Introduction to Entrepreneurship and Its Importance

Entrepreneurship is the introduction of new venture mainly small ventures to emerge the groundbreaking ideas of the entrepreneurs. Therefore, the development or formation of small enterprise is the precise influence of entrepreneurship in the world’s economy. Entrepreneurship firms funded a huge share of jobs in the economy (Westhead and Wright, 2013). It offers entry-level jobs therefore, they are important for training and getting experience for the untrained workers. Besides this, entrepreneurship is generally called as the incubator of the innovation. Innovation generates disequilibria in the current state of order.

Living standard is the notion created on growing consumption of a range of services and goods over a specific period by a family. Therefore, it is based on the accessibility of varied products present in the market. Entrepreneurship offers different types of product of numerous natures by their innovation (Thérin, 2014). The intent of this report is to increase the understanding of the entrepreneurial process by researching a successful entrepreneur and their enterprise. It provides an opportunity to critically evaluate their enterprise. The report will talk four mechanical engineering graduates that are Luke Schlueter, Michael Farid, Kale Rogers, and Brady Knight who became entrepreneurs by introducing robotic-powered restaurant in Boston. The name of the restaurant is Spyce Kitchen.   

Entrepreneur

An individual in place of working in an organization founds and run his own small business, assuming all the rewards and risks of the venture. The entrepreneur is normally considered as an innovator, a basis of innovative ideas, services, goods, and procedures of the business. Entrepreneurs perform an essential role in the country’s economy (Feld and Wise, 2017). They are the individuals with initiative and skills that are required to forestall current as well as future needs and carry good ideas in the market.

Entrepreneurs who get successful in dealing with the risk of the new venture are rewarded with fame, growth, profits and development opportunities. Those entrepreneurs who fail in establishing successful venture they bear losses (Williams, 2017). Entrepreneurship is also known as the key resource essential in the production. They generally deal with numerous hurdles while creating their businesses. The most common challenges present in the environment are employing talented staff, obtaining financing, and overcoming bureaucracy.

An entrepreneur is the one who creates a business model, obtains the required human and physical capital in order to initiate a new venture, and operationalizes it and is accountable for its achievement or failure (Tvede and Faurholt, 2018). In order to be a successful entrepreneur, it is very important to have leadership quality. Quality of a leader help entrepreneur to encourage its teammates to work will full enthusiasm and zeal to attain the goals and objectives of the business. There are different types of entrepreneurs, some of them are explained below

Analysis of Entrepreneurial Characteristics

Trading Entrepreneur

As the name reflects, the trading entrepreneur carries out the trading activities. They buy the finished goods from the producers and vend these to the patrons’ straight or through a mediator, that is a retailer. The trading entrepreneur works as an intermediary, such as dealers, retailers, and wholesalers between the manufacturer and end user (Johnson, 2015).

Manufacturing entrepreneur

The manufacturing entrepreneurs are those entrepreneurs who produce goods. They recognize the requirement of the consumer and then discover the technology and resources that will be utilized to produce the good to content the needs of the customer. In similar words, these kinds of entrepreneurs transform raw materials into finished goods.

Agricultural Entrepreneurs

The agricultural entrepreneurs are those who start an agricultural business. They perform a variety of agricultural activities such as advertisement of the agricultural product, mechanization, cultivation, technology, and irrigation.

Technical Entrepreneur

Technical entrepreneur is those who introduce and operate technology and science based industries. These entrepreneurs make use of technology and science in their business operations. They also utilize innovative and new production methods in their business (Dermer, 2016).

Non-Technical Entrepreneur

Depending on the utilization of technology, entrepreneurs do not have technical knowledge as known as non-technical entrepreneurs. Science and technology are not the specialties of their business. They are involved in the utilization of imitative and alternative approaches of distribution and advertisement strategies such that their business can thrive and survive in the competitive market.

Private Entrepreneur

An individual who set up the business enterprise is known as a private entrepreneur. She/ he is the only proprietor of the business and tolerate the complete involved risk (Ringer, 2012).

State Entrepreneur

State or the Government starts the industrial or trading venture, is called as state entrepreneur.

Joint Entrepreneur

When a business is established with the joint efforts of government and private entrepreneur is called as joint entrepreneurs.

Small Size Entrepreneur

An individual who has invested in the machinery and plant of the business of up to Rs 1.00 crore is known as a small-scale entrepreneur.

Medium Size Entrepreneur

An individual who has invested in the machinery and plant of the business more than Rs and less than Rs 5.00 crore is known as a medium-scale entrepreneur.

Large Scale Entrepreneur

An individual with the investment in the machinery and plant of the business of more than Rs 5.00 crore is known as a large-scale entrepreneur (Cannon, 2015).

About Spyce Kitchen

Different Types of Entrepreneurs

Farid and three of the co-founders that are Luke Schulueter, Brady Knight, and Kale Rogers of Spyce Kitchen started the business three years ago while studying at MIT. The founders did not have detailed knowledge regarding preparing food not even they had funds to invest in the restaurant; therefore, they hired Daniel Boulud as a chef who also invested in the business and aids as its food director. Boulud linked Spyce with the known chef that is Sam Benson, who was employed at one of the restaurant of Boulud and today he served at Spyce as an executive chef (Engel, 2018).

Background of the Entrepreneurs

The four founders of Spyce Kitchen i.e. Kale Rogers, Luke Schlueter, and Brady Knight and Farid the MIT mechanical engineering graduate students, introduced the kitchen with the help of seven autonomous work stations in order to prepare bowl-based menus by utilizing healthy elements like gains, beans, and kale. As hungry students and teammates in water polo, they had a feeling that there are no options for healthy food in the budget of students (Kim, 2018). They decided to resolve the issue and introduced a “robotic kitchen” with the support of grant money and around $3.8 million as the venture capital. The ownership structure of the business is comprised of Michael Farid the CEO, Kale Rogers the COO, Luke Schlueter the lead mechanical engineer, and Braden Knight the founder (Engel, 2018).

Processing in the restaurant

Guest walk up into the restaurant to the counter with a touch screen and select their favorite meal to place their order. If there are any technical issues in the system the staff member brings the menu to the customer table and take the order. Customers can select any of the presented variety on the menu of vegetable-heavy dishes encouraged by food from different places such as Morocco, Latin America, India, and Thailand. Salmon, eggs, and chicken are the available choices for people who prefer protein. The restaurant does not offer beef in their menu because of the concerns related to the sustainability of its production (Engel, 2018).

The Sociological Framework/model 

Frank W. Young introduces the sociological framework of entrepreneurship. It is a theory of change depending on the societies in the corporation of responsive sub-groups. To Young, a group becomes responsive at the time when two circumstances coincide, the group is suffering from low status gratitude and renunciation of access to significant social networks, and it owns a superior variety of institutional resources as compared to groups in society at the similar level of the system. The founder considered entrepreneurship as an organizational portent and witnessed whatever else it may be; economic development includes an organization of production resources (Shodhganga, 2010).

About Spyce Kitchen

The Spyce Kitchen is also introduced to support college students in having a healthy meal at a very affordable price. Besides this, the business has provided a different definition of a quick serving restaurant. It has installed seven robotic work systems in order to prepare food for the customers.

Business Model

A business model is the plan of the business, which elaborates about the strategies that will be used by the business to earn revenue and generate profit. It provides the detail report of the manufacturing and promotion of services and products. Besides this, it explains different strategies that will be used by the company to promote its services in the market. In other words, a business model represents a systematic action plan for successfully running the business in a precise marketplace (Osterwalder and Pigneur, 2013).

Opportunity Business Model for Spyce Kitchen

Higher Purpose
Opportunity Space The advanced robots preparing food for the customers are the opportunity space. They can prepare any type of food depending on their programming.	Capabilities The business requires more technologies that are advanced in order to expand the business in different markets. Skilled and Experienced staff for the restaurant	Value Proposition The Spyce Kitchen will offer healthy and tasty food at very affordable prices that will enforce customers to visit again.
Who are the most important customers?     Spyce Kitchen will majorly target college students, as the motive of the restaurant is to offer healthy options at affordable prices.	Who are the users at the heart of the model? The users are college students and the one who want to taste food prepared by robots.	What are the most important costs? Prices of the food start at $7.50 for an entire meal in a bowl.	What are the sources of revenue? All the four founders are a graduate student, so they only have a single source of income that is Spyce Kitchen.	How will you reach the customer? Public relations Mass media advertisement Direct marketing Sales Promotion	How will you engage with the user? Introducing different contest for students Offering a friendly environment

Conclusion

The above report has conducted a detailed analysis of the four entrepreneurs that are Luke Schlueter, Michael Farid, Kale Rogers, and Brady Knight the students of MIT mechanical engineering. All four students are part of a water polo team and together they had a thought that the college students are not able to get enough health meal in their limited budget. Therefore, they decided to introduce Spyce Kitchen with robotic technology to prepare quick and healthy food. The business majorly gives priority to the college students with the motive to provide enough meal at affordable prices.

From the analysis, it has been understood that entrepreneurs are one of the important and significant resources of the World’s economy that provides a new direction towards growth and development. Considering the example of Spyce Kitchen, it is not a different or a unique concept, but the emotion behind introducing the restaurant is good. Moreover, there is a huge difference between presenting the idea in theoretical concept and practicing the same concept in real life. However, the four founders of the restaurant go success in converting their theoretical idea intro real one. Spyce Kitchen will bring new restaurants in the market with unique concepts in the future.

References

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Engel, J. (2018) Spyce, MIT-Born Robotic Kitchen Startup, Launches Restaurant: Video [online]. Available from https://xconomy.com/boston/2018/05/03/spyce-mit-born-robotic-kitchen-startup-launches-restaurant-video/ [accessed 25 December 2018]

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Westhead, P., and Wright, M. (2013) Entrepreneurship: A Very Short Introduction 1^st ed. U.K: OUP Oxford.