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Sample Assignment on Managing Skills and Entrepreneurship

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Added on  2019-12-03

Sample Assignment on Managing Skills and Entrepreneurship

   Added on 2019-12-03

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MANAGERIAL SKILLS ANDENTREPRENEURSHIP
Sample Assignment on Managing Skills and Entrepreneurship_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1: NEW VENTURE CONCEPT..........................................................................................1TASK 2: REQUIREMENTS FOR NEW BUSINESS START UP................................................3TASK 3: PROPOSED BUSINESS MODEL THAT HOW NEW VENTURE WILL WORK TOACHIEVE POSITIVE FINANCIAL RESULTS AND BY WHEN...............................................6TASK 4: PROPOSING TO MANAGE BUSINESS RISKS.........................................................11TASK 5: CONDITIONS WHICH MUST PREVAIL TO AVOID FAILURE.............................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
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INTRODUCTIONNew venture concept involves different activities in creating a business that needs to becompetitive in the UK market. Thus, through such way, many individuals come up with theunique business idea and develop it by generating a product or service. However, there are variedrisks assessed while starting a new venture such as financial requirement, skilled humanresources and updated technology etc. In the present business plan, the new venture concept thathas been focused is starting Fast Food Restaurant business plan (Hiduke and Ryan, 2013). A newventure named Zara is a fast food restaurant in UK which helps in attracting both young andbusiness class people to enjoy their meals. . The venture will provide them quick made food ataffordable prices which they can enjoy with their friends and family. Further, it involvesdifferent conditions that need to be overcome so that failure of business can be avoided.It can be assessed that starting a business is a multi-step process therefore; entrepreneurneeds to focus upon the business idea and he is required to undertake varied licenses andpermission in order to carry out the business in a particular country. Also, they need to assessvaried management skills which are required to start a new venture (Barringer, 2012). Moreover,certain experience is required to be obtained by the entrepreneur so that they can assess theactual requirement of firm in order to attain profitability condition in the future. Also, theyshould be able to forecast the financial requirement and related risk in the near future and toexecute the operations effectively. TASK 1: NEW VENTURE CONCEPTThe new venture concept is Zara Fast Food Restaurant business which will locally ownthe fast food outlet in UK market which focuses on attracting young and business people who arebusy in their daily lives. Therefore, restaurant will provide them quick made food at cheap priceswhich they can enjoy with their friends and relatives. Further, in the coming future, business willalso plan to position it as an international franchise through our creative approach in order todevelop company's image (Butler, 2015). Zara will provide a unique combination of excellentfood at value pricing with fun packaging and lively atmosphere. The entrepreneur is planning tolaunch the new business idea because of increasing demand for quick made food which is easilyconsumed while carrying out window shopping or while walking around inside a shopping mall. Another aim of business is to start the outlet in crowded area like mall where they caneasily catch the attention of clients and attract them to visit the restaurant. Later, while planning1
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for expansion, Zara can launch its several retail outlets through franchise in different countriesand attain profitability. However, through preparing this business plan, it helps in deciding thelocation for initial startup of venture. Thus, for this, the marketing team of restaurant is requiredto carry out proper market research and to analyze the place where potential target customersreside. Then, they can decide to launch the outlet at such place. In addition to this, entrepreneurneeds to determine different sources from where they will obtain funds such as individualinvestor or financial institution (Jones and Penaluna, 2013). It assists them to start up a newventure concept and launches it in market to grab the attention of target customers. Further,additional financing planning will also be required in order to secure the funds for furtherexpansion in different countries and to open the subsequent outlets. However, the initial capitalinvestment will allow Zara to provide its clients with a value driven, the best entertainingexperience and luxury feeling.Business possesses varied opportunities in future in order to expand its operations indifferent countries to attain results. However, it is essential for the entrepreneur to attaincompetitive edge of quick made food at value pricing so that they can attain the advantages insuch a competitive era. There are various other restaurant outlets which provide similar foodtherefore, in order to gain attention, they need to build effective competitive advantage and toattract potential clients (McKeever, 2012). Also, there is high demand among young customersof such a quick made food. Therefore, it attracts them to visit the place and spend time with theirfamily and friends. However, the business plan helps to start up first restaurant outlet and tobuild the concrete goals. The new venture concept of Zara Fast Food Restaurant needs to collect adequate amountof finance from different sources such as investors and financial institutions which helps them tostart the business. Financial projections will be estimated through preparing detailed financialaccounts and by obtaining the break even analysis to attain maximum profits. Thus, financialrequirements will be fulfilled from financial lenders and private investors (Schiraldi and Silva,2012). The mission of Zara restaurant outlet is to provide the best environment to clients and alsodeliver the highest standards of excellence to the food production, preparation and service to theclients. The objectives of new venture concept are as follows-To set up a successful fast food outlet and to attract the clients. To expand the business into a number of outlets in different countries.2
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