Starting a Business: Opportunities, Marketing, Management, Finance

Starting a Business
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Part 1
Business Opportunities
 Entrepreneurial Opportunities
The different types of entrepreneurial opportunities which are generally available to select
from are Buying of Franchise, Licensing and Start-Up (Khera, 2018).
 Selection of Entrepreneurial Opportunity
The entrepreneurial opportunity that could be selected in order to gain market dominance and
superiority is a Start-up. This mode of entrepreneurship provides an excellent learning curve
for entrepreneurs to understand the market needs (Feld & Wise, 2017).
 Selection of Business Partner
The choice of the selection of business partner is very important in ensuring longevity of a
new start-up organisation. In this case, a partner would be suggested, which would help in
accumulating added funds.
 Selection of product or service in the business
The new start-up company that has been selected to open in the Saudi Arabia market would
serve fried chicken products to local and international tourists.
 Legal Status of the Business
The legal status or form of the new start-up business would be Partnership. The selection of
this mode is due to the presence of two partners in the organisation who have mutually agreed
to share both profit and loss of the business (Fontana, 2010).
Self-Assessment
 Identification of strong points and limitations
Strong point - Strong Communication and Customer Handling Skills
Limitations - Poor Time Management and Administration Skills
 Strong points and limitations of selected business opportunity
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The strong points and limitations of starting up of business are flexibility to set up working
hours & work environment and being your own boss.
The limitations are presence of competitors in the market and lack of supplier base.
 Linkages of business idea to strengths and weaknesses
The selection of the business idea of staring up of new business can be considered a weakness
due to poor administration skills. However, the decision to start a company associated
directly with customers is strength because of strong communication and customer handling
skills (Kearns, 2018).
 Company’s Background
The name of the company is Fried Chicken Tub. It specialises in selling fried chicken of
different delicacies and taste, to be opened in the city of Jeddah, with the slogan “Chicken
Friends Forever”. The mission is to provide high quality fried chicken to people in the
country, and to local and international tourists. The vision is of improving profit and market
share in Saudi Arabia.
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