Link Of Business Idea Assignment
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Added on 2020-01-28
Link Of Business Idea Assignment
Added on 2020-01-28
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TABLE OF CONTENTSLink of business idea to prevailed opportunity............................................................................................................................................3Factors that may bring success to the business............................................................................................................................................3Business plan...............................................................................................................................................................................................3Clarity of business objectives..................................................................................................................................................................3Proof of market and breadth and currency of research sources...............................................................................................................3Management and operational plan...........................................................................................................................................................4Promotion and marketing plan.................................................................................................................................................................4Consideration of marketing plan.............................................................................................................................................................5Justified finance cost and projection........................................................................................................................................................5Strategy for growing business in medium term.......................................................................................................................................9Evidence of innovation and entrepreneurial focus................................................................................................................................10
Link of business idea to prevailed opportunityBusiness idea is linked with the prevailed opportunity because idea is to establish the restaurant. Opportunity is that tourismindustry is growing at CAGR 9%. Thus, along with enhancement in tourism sector growth rate same in case of restaurant industry willalso increase at rapid rate. This reflect that viability of business idea is closely linked to the opportunity that is prevailed in the market.It is very important to ensure that business idea must be linked to opportunity. This is because it is the opportunity by exploring whichone can increase its business growth rate. There is need to formulate appropriate business strategy to counter threat and capitalizingopportunity. In current time period UK government is fully committed towards the growth of the tourism industry in the nation. It ismaking hard efforts to increase tourism. There are large number of people that are employed in the mentioned industry and due to thisreason it have strategic importance for the firms. Thus, in the upcoming time period more opportunity can originate in respect to thetourism industry and this will lead to increase in demand of fast food in the restaurants. This will ultimately results in huge growth inrevenue of the business firm and in this way business ideas is linked to the prevailed opportunity. Factors that may bring success to the businessThere are number of factors that can bring success to the business and one of them is that firm will enter in to contract withother restaurants that are Indian or Mexican etc. Interns that are working in the restaurant as chef will take training from chef of thesedifferent sort of restaurants. This will help firm in offering high quality of product to the customers and this will bring success to thebusiness firm. Apart from this, current combination of workforce will also acts as success factor for the proposed business. It must benoted that in the current workforce there are 2 chefs and 2 servants along with one manager. In order to control cost intern studentsthat are highly qualified will be hired as chef. Apart from this 2 servants will be kept that will support chef. No outsider will beappointed as manager and owner of the business will work as manager in the firm. In this way employee cost is cut down to someextent. It can be observed that employee cost is the important component of the overall expenses in the business. Control on employeecost will lead to less loss and maximum profit in the business. This factor will contribute to success of the business.
Business planClarity of business objectivesDonuts restaurant is the proposed business that will be open in the UK. Some of the major objectives behind opening of newbranch are as follows.Attracting more and more customers of different types.To achieve growth rate of 10% at end of year in terms of sales.To introduce new product categories so as to fulfill needs of different sort of customers. Achievement of all these objectives will mean that firm manage to create and retain different sort of customers in its business. Proof of market and breadth and currency of research sourcesUK restaurant industry is huge in size and ample opportunities are hidden in it. Revenue earned by the firms in this industry isdirectly dependent on the growth of the travel and tourism industry. More will be growth rate of mentioned industry UK restaurantswill earn huge amount of profit in the business. In current time period UK tourism sector is growing at 9% CAGR. This lead toformation of assumption that in upcoming time period UK restaurant business can earn huge amount of revenue in the business.Currency factor can affect the growth rate of the firms. This is because inbound tourism is increasing at rapid rate but in case currencyfluctuation happened in inverse direction then this may lead to reduction in number of inbound tourists which will directly affect theprofitability of restaurant business. Management and operational planIn the restaurant there will be one manager which is business owner and four subordinates will work under him. Out of thesefour there will be two chefs which are intern students and two servants. Because restaurant is new in business it is very important tokeep employee cost in control. Manager will have direct control on chefs in respect to product quality and delivery of order. Servantswill directly report to the chefs. In this sequence entire things will be managed by the firm. In order to operate business raw material
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