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BM6005 Enterprise-Creating Your Business

   

Added on  2020-04-13

18 Pages5102 Words64 Views
Running head: MANAGEMENTManagementName of the StudentName of the UniversityAuthor note

1MANAGEMENTTable of ContentsManagement..........................................................................................................................................................................Name of the Student..............................................................................................................................................................Name of the University..........................................................................................................................................................Author note............................................................................................................................................................................Introduction.........................................................................................................................................................................1. Original Business Concept.............................................................................................................................................Business Model Canvas.......................................................................................................................................................2. Peer group reflection.......................................................................................................................................................3. Concept Improvement Reiteration................................................................................................................................Updated Business Model Canvas:.........................................................................................................................................Appendix:............................................................................................................................................................................

2MANAGEMENTIntroduction The report helps in understanding the innovative ideas about opening a restaurant inUnited Kingdom. The report will help in proper identification of a new venture proposalabout a new restaurant named Golden Union Restaurant with the help of Business ModelCanvas. The concept of business has to be discussed properly with the help of core elementsof the Business Model Canvas. The main aim and purpose of the report is to generate a proper visualization of theconcept of a new restaurant with the help of BMC elements. Secondly, a peer reflectionreport has to be analyzed as well as this will help in understanding the different issues thatcan be faced and proper implementation of strategies has to be discussed as well. Lastly,proper improvement reiteration has to be discussed as well as this will help in analyzing thepotential improvement strategies. 1. Original Business Concept The concept of the business is relating to opening a new restaurant in UnitedKingdom and the name of the restaurant is Golden Union Restaurant. It is basically a finedining restaurant and there are few objectives of the respective restaurant that are as follows:Keeping the cost of food below revenue of 35%Keeping the labor cost of employees between 20-25% of revenue(Spieth,Schneckenbergand Ricart 2014)Stay as a restaurant with outstanding quality of food and service (Benn, DunphyandGriffiths 2014)Expand our advertising and marketing in other states and countries as well Averaging sales between 1,500,000 to 2,000,000(Cummings and Worley 2014)

3MANAGEMENTBusiness Model Canvas Key partners1.Bank2.Food andhealthdepartment3.Butchery4.Wastemanagementorganization5.TakeawaycontainermanufacturerKey activities1.Generatingawareness2.Effectiveconsumercare3.Bettercleaningand foodgeneration4.Trainingandmotivation5.Properaccountingand stockcontrol6.Rawmaterialsourcing7.ResearchanddevelopmentKey Resources 1. Proper startupfunding 2.Properemployedpersonnel 3.Properequipment storageand servingValueproposition1.Superiorandproperqualitysolutions forofferingservicesto allconsumers bylow costalongwithhighvalueprocessalongwithdistinctcuisineswhichofferseffectiveguaranteeregardinghealthyeating. CustomerRelationships1.Consumerservice2.Socialmedia3.Feedbackpractice4.Personalcontact5.Trainingsectionfor staffChannels 1.Printingflyers2.Printingposters3.Socialmedia4.Word ofmouth5.Over thecounterpurchaseRevenue streams1.Bookingof events2.RevenuegeneratedfromdrinksCustomersegments1.Traders2.Employees3.Businessindividuals4.Passerby5.Students

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