Entrepreneurship: Small Firm Case Study & 5-Year Business Plan Report

This report provides an analysis of a hypothetical sports bar called “Take Five Sports Bar and Grill” and its business plan for expansion. It begins with an introduction to the importance of a business plan, followed by a literature review and critical analysis of the company's objectives, mission, and keys to success. The report delves into the company's history, locations, marketing strategy, and financial projections, including startup expenses and budget plans. It emphasizes the importance of maintaining product quality, effective finance management, cost control, and strong management control for the company's success. The report concludes that Take Five Sports Bar and Grill aims to provide a unique dining and entertainment experience, attract sports enthusiasts, and expand its business while maintaining a competitive edge in the market. Desklib offers a range of similar reports and study resources for students.

Running Head: ENTREPRENEURSHIP
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Name of the Student:
Name of the University:
Author Note

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Table of Contents
Assignment One...........................................................................................................................................................................................2
Introduction..............................................................................................................................................................................................2
Literature Review and Critical Analysis..................................................................................................................................................2
Table of Figures.......................................................................................................................................................................................9
Conclusion.............................................................................................................................................................................................11
Appendix................................................................................................................................................................................................12
Reference List:.......................................................................................................................................................................................13
Assignment 2.............................................................................................................................................................................................14
Introduction............................................................................................................................................................................................14
Literature review and Critical analysis..................................................................................................................................................14
Conclusion.............................................................................................................................................................................................17
Reference List:.......................................................................................................................................................................................18

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Assignment One
Introduction
According to Davari and Farokhmanesh (2017), a business plan is essential for developing different strategies of business. In
this report, the necessity of a good business plan for the success of a restaurant will be evaluated. The business plan to be focused on
in this report is that of a Sports Bar. The aforementioned company strives to become a premium sports themed bar cum restaurant in
its region of operation. The goal of the company is to be ahead of the competing restaurants in that segment. Take Five Sports Bar and
Grill aims to provide its customers a fun experience while they enjoy a leisurely time at this restaurant. It aims to show more sports
programs than any other bars in that region. The company has the objective of opening additional stores in other prime locations of the
country. The management of the company has illustrated how it plans to achieve the objectives by executing the market strategies. The
management has also demonstrated the marketability of the business.
Literature Review and Critical Analysis
Take Five Sports bar and Grill
The business plan of the company to be analyzed in this report is that of a hypothetical start up sports bar called “Take Five
Sports Bar and Grill”. The flagship location of the bar has been able to achieve the objective of earning of two million dollars in sales
in its first year of operation. It can e estimated that the aforementioned bar will produce a net a profit of approximately four hundred
and forty thousand dollars in the first year. It can be said that the startup costs, operating expenses and the sales revenues of the first
ten months of the company are actual. It can be said that the owners of the company are planning to expand the business by opening
stores in other location.. The future plan of expansion of the business requires site surveys and targeting the prime locations for
opening franchises of the aforementioned company. It can be said that the management has recognized enormous growth potential of

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the company. According to Smyth and Lecoeuvre (2015), the expansion of the company’s business can be made possible by the return
on investment from the first location of the company.
Risk Bearing Theory- According to the Risk bearing theory of Knight an entrepreneur must assume the risks in order to earn
profits (Kirzner 2015). Therefore, for the expansion of business and anticipating future events of such company funding by the owner
and internally generated cash flow are essential
Budget Plan
Startup Expenses
Cash Required $70,000
Other Current Assets $12,000
Long-term Assets $65,000
Startup Funding
Start-up Expenses to Fund $54,000
Start-up Assets to Fund $157,000
TOTAL FUNDING REQUIRED $211,000
Assets
Non-cash Assets from Start-up $77,000
Cash Requirements from Start-up $70,000

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Additional Cash Raised $34000
Cash Balance on Starting Date $70,000
TOTAL ASSETS $251,000
Liabilities
Current Borrowing $123,000
Long-term Liabilities $100,000
Accounts Payable (Outstanding Bills) $2300
Other Current Liabilities (interest-free) $5000
TOTAL LIABILITIES $230,300
Objectives of the company:
It can be said that the company has the objective of opening additional stores in other prime locations of the country.
According to Schaper et al (2014), the management of the company has illustrated how it plans to achieve the objectives by executing
the market strategies. The management has also demonstrated the marketability of the business. It has been expressed that the
management feels confident about their decision to expand business to different location. The management has specially noted down
the following objectives it aims to achieve in the next five years.
 To have at least five operational stores fully functioning within a time span of three years.
 Maintaining low cost of operations and administration by hiring efficient managers at each of the stores
 Keeping the cost of food under thirty two percent of the revenue generated by each store
 Selecting the locations for opening the additional stores which meet the criteria and ensure the parameters of success
 To ensure that each store achieves three to five million dollar annual sales

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Mission
It can be said that the aforementioned company strives to become a premium sports themed bar cum restaurant in its region of
operation. The goal of the company is to be ahead of the competing restaurants in that segment. Take Five Sports Bar and Grill aims to
provide its customers a fun experience while they enjoy a leisurely time at this restaurant. It aims to show more sports programs than
any other bars in that region. Take Five Bar and Grill aims to install state of the art audio control in each table so that customers can
listen to programs of their choice. The audio control in each table ensures that background noise is cancelled and that customers can
listen to their favorite programs without any disturbance. The menu of the restaurant has been chosen carefully too suit the theme of
the bar. The menu mainly focuses on finger foods rather than full course meals as people prefer to enjoy a light snack with drinks
while watching. It is to be mentioned that the ambience of the restaurant has been designed in a way to suit the theme of the restaurant.
The main aim of the aforementioned company is to provide a complete and satisfying dining and entertainment experience to its
customers.
The Keys of Success
The main keys of success as formulated by the management of the aforementioned company to achieve the desired goals are:
 Maintain Product quality. The main key of success of the restaurant is to ensure good quality of food and provide great service
(Jahanshani et al. 2014).
 Finance management is essential for the expansion of business at the targeted location (Hope and Vyas, 2017).
 Cost controlling at all times is essential for the success of the company
 Management control is essential to ensure that the same operations are performed at every store of the company

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The major elements of Concept
The main conceptual elements of the aforementioned restaurant are:
Themes - The Company’s should focus on designing a sports themed bar which will have a mass appeal. It is to be mentioned that the
company must ensure that the design features of the bar are unique and distinct. All branches of the restaurant must display the same
visual design and layout. Every store needs to display sports memorabilia.
Locations – The selection of store locations needs to be done by conducting a thorough research on demographic indicators such as
number of hotels, offices and restaurants in that area, average income of individuals and traffic counts
Celebrity Events- The success of the aforementioned company can be attributed to the paid promotions of the restaurant by sports
celebrities. The promotional activities might include media coverage of special events and appearances of celebrities
Retail Merchandising- It is to be mentioned that each branch of the restaurant will have a retail store which will offer merchandize of
premium quality with the logo of the company on the merchandize.
Food Quality- To ensure the success of Take Five Sports Bar, the food served in the restaurant must be fresh and of high quality. The
menu of the restaurant must include all the popular cuisines to target a wide range of customers. It is also to be mentioned that the
signature dishes of the restaurant need to be reasonably priced and must have a universal appeal in the market
Quality of service- The restaurant must ensure that the company provides attentive and friendly service to the customers as that is
essential to achieve its success. The company must ensure that it invests in training and supervision of the employees.

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Company History
The company was formed to capitalize on the market demand for a sports themed bar which is equipped with high end
technology. It can be mentioned that the restaurant Tech Five had promoted its brand through its operations in the primary location.
The flagship location of the restaurant provides a unique entertainment and dining experience in an environment of high energy. It can
be said that the Restaurant Take Five Br and Grill had tie-ins to professional teams.
Locations of the company and its facilities
The units of the restaurant vary in size from six thousand to nine thousand square feet. The accommodation capacity of the
units of the restaurants also varies from 225 to 400. Every branch of the restaurant will feature valuable sports memorabilia which
would be authentic in nature. Examples of such memorabilia include the jersey of Michael Jordan signed by him and tennis racquet of
Jimmy Connor. Each of the stores will have state of the audio systems and video systems which will enable the customers to watch
their favorite matches. The Unique Locations of the store include:
 Medlock Bridge – This is the primary unit of the restaurant. It is located at one of the busiest roads of North Fulton County.
The Unit is surrounded by four major clubs, upper middle class neighborhoods, shopping malls and office complexes.
Therefore, the location of the unit helps the company to target affluent upper middle class customers looking for a dining
entertainment experience. It has an area of six thousand square feet.
 Ashford-Dunwoody- The area of this unit seven thousand two hundred square feet. The unit is located near the Premier Mall.
The unit is surrounded by a twenty million square feet of office space and upscale apartment complexes. Many international
hotel chains are also located in the vicinity of the unit.
 Lawrenceville (New Market) – The Unit located at this site is six thousand and five hundred square feet in area. This site is
favorable for the restaurant as it is built adjacent to eighteen screen movie theatre opened by AMC. It can be said that this area
is favorable as there are no major sports themed bars in that area.

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 Peachtree and Piedmont (Buckhead)- This unit is located at the heart of Buckhead which can be called the hub of the
business entertainment center. This Unit is adjacent to one of the premium hotels of America. The aforementioned area is one
of the fast growing mixed urban areas. It is surrounded by hotels, shopping malls and residential complexes.
Marketing strategy
The marketing strategy of the company involves advertising about the company by local media and event marketing
companies of respective stores (Baker, 2014). It can be said that Radio and print media are the most effective means of advertising of
the restaurant. As soon as the restaurant in consideration becomes notable to the customers, broader media must be employed to
advertise about the company (Chaffey and Ellis-Chadwick., 2016).

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Table of Figures
Timeline and Critical Path
Figure- Gantt Chart
Source- (As created by the Author)

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Figure-Critical Path Analysis
Source-(As created by the Author)

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Conclusion
Thus to conclude, it can be said that Take Five Sports Bar and Grill is a growing sports pub with high end technology and is
targeted to attract sports enthusiasts. The restaurant has been designed to suit the needs of customers who wish to enjoy a dining-
entertainment experience. The main objectives of the company are to expand its business and become a premium sports bar. The goal
of the company is to be ahead of the competing restaurants in that segment. Take Five Sports Bar and Grill aims to provide its
customers a fun experience while they enjoy a leisurely time at this restaurant. It aims to show more sports programs than any other
bars in that region. However to ensure success all the units of the restaurant must ensure quality food and good service provided to the
customers.

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Appendix

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Reference List:
Davari, A. and Farokhmanesh, T., 2017. Impact of entrepreneurship policies on opportunity to startup. Management Science
Letters, 7(9), pp.431-438.
Smyth, H. and Lecoeuvre, L., 2015. Differences in decision-making criteria towards the return on marketing investment: A project
business perspective. International Journal of Project Management, 33(1), pp.29-40.
Hope, O.K. and Vyas, D., 2017. Private company finance and financial reporting. Accounting and Business Research, 47(5), pp.506-
537.
Heizer, J., 2016. Operations Management, 11/e. Pearson Education India.
Jahanshani, A.A., Hajizadeh, G.M.A., Mirdhamadi, S.A., Nawaser, K. and Khaksar, S.M.S., 2014. Study the effects of customer
service and product quality on customer satisfaction and loyalty.
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Chaffey, D. and Ellis-Chadwick, F., 2016. Digital marketing. Pearson.
Varley, R., 2014. Retail product management: buying and merchandising. Routledge.
Moriarty, S., Mitchell, N.D., Wells, W.D., Crawford, R., Brennan, L. and Spence-Stone, R., 2014. Advertising: Principles and
practice. Pearson Australia.
Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and small business.
Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.

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Assignment 2
Introduction
For the promotion of any business publicizing about the same is very important to make people aware of the existence of the
business. According to Armstrong (2015), Publicizing is also important building a network of contacts which will help the business to
grow and expand. For the promotion of Take Five Bar and Grill the use of digital and mobile technologies is of utmost importance.
This report will talk about how Personal Contact Networking in the next five years will affect the business of Take Five Bar and Grill.
Literature review and Critical analysis
Personal Contact Networking
It is to be stated that networking is essential for the growth and expansion of a business. According to Menzies (2017), Networking is
a two way process which involves interaction with people at different levels and creating mutually beneficial relationships. It can be
noted that Networking does not mean asking for favors from individuals instead networking aims to build a relationship with new
clients (Parks, 2017). An important aspect of networking is that ever contact of a business leads to other contacts. Networking acts like
a web which keeps on expanding contacts of a business in different directions (Gloor et al., 2016).
Economic Theory- According to the Economic theory an Entrepreneur must possess four qualities (Ekelund and Hébert 2013).. An
Entrepreneur should be able to take important decisions, coordinate scarce resources, motivate himself and should be imaginative. An
entrepreneur should apply such qualities for networking of the business.
Importance of personal contact networking for the expansion of business
It can be said that personal contact networking is essential for the expansion of business. It is very important to share ideas
with other entrepreneurs who are also aiming to expand their business and this can only be achieved by personal contact networking
(Ford and Mouzas 2013). According to Ebbers (2014), Networking is great for sharing ideas and business strategies among a group . It

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can also be said that sharing knowledge of business with other entrepreneurs helps in reducing the risks of business and ensuring that
common pitfalls are avoided. Networking also helps to create new opportunities to the entrepreneurs for the expansion of business
(Tuten and Solomon 2017). It is important to mention that Networking helps in building new connections which is vital for the
business. Personal Networking increases confidence of the entrepreneurs and helps in raising the business profile. It can be said that
regularly attending social and business events helps entrepreneurs gain recognition in the business world. Gaining recognition in turn
helps entrepreneurs build a bigger client base (Kasemsap 2014).
Strategies for personal contact networking in the first five years of Take Five Sports bar and Grill
Listing Contacts
It is to be mentioned that the first task is to sort the contacts of the aforementioned restaurant in two categories. The contacts
who are likely to affect the growth of the aforementioned restaurant are to be grouped separately from those who did not take any
interest in the restaurant. However equal importance should be paid to both the categories as all contacts are valuable to business. It
can also be stated that a list of contacts is to be made initially and sorting the contacts according to the priorities of people is essential.
Those who can be easily reached out to such as friends, family members and close acquaintances are to be approached personally. The
next step involves making a list of those who are not that close such as colleagues and distant acquaintances. The people who are
involved in business dealings with other companies but are also associated with Take Five Sports Bar and Grill are to identified and
listed. Examples of such contacts involve customers and suppliers of other businesses. The next group of contacts is those whom we
come across in our day to day lives. Such people can be the ones we meet in our neighborhoods, clubs and offices.
However we do not interact much with them. The personal contacts that are selected from the contact list must be reached out
to by the use of mobile and digital technologies (Tiago and Veríssimo 2014). The contacts that are personally associated with the

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business can be called by the entrepreneur personally. Those whose mobile numbers are registered with the business can also be sent
messages for communicating any information regarding any event or program to be conducted by the business. Those who are distant
acquaintances of the entrepreneur can be contacted by social media platforms.
Use of digital technologies for personal contact networking:
It can be said that the use of social media for the promotion of business and building personal contact network is vital (Tuten and
Solomon 2017). It has become easier to connect with people from all across the globe due to the presence of several social media
platforms. The major advantage of using social media for the promotion of business and building a network of personal contacts is that
vast numbers of people can be targeted and addressed to. However, the main challenge to this is choosing the people who will be
targeted for such promotion and building personal contact networks (Ashley and Tuten 2015). The following are the ways of using
social media for the achievement of the aforementioned goal:
 Showcasing Take Five Sports Bar and Grill on LinkedIn.- It can be mentioned that people are of the opinion that LinkedIn
is generally used by those who are looking for jobs. However, LinkedIn also provides a wide range of benefits to entrepreneurs
which range from increased web traffic to suggesting new strategic opportunities. The LinkedIn personal profile of Take Five
Sports Bar and Grill is vital for the developing network with prospects. For showcasing Take Five Sports Bar and Grill on
LinkedIn effectively summarizing the operations, the specialties and mentioning what makes Take Five Sports Bar and Grill
unique is important. Choosing the keywords wisely is required for targeting the potential clients in the target market of the
restaurant’s area of operations. Choosing a suitable and catchy headline is also essential while setting up a profile on LinkedIn
as the headline is the first thing that attracts the eye of the client.
 Branding Take Five Sports Bar and Grill on Twitter- Twitter is considered to be an excellent platform for including the
human element in any business, distributing information about other businesses related to the industry and also for becoming
aware about the social conversation about the brand of the business (Tsimonis and Dimitriadis 2014). It can be mentioned that

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for the achievement of the goals of promotion and building a network of contacts, it is essential to provide content which
serves the needs of the client and represents the business in the social platform in a positive way. It can be said that while
writing the bio for Take Five Sports Bar and Grill it is essential to link it with the profile of the Entrepreneur. It is also
important to mention the affiliation of the Entrepreneur with the company.
 Creating a page of Take Five Bar and Grill on Facebook – Facebook is the most popular form of social media that exists
and it is the easiest to reach out to people via Facebook (Boling, Burns and Dick 2014). For the promotion of any business
creating a Facebook page is the first step. It is important to make people, who are not associated with the aforementioned
restaurant, aware about the existence of the restaurant and it can be done by the promotion of the same on Facebook. The next
step is sharing the page of the restaurant with as many people as possible to get maximum exposure. Promoting any business
on Facebook involves publicizing about the events and programs conducted by such business to attract the attention of the
public. It is also essential to link the page of the business with the profile of the entrepreneur to target the personal contacts of
the entrepreneur. Similar to the LinkedIn profile the description of the page of Take Five Bar and Grill must be concise and
must highlight the nature of its business. It must also highlight the business goals of the aforementioned restaurant and talk
about the personal contributions of the Entrepreneur.
Conclusion
Thus to conclude it can be said that networking is a two way process which involves interaction with people at different levels
and creating mutually beneficial relationships. Personal contact Networking is essential for the growth of any business. It aims to
share ideas with other entrepreneurs who are also aiming to expand their business. Networking helps in building new connections
which is vital for the business. Personal Networking increases confidence of the entrepreneurs and helps in raising the business
profile. Regularly attending social and business events helps entrepreneurs gain recognition in the business world.

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Reference List:
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Parks, M.R., 2017. Personal relationships and personal networks. Routledge.
Tuten, T.L. and Solomon, M.R., 2017. Social media marketing. Sage.
Nobre, H. and Silva, D., 2014. Social network marketing strategy and SME strategy benefits. Journal of Transnational
Management, 19(2), pp.138-151.
Ashley, C. and Tuten, T., 2015. Creative strategies in social media marketing: An exploratory study of branded social content and
consumer engagement. Psychology & Marketing, 32(1), pp.15-27.
Tsimonis, G. and Dimitriadis, S., 2014. Brand strategies in social media. Marketing Intelligence & Planning, 32(3), pp.328-344.
Tiago, M.T.P.M.B. and Veríssimo, J.M.C., 2014. Digital marketing and social media: Why bother?. Business Horizons, 57(6), pp.703-
708.
Ebbers, J.J., 2014. Networking behavior and contracting relationships among entrepreneurs in business incubators. Entrepreneurship
Theory and Practice, 38(5), pp.1159-1181.
Ford, D. and Mouzas, S., 2013. The theory and practice of business networking. Industrial Marketing Management, 42(3), pp.433-
442.
Gloor, P.A., Woerner, S.L., Schoder, D., Fischbach, K. and Colladon, A.F., 2016. Size Does Not Matter–In the Virtual World.
Comparing Online Social Networking Behavior with Business Success of Entrepreneurs. International Journal of Entrepreneurial
Venturing.

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Boling, R., Burns, M. and Dick, G., 2014. Social networking and small business: an exploratory study. Contemporary Readings in
Law and Social Justice, 6(2), pp.122-129.
Kasemsap, K., 2014. The role of social networking in global business environments. Impact of emerging digital technologies on
leadership in global business, pp.183-201.
Menzies, S., 2017. Networking impact on internationalization of SMEs. In SCIENTIFIC CONFERENCE ON ECONOMICS AND
ENTREPRENEURSHIP SCEE’2017 (p. 72).
Ekelund Jr, R. B., & Hébert, R. F. (2013). A history of economic theory and method. Waveland Press.