Personal Business Plan for Entrepreneurship in Hospitality Sector

This personal business plan aims to establish a successful company in the restaurant division in the UAE market. It includes strategies for marketing, implementation, risk mitigation, and daily ethical practices. The plan outlines the vision, goals, purpose, values, and mission of the individual.

Personal Business Plan

Introduction
• The current project aims at personal developmental plan
• Herein, the research work attempts to underscore the strategies required
in forming personal business plan

Vision and Opportunity
Goals
• To polish the skills and expertise I have learned in the
university
• To prepare for my interview and crack the profile of a
marketing manager in a reputed restaurant
• To gain experience in terms of product handling, service
offerings, customer handling, sales margin, etc. through
working in the restaurants

Purpose, Values and Mission
Purpose
• To establish an entity that can contribute enough employment
to the community (Cottrell, 2015)
• To contribute welfare and uplift wellbeing in the society
Values
• To provide the resources with correct benefits that can help
them to evolve in their personal and professional life with the
company
• Add value to customer’ life through correct service offerings
Missions
• To offer the best quality food to the society
• To uplift people empowerment
• Add value to the lives of both internal and external stakeholder

3 Key Questions
• How can I be remembered?
• How can improve the current communal state with my
entrepreneurship abilities?
• What HRM facilities I shall impose to maintain a healthy
working culture and help employees to evolve with my
business?

Market and opportunity
• The hospitality sector would be the market that aligns with
my goals
• The younger and the older generations both would be my
target market.
Long-term vision
• To establish a successful company in the restaurant division
by 10 years down the line

Marketing and Implementation Strategy
• Market positioning statement
• The majority of the restaurants are offering tasty and yummy
food to you. But we and our team concern for you. Hence, we
are offering the best quality and healthy food to give you a
healthy lifestyle.

Compelling values offered to employers and society
• As an executive, I would definitely polish my creative skills to
come up with innovative solutions
• I would ask my employers to maintain a participative culture
• To ensure high employee engagement and positive culture
• After starting my own venture, I would conduct the CSR
(practices) in the society

Differentiation from other UAE students
• In terms of service, I would definitely like to keep a proactive
attitude towards my employer
• I will definitely take self-initiative to understand the market
trends and if allowed to propose my ideas that can benefit
the organisation the most
• I would also understand the employer’s point of view if any
change initiatives are taken rather than resisting

Risks and Mitigation
Key milestones
• Imposing a profitable business model
• Tapping the best potential market and the customer
segments
• Designing the most realistic, scalable and profitable
marketing strategy for the restaurant
• Recruit and train the most solid team (Lejeune et al. 2018)
• Gaining the right authorities in the business from the
industry
• Conducting corrective research and development plan to
comprehend the market trends
• Designing an accurate service line

Measurement of the milestones
• Maintain a through the track of my financial statements
• Identifying the customers’ satisfaction index rate
• Maintaining a daily count on customers’ footfall
• Conducting a regular engagement session with the
employees to deem their satisfaction rate and recognise
areas they need further improvements
• Conducting a regular performance review of the employees
as well to recognise the performance abilities

External factors affecting
• The political condition of the UAE market
• The economic stability would definitely impact the success
factor of the business
• The weather condition is another factor, which is definitely
uncontrollable by nature
• Infrastructure, the property development definitely create
considerable influence on new business
• The rate of competition creates a high entry barrier for new
business to form a set up in the UAE market

Contingency and risk mitigation
• Maintaining an alternative communication means between
the customers and advisors
• Always maintaining a backup financial plan in case of
uncertainties (Burnham, 2015)
• The market is changing frequently, thus, customers would be
approach via different platforms
• Specialised CRM team would be hired to professionally
handle customers’ queries
• Data availability and it would be kept secured through strict
confidential measures

Daily ethical practices
• The recruitment process would be conducted simply based
on skills and talents
• There would not influence biases in the process of
recruitment
• Educate staff about risk probabilities an the process to
overcome it
• A proper code of conduct would be maintained within the
organisation on a regular basis
• Every employee would be treated equally
• The employees would be given the right compensation
facilities as per their performance a designations
• If termination is applied, employees would be given the right
just behind the process

3 Mentors
My faculties:
• They have helped me to the immense in understanding the
module and what exactly my academic requirements are.
• They also trained me to develop my both professional and
personal skills to evolve with the time
• I am also grateful to each of the professor for my finding free
time from their busy schedules to clear my academic related
confusions

My parents:
• I would definitely like to thank my parent for believing in my
determination and helping me to get into this management
filed
• They have always helped me to learn from my failure
• They are my confidence and stayed by me during my every
hurdle
My Friends:
• My friends have been my mirror watching whom I have
grown up
• I have always related myself with them in terms of all
qualities, traits, behaviours, etc
• The group study before every assignment had been a great
help to come out of my comfort zone and to speak freely in
public

Six-word Memoir
• Influential
• Impactful
• Evolving
• Humanistic
• Helpful
• Insightful

References:
• Bouman, N. (2018). Personal Development Plan.
• Burnham, D. H. (2015). Create Your Personal Leadership
Development Plan. The Discover Your True North Fieldbook:
A Personal Guide to Finding Your Authentic Leadership, 199.
• Cottrell, S. (2015). Skills for success: Personal development
and employability. Macmillan International Higher
Education.
• Lejeune, C., Beausaert, S., & Raemdonck, I. (2018). The
impact on employees’ job performance of exercising self-
directed learning within personal development plan
practice. The International Journal of Human Resource
Management, 1-27.
• Stewart, J. (2016). Personal development plan.
In Encyclopedia of Human Resource Management. Edward
Elgar Publishing Limited.
• Tattum, D., & Tattum, E. (2017). Social education and
personal development. Routledge.