Introduction to Enterprise & Entrepreneurship
To be an entrepreneur, there are various reasons and challenges behind this. All people cannot be an entrepreneur. An entrepreneur must have his power of creativity to implement his business idea in real life. First of all, the main barrier to being an entrepreneur is the choosing power of business category which will be perfect for a man to implement. Introduction to Enterprise & Entrepreneurship is in below.
Motivation for choosing Restaurant Business
Every business section has competition in terms of getting profits. But restaurant business is more profitable regarding other business and its outcome can be found within very short time.
Freedom of business
In restaurant business, there is more freedom of working time. Off day and working day of restaurant, products quantity and quality, time schedule, ordaining of opening and closing time can also be maintained by owner.
An entrepreneur should take care about his time. In restaurant business sector, an entrepreneur can save his time comparatively more and can be his/her own boss as well as can make decisions by own and not obliged to any person about the taken decision.
Ensure quality of products
If can be ensured the best quality of products and items, then this business can be very profitable as customer wants best quality. When quality of items will be ensured as best, then customer will take services repeatedly.
Expert team choosing
An entrepreneur want to make decisions by his own even he want to choose manpower for his business. In restaurant business, an owner can choose manpower as needed to run the business. In restaurant business sector, there are the full freedom of choosing manpower and building a team.
Process of Restaurant Business
In the restaurant business, proper training should be provided to the manpower to get the best outcomes. Quality management of products as customer’s demand should be ensured. Serving time should be determined as standard. Standard decoration and the standard serving processes can help to increase the business impression.
Feasibility study refers the critical analysis of a business idea or a project. It covers all the factors of the business or project. Feasibility study cover mainly the four factors, including, Service feasibility, Market feasibility, financial feasibility and the last one is organizational feasibility. Restaurant business has these four types of feasibility. So regarding feasibility study, restaurant business can be profitable. Service feasibility includes products quality and the demand of the products and the most probable amount of production.
Market feasibility includes the size of market, factors, and products potentiality with the market. Financial feasibility refers the size of investment and the best potential amount of profits. These four feasibilities will be present in the restaurant business sector if the entrepreneur wants to make feasible the business. These can be very helpful for introducing a new enterprise and entrepreneurship.
Details of product of the Restaurant Business
Products details indicate the overall description of the products including, all products list, catalogs, and list of price of products, product size, and availability of the products, cost of raw materials, and the characteristics of all the products. Product details also cover the total number of products that offers the company. In restaurant business, the products can be related with these criteria. The products service should have diversity. But people like to have some different flavor. Products details for a restaurant business can be food items, such as burger, French fries, Cold drinks, and price list, size of products of all items.
Market opportunities of Restaurant Business
Every business sector has particular market opportunities. Market opportunities in restaurant business include all potential opportunities of restaurants and the best potential outcomes. So analysis of environment considers International’s global market research in identifying market opportunities. Competition analysis In addition knowing the existing companies in the market where you are going to compete or compete is important in evaluating opportunities.
Restaurant Industry Attractiveness
Every business idea gets success by the individual power of attractiveness of customer. The attractiveness of restaurant business industry can be referring as the reason why people will be attracting on this restaurant’s products and services. Attractiveness includes, Taste of the products, comparatively lower price than other restaurant, comparatively better products quality, Easiest process of orders, offering best service to the customers and tendency to offer discount prices on particular food items and packages.
Target Clients of Restaurant Business
The target population of restaurant business can be all age’s people including, Businessmen, Teenagers, Parents, Adults, Couples and others. There can be some categories also. Such as, solo dine, couples dine, triple dine, and family package, as well as group dine.
Nowadays restaurant business is very profitable business. This is the more freedom business than other but this business is most feasible. The dimension of risks is lower than other business. By following these steps, a person can start new enterprise and entrepreneurship.
Written by: ATM Qutayba, Student, University of Dhaka