LSS 2403 Personal Business Plan: Innovation, Career & Entrepreneurship

This document presents a personal business plan outlining strategies for skill development, career goals in the hospitality sector, and entrepreneurial aspirations. It includes a vision statement focused on establishing a successful restaurant business, a marketing strategy emphasizing healthy food options, and values centered on employee empowerment and societal contribution. The plan addresses key questions about personal impact, community improvement through entrepreneurship, and HRM practices for a healthy work culture. It also considers market opportunities, long-term vision, risk mitigation, ethical practices, and the influence of mentors. The document concludes with a six-word memoir reflecting personal qualities and references supporting the plan's development. Desklib provides access to similar assignments and study resources for students.

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