October 2023- ETP2601
ETP2601
Entrepreneurial Skills
Assessment 6- MEMO
Primary Lecturer: Dr. B. Mahosi
Secondary Lecturer: Dr. N. Mmako
Instructions:
(1) Submit your answers as a single document in PDF format. It is preferable for
you to type your answers (Font: Arial 12) and then convert your document to
PDF format for submission. However, if this is not possible, you may also write
your answers down and scan them to a PDF file. Please write legibly.
(2) Start with a cover page stating the module code (ETP2601) and your student
number and surname.
(3) You need to answer the questions in your own words. Plagiarism will not be
tolerated and may result in disciplinary action if detected.
1
, October 2023- ETP2601
QUESTION 1
Read the following case study and answer the questions that follow
MOST LOVED SEAFOOD RESTAURANT: THE OCEAN BASKET STORY
The first Ocean Basket seafood restaurant opened its doors in 1995 in Menlyn Park,
Pretoria. Fats Lazarides had seen the opportunity to create a restaurant that served
delicious seafood at affordable prices. In those days, seafood restaurants were
reserved for the upper crust, and a portion of prawns was a real extravagance.
Fortunately, Fats had always been one to swim against the current.
His first Ocean Basket was a measly 60 square meters, with just 6 tables. The menu
offered only a handful of dishes, including fish and chips, prawns, hake, calamari
and Kingklip. The seafood restaurant included a fresh fish deli. The landlord imposed
restrictions on what could be sold; only one wine and a limited choice of soft drinks
was served. In true Ocean Basket spirit, Fats invited customers to bring their own
drinks and even their own salads.
Fats was born to serve. He knew every customer by name and would regularly test
meals to ensure that they were up to Ocean Basket standards. Soon, Pretoria had
fallen in love with this loud, crazy, Mediterranean deli and seafood restaurant.
Ocean Basket has always had a family inspiration behind it. Fats’ mom, Liza
Lazarides, added a touch of her own special magic to the seafood restaurant. Her
ethos of serving every single customer with love and passion is still reiterated in all
the crew training. Today, Mama Liza continues to bake Baklava and Kataifi desserts
and whips up delicious dips too.
Today, there are over 200 Ocean Basket seafood restaurants in 19 countries around
the globe. From Dubai to Durban, Nelspruit to Nigeria, you’ll find people who share
a love for their delicious seafood, famous fish and chips, irresistible creamy lemon
sauce, generosity, commitment to everyday value for money, and love of sharing.
Source: https://www.oceanbasket.com/our_story
1.1 Do you think Fats Lazarides may be described as an entrepreneur?
Substantiate your answer with theory and examples from the case study.
Yes, Fats Lazarides can indeed be described as an entrepreneur based on the
characteristics and actions he demonstrated in the case study.
1. Innovation and Vision: Fats saw an opportunity in the market to create a seafood
restaurant that was accessible to a broader customer base by offering affordable
prices. By introducing the concept of a seafood restaurant that was not reserved
solely for the elite, he challenged the existing norms and created a more inclusive
dining experience.
2
ETP2601
Entrepreneurial Skills
Assessment 6- MEMO
Primary Lecturer: Dr. B. Mahosi
Secondary Lecturer: Dr. N. Mmako
Instructions:
(1) Submit your answers as a single document in PDF format. It is preferable for
you to type your answers (Font: Arial 12) and then convert your document to
PDF format for submission. However, if this is not possible, you may also write
your answers down and scan them to a PDF file. Please write legibly.
(2) Start with a cover page stating the module code (ETP2601) and your student
number and surname.
(3) You need to answer the questions in your own words. Plagiarism will not be
tolerated and may result in disciplinary action if detected.
1
, October 2023- ETP2601
QUESTION 1
Read the following case study and answer the questions that follow
MOST LOVED SEAFOOD RESTAURANT: THE OCEAN BASKET STORY
The first Ocean Basket seafood restaurant opened its doors in 1995 in Menlyn Park,
Pretoria. Fats Lazarides had seen the opportunity to create a restaurant that served
delicious seafood at affordable prices. In those days, seafood restaurants were
reserved for the upper crust, and a portion of prawns was a real extravagance.
Fortunately, Fats had always been one to swim against the current.
His first Ocean Basket was a measly 60 square meters, with just 6 tables. The menu
offered only a handful of dishes, including fish and chips, prawns, hake, calamari
and Kingklip. The seafood restaurant included a fresh fish deli. The landlord imposed
restrictions on what could be sold; only one wine and a limited choice of soft drinks
was served. In true Ocean Basket spirit, Fats invited customers to bring their own
drinks and even their own salads.
Fats was born to serve. He knew every customer by name and would regularly test
meals to ensure that they were up to Ocean Basket standards. Soon, Pretoria had
fallen in love with this loud, crazy, Mediterranean deli and seafood restaurant.
Ocean Basket has always had a family inspiration behind it. Fats’ mom, Liza
Lazarides, added a touch of her own special magic to the seafood restaurant. Her
ethos of serving every single customer with love and passion is still reiterated in all
the crew training. Today, Mama Liza continues to bake Baklava and Kataifi desserts
and whips up delicious dips too.
Today, there are over 200 Ocean Basket seafood restaurants in 19 countries around
the globe. From Dubai to Durban, Nelspruit to Nigeria, you’ll find people who share
a love for their delicious seafood, famous fish and chips, irresistible creamy lemon
sauce, generosity, commitment to everyday value for money, and love of sharing.
Source: https://www.oceanbasket.com/our_story
1.1 Do you think Fats Lazarides may be described as an entrepreneur?
Substantiate your answer with theory and examples from the case study.
Yes, Fats Lazarides can indeed be described as an entrepreneur based on the
characteristics and actions he demonstrated in the case study.
1. Innovation and Vision: Fats saw an opportunity in the market to create a seafood
restaurant that was accessible to a broader customer base by offering affordable
prices. By introducing the concept of a seafood restaurant that was not reserved
solely for the elite, he challenged the existing norms and created a more inclusive
dining experience.
2
