journey:

• Embark on this journey with the right mindset:

Mentally preparing yourself about what’s about to come in an entrepreneurial journey is more important than the business idea itself. The business will demand strenuous amount of hard-work, high level of forbearance and strong will to have tenacity despite setbacks. The pressure of meeting short-term goals, various deadlines and regaining the capital invested puts an unprecedented pressure, even on the most strong-willed people. So, it is imperial to know what to expect and prepare yourself for what’s to come.

The business idea is bound to suffer and even dissolve, if executed with a wrong mindset. The aim should be to make a difference with the product or service; in people lives and world instead of just making money. And with this mindset, money will be generated as a consequence.

• Have a Feasible Business Model:

Your business plan will help you and other stakeholders to visualize the idea as a viable business with an effective business model at the core of it. Business model explains how your idea is capable of generating revenue. Once you have identified the target audience for your product or service who are willing to buy it, the next step is to create a business model. It can be a plan outlay or a diagram depicting the activities with which the business will compete in the market. Your attention should be directed towards these four components for success:

• Core strategy: This entails the basis of differentiation with which your business will compete relative to its competitors. Scope and mission will also be added here.
• Strategic resources: Resources available to implement the strategy are of two types: Core competencies and strategic assets. These two combined will give a competitive advantage to the business.
• Partnership networks: For a new business, good network of key stakeholders like suppliers and partners is pivotal. They can perform key roles with their resources and do tasks you cannot at this stage.
• Customer Interface: Your business interaction with customers hinges on how it wants to compete. The three elements you need to focus in your customer interface are the target market, fulfillment and customer support(way product/service will reach the customers and channels used) and price structure
• Manage your Finances effectively:

Entrepreneurs should always be aware of the business cash flows and how to manage them to make efficient use of profit generated. Few tips I would like to give to the readers are:

• There is a reserve cash portion in the financial statements of many entities. By fixing an amount of let’s say 5% of sales to be set aside, businesses can have backup cash as a protection cushion, if losses are incurred. This practice is crucially important for businesses offering products and services having demand fluctuation in different seasons.
• Keep reinvesting the income generated until the business becomes financially stable. In the start, you can use your retained earnings in a way that gives long-term profit like allocating more money to marketing budget for promotion or buying machinery that will cut per unit costs in the future.
• Do not keep excess inventory and expensive substitutes of things. Not only does your money get stuck but also additional costs are incurred in the form of carrying costs and depreciation.
• Never stop learning and educating yourself:

As an entrepreneur you should always have the willingness to keep learning new things and expanding your knowledge pool. Being up to date with current market trends like inventions, consumer demands will help you stay relevant in a competitive market. You can go for further studies in form of higher degrees, certifications and diplomas. There are also seminars and workshops for learning soft skills. I would recommend reading books of renowned authors, specifically those catering to your weaker areas for instance a lot of people want to learn more about managing finance.

• Build a Dream Team:

To build a successful business, having a competent team is a key factor. You should hire skilled employees who are also compatible with your line of work. It’s imperial that they add value to the business which can be in form of bringing more customers or efficiently streamlining the work at the back-end. Keep in mind that your team members should always be on the same page regardless of their individual expertise. Hiring people who share your vision and leading them in the desired direction while making sure everybody conform to the ethical standards promises long-term prosperity.

• Be very economical while spending:

When starting a new venture, you need to spend every penny wisely. Before making a purchase, you should refer your business plan and model to see if the certain expenditure provides any benefit to the business. Don’t overspend on something you can get for less cost. Remember that buying expensive stuff that does not increase your sales would do more harm than good!

• Minimizing the Risk:

No doubt that risk is an inevitable factor in entrepreneurship but that doesn’t mean it cannot be reduced. Entrepreneurs can manage their risk and in turn maximize their returns. Due to such uncertainty that prevails around us, it is beneficial to purchase relevant and affordable insurances to protect against unfavorable outcomes. The important thing is to have good knowledge and research about various insurances before buying them.

Restaurant industry has gone through major unprecedented changes since the pandemic started. The lockdowns have accelerated the use and demand of technology in the restaurant industry as customers now appreciate the convenience tech provide. Restaurant owners need to act fast in incorporating technology into restaurant operations for efficiency and provide innovative digital solutions for customers. More and more restaurant businesses are jumping on the technology bandwagon to cater the quick-service demand on part of customers. To eradicate the repercussions of global pandemic on UK restaurant industry, restaurants are reinventing themselves by automating different parts of businesses which will also help them stay competitive while increasing revenue.

The up and coming technologies that are digitalizing the Industry are:

• Online platforms for ordering food and home-deliveries:

During the past two years, restaurant industry has badly suffered due to ban on in-door dining and strict hygiene regulations imposed. Restaurants have been able to survive and some even thrived by taking orders online and delivering to customer doorsteps. The pandemic has brought more appreciation to digital platforms and food delivery apps as customers have grown accustomed to the comfort of eating at home and safety ensured by contactless services.

This increased demand in the past two years has translated into a trend for the future as well. Having a strong online presence with effective ordering and delivering digital system will not only help restaurants to tap in additional revenue but also makes them less vulnerable to any unforeseen and unfortunate events for instance another Covid wave (delta variant). At the start of pandemic many restaurants didn’t have their own website and apps for order and delivery but now its high time to have in-house digital solutions which will save both money and time. By investing in tech solutions, restaurants will have better access to customers for more connectivity and these in-house softwares can be integrated with other management softwares.

Cashless payments:

With the help of technology, businesses can operate with contactless financial transactions through various mediums. Online payment systems have gained popularity in the restaurant industry in the past few years with global pandemic accelerating this technology trend. Automation in the payment system streamlines the processes of invoicing, managing and recording financial transactions with more speed and eradicate human error. Digitalization in payments will provide customers access to the different kind of modes for payment available and ensure secure money transfer. Restaurants can integrate the payment modes they provide and build a secure for money transfer.

Online payments inspire confidence in customers as it is deemed the safest way of payment in a Covid-ridden world. Digital strategy for payments also reduce the labour demand amidst the crisis. With the increasing trend of spitting bills among the table of diners, digital calculations will make the process faster for better service.

• Digital devices at restaurants for customers:

Restaurants operating in a service industry have always focused on conventional ways of interacting with the customers, but in the past few years an increased demand for a relatively server-less experience has been seen. Technological advancement has made it possible for restaurants to offer digital solutions for various operations like menu display, ordering and paying. Integrating handheld POS systems has helped the existing restaurants modernized themselves and some are using handheld devices to create a unique selling point.

One of the most popular handheld devices being used across UK are tablets that are placed on tables and integrated with Kitchen system. With customized nutrition on top trending, self-ordering kiosks are gaining popularity on which customers can customize their meals from the menu. These AI technologies can provide useful data about customers ordering history for the purpose of giving suggestions that will help increase the order size and in turn revenue. The interactive interfaces of these gadgets and additional time provided to the staff enhance the customer experience and attracts more customers.

• Ghost Kitchens:

The concept of ghost kitchens is to operate by taking online orders and delivering them through third-party apps. As such kitchens do not need any fancy infrastructure for dining or drive-thru for take-outs, it makes them more desirable in today’s world where restaurants are constantly vulnerable to restrictions and bans.

These virtual kitchens have the capacity to run multiple restaurant brands virtually under its umbrella. The purpose of these cloud kitchens is to maximize the online deliveries of quality food. To stay competitive, restaurants can also operate a ghost kitchen as an add-on with the spare space in their kitchen. Innovative technological systems are used to streamline the operations and reduce the complexity that comes with operating dozens restaurants with numerous menus.

It is imperial for restaurants to create a perfect balance between providing technology and human workforce. Technological solutions can make a lot of operations efficient but their purpose should be to support the human employees not take their place.

Funding is the most crucial thing to turn your innovative business idea into a reality. Most of the entrepreneurs are unfamiliar with investment raising process so raising capital to get a startup off the ground is one of the hardest thing an entrepreneur will have to do.

When faced with challenge to raise capital, it can get helter-skelter due to inexperience. So,an entrepreneur should use his/her creative abilities for finding innovative ways to provide the start-up with cash infusion. Some of the ingenious ways to to raise capital for initial investments:

• Business Angels:

Angel investors are Individuals who invests their own capital in startups and in exchange hold some part of equity ownership in the business. They are given this name because they usually don’t take a substantial amount of equity when investing. Generally, business angels are older entrepreneurs with successful careers that are trying to help others establish their careers. They are always on the look out for new, creative businesses that they can invest in which makes them the most sought after funding option for startups. Angels are unbiased investors whose focus are more the individuals than businesses, and they bet on the entrepreneur competence.

When new entrepreneurs choose business angels for providing capital, they also get mentors in their form.They bring their wisdom, experiences and vast business network to the table with the sole purpose of helping other succeed as well. For an entrepreneur whose not primarily motivated by money, angel investors are the perfect match because this will create synergy and a combined growth centric approach.

Business angels are not limited to initial startup investment, they can have a more long-term relation of providing finance injections especially during hard times (well earning their name).

Startups especially those in need of relatively smaller investments can find business

Angels (are comparatively harder to find) on various online platforms like their specific websites and association.

Venture capitalists

Venture capitalists are another type of investors with large amount of money in hand. They’re ideal businesses are innovative startups with great growth potential and promising returns.

Unlike business angels, venture capitalist ask for a larger share in equity which is justifiable as they are investing relatively larger amount. VCs have a more profit-centric approach and therefore demand for more control and power in businesses to express their opinions and contribute in decision making for increased revenues. Apart from large sum of money, venture capitalist are great business partner and experienced guide with extensive contacts in business world.

Ideally, entrepreneurs should try to reach VCs through business contacts (Social networks). If not, they can try their luck on their association websites or social media groups ( Even if solicit). Once you get in touch with VCs, its time to stand out with a unique,detailed and viable business plan. Your chances of securing a better investment depends upon your confidence regarding the business idea and how you present it. Remember, execution is the key!.

There is no hard and fast rule about finding the right VC and the ideal amount to obtain. Its therefore imperial to pinpoint those who have more aligned approach with the startup. According to statistics, microscopic amount of startups are able to acquire these investments. But once you get them onboard, your startup will flourish at the double. Another alternative is Venture Capitalist firms in which money is pooled from various sources to invest in entrepreneurial startups.

Bootstrapping

Bootstrapping is a source of generating seed money for a startup without any investor. You use internal financing to generate funds for starting business operations through cost-cuttings and inventiveness. Entrepreneurs set a tight budget to operate with and then reinvest the cash flows generated. And sometimes bootstrapping is done out of sheer necessity. This method has gained popularity in recent years as the expenses of kick-starting new startups are becoming lesser every passing year and today with global pandemic they are at lowest.

With no external investors, you retain all the claim in equity ownership and thereby the profits generated. Its an ideal solution of funding when the entrepreneur want to have full control over the creative decision making and want to take the company in a certain direction. Once you have decided to bootstrap your startup, first thing is to decide the minimum amount of money you can make work. It may feel overwhelming at first especially for new entrepreneurs, so try to be in touch with some experienced people who can provide guidance. To be on a safer side, if the entrepreneur has a job, he should practice bootstrapping and conduct due diligence alongside.

Crowdfunding:

It is the most contemporary approach in business funding. Through crowdfunding, capital is raise through pooling investments from various different investors instead of one investor or firm. What makes it the most modernized method is that it works through digital platforms. There are various online sites where you can start the crowdfunding by floating the innovative business idea and setting the funding goal.

Crowdfunding can be of three types:

• Equity based (share in business ownership is given in exchange)
• Debt based ( pay back in installments to individual lenders)
• Reward-based ( giving reward in form of product/reward in exchange for investment)

Its important to remember that this is a time-taking process so be patient and work hard for marketing your campaign in a way that will entice people to invest and create demand for product.

Innovation in food products was put aside in the past two years as the main concern for restaurant industry was to keep their businesses afloat, owing it to the Covid crisis. Now, restaurants goal for 2021 is adopting a more health-centric approach for consumers as well as the planet. Its high time to fire up the innovation engine for bringing forward new, creative food products.

Many of the culinary innovations that will take place this year have a high chance of becoming a permanent part of culinary cuisines in the future. To stand-out in the competitive marketplace, restaurants need to take initiatives of product development around macro narratives of social and terrestrial care.

Britain expects to see an increase in below mentioned food trends for the year 2021.

Vegetables-rich Gastronomy:

Trend of plant-based foods and vegan alternatives for meat will take the restaurant industry by storm in 2021. Vegetables are one of the richest sources of vitamins and have various other health benefits making it a popular demand for health-conscious customers.

However, this increased popularity of vegetarian and vegan products does not translate into a switch from meat and dairy products to a complete plant-based diet by every customer. Therefore, Flexitarian diet is on the rise in which meat becomes a once in a while or weekend meal option. So, restaurants will be able to cater to the demand of a more plant-forward diet without taking all non-veg dishes off the menu.

Another reason for the popularity of plant-based gourmet is the rapid increase of environment-conscious customers. Customers are re-evaluating their diets to be more eco-friendly. Today, customers favor restaurants adopting sustainability practices; one of which offering more vegan and vegetarian options. Be sure to label such dishes on the menu to inspire confidence in customers.

Main challenges will be to imitate the taste and texture in vegan alternatives while not compromising on the nutritional value. Pasta and pizza crust made from vegetables have been quite liked by diners. Plant based fish can be seen next on the horizon which restaurants can take advantage of taking sustainable seafood one step ahead. The concern now is about offering good-quality food fast, instead of fast food.

• Switching to non-alcoholics alternatives:

Emerging health consciousness among Millennials has also caught up with older generations. More people everyday are jumping on the sobriety bandwagon increasing demand of alcohol-free drinks (Mocktails).

Cities across UK have seen an emergence of pop-up bars that only serve alcohol-free drinks meanwhile other establishments are also offering more mocktail options. Another important thing restaurants need to keep the check on is keeping the calorie count low in non-alcohol spirits so consumers can enjoy their drinks guilt-free. Sales of non-alcoholic and trendy spirits has been increasing by 195 percent over last few years.

There has been an increase in popularity of homemade craft cocktails during last year due to ban on dining-out and work from home. Customers have more profound acknowledgement for craft ingredients so, combining them into mocktails are bound to be a hit. Restaurants can offer customizable; both sweet and savory cocktails with various exotic ingredients like berries, herbs and edible flower.

Using Locally sourced food

Using locally sourced foods,have always been beneficial for restaurants but recent universal events have shown the increased importance of these for coming years. Consuming food that is not sourced locally and brought from far-flung areas using various forms of transportation increase the carbon emissions. Whereas, locally sourcing of food guarantee fresh produce of with seasonal variety.

Customers are becoming more environment conscious and support restaurants that have more sustainable supply chain. Restaurants are building their menus around locally sourced ingredients to cater to the new demand and shifted perspective of customers. Restaurants that are incorporating food sustainability in their offerings and publicizing their efforts will have greater competitive advantage in 2021. This food trend is also the driver behind increase popularity of farm-to-table restaurants.

Increased sustainable practices in restaurants are helping local farms and markets in increasing their business turnover. Their businesses are getting promoted online and by contacts from Community Supported Agriculture community. Overall, a better relationship has been created among local farmers and restaurants across UK

Using Regenerative agriculture:

Regenerative culture is on top trending when we talk about 2021 food trends. Industrial practices that are used by farmers for farming food, raising livestock and fishing are becoming more and more damaging to the eco-system. The consequences of such unsustainable practices are increased carbon footprints, deforestation, contamination of water bodies and water shortages. Animal agriculture is also on the radar of many environment-aware customers.Customers are not consuming such produce due to ethical reasons and therefore, have stopped dining-out.

To counter the environmental damages, farmers are now switching back to the good old traditional methods of farming and raising livestock. These new methods are also less intensive resulting in produce that is obtained with zero carbon emissions and sometimes these practices go beyond for environmental health by decreasing carbon dioxide present in the air. This way it becomes easier for people worried about the planetary impact of consuming meat to eat meat meals at restaurants that use produce of regenerative agriculture.