Discuss about the Entrepreneurship and Management.
Entrepreneurship is something that is the dream of many. Given the proper time, money and opportunities anyone would like to start a business of their own. But it is also a known fact to all that business is never a cake walk and it brings along with it several opportunities and challenges Kuratko ( Hornsby & Hayton 2015). While starting a business, it is highly essential to keep a thorough check on one’s capital, resources, and also the threats that might come up in future. Among the different lines of business, one handsome line is that of food and beverage start ups. Undertaking a business in this line is not only interesting but quite innovative as well.
In order to gain a good range of customers, it is essential to have a proper market strategy and one of the basic and most important things that are to be included in that strategy is that of selecting the right audience at the right time (Sozen & O’Neill 2018). The business undertaken was that of a food and beverage industry (Renton et al., 2015). A café was set up called the Coffee Delights, Australia. As per the initial business plan, it was set up in this way that this will be a restaurant serving coffee, tea and also beverages of several other sorts along with several other fast food cuisines. It will initially begin as a medium scale industry with around 50 employees and will obviously try to increase the employee strength as per the total sales and the overall performance of the restaurant as well. It will be initially starting as a fast food beverage shop and will initially operate only in the New South Wales district. The main purpose behind setting up this start up is to provide a wide range of delicacy in and around the local regions of New South Wales. The main motto is to provide the localities with a wide variety of mouth watering flavors of several beverages and also other fast food items.
The main areas of concern will be to maintain the quality of food and customer satisfaction. The modern era is a time of change and all the customers are in search of both quality and quantity as well. Staying healthy and fresh is the major concern of all the people of today’s scenario; hence it is also the prime duty of the organization to see to it (Hong & Lu 2016). The top most priority of this restaurant will be to cater to the increasing demands of the customers. In addition to providing good quality food to the customers, the company will also have to make sure that they are using all the natural and fresh products so that there is no compromise with the health or the well being of the customers. The vision and mission of the startup were also formulated after a thorough analysis of the future goals and objectives and most importantly the purpose of the business.
The vision of the company will be to provide the best quality food to the customers along with the necessary health benefits, the mission statement of the company was thus set up as “eat healthy, live healthy”. This, in order to stay to the purpose, this restaurant will make sure that all the inputs that are used for the production of the food and beverages of this company will be fresh and healthy, There will be a hundred percent assurance to the fact that no added chemicals, or excess amount of food colors or any artificial flavors will be totally absent from the products. The motif of this organization will not be only profit maximization but also customer satisfaction (Galindo & Méndez 2014). It was made sure that all the organic components that are to be used in the production of the fruits, vegetables, egg, fish, meat etc will all be bought from the local markets and the local farmers so that the freshness and quality of the products can be restored.
The above structure talks about the organizational framework of the restaurant. Coffee Delights, Australia will have the chief chef at its top most post and he will be preceded by the junior chef who will accompany him and will also have the specialty chef and the Sous chef under them, they will be helped by the utility assistants who will also be responsible for the proper maintenance of the interiors of the restaurant.
There was also a thorough review done about the different forces acting in the internal and the external environment of the organization.
S-Strength- The strength of this company is the fresh products that it will use in their production process which in turn will help to provide all the customers with not only tasty but also fresh and healthy products and will thus help them to get their demand fulfilled (Kim, 2014). This will also enable the company to stay true to its vision and mission of keeping their customers fit and healthy.
Weakness-As this will be a newly made start up business, in the initial level, it can face some financial challenges or challenges related to the additional customer benefits. The company might face some issues related to its resources base as it is a time-consuming affair (Blair & Marcum 2015).
o-opportunities- As this company will mainly aim towards providing their customers with fresh and natural products so that they can initiate the proper well being of their customers, they will have several opportunities to increase their customer base by providing them the products that have proper nutritional benefits (González-Benito, Muñoz-Gallego & García-Zamora 2015). As this company will bring all the input materials, the organic inputs in particular from the local farmers, they can make sure that the freshness of the products are retained till production and if the customers find that their demand of eating and staying healthy is being fulfilled then they will obviously increase their purchases from this restaurant which will, in turn, increase the profit of the organization.
t-threats- It is a known fact that there are a large number of alternatives available in this particular line of business (Chriqui, Pickel & Story 2014). Moreover, it is an issue that needs much more import ace because this is a newly set up business and the customers will surely have a large number of options to switch over to several other alternatives if they are dissatisfied with the quality of products and services that are being offered by this company (De Mel, McKenzie & Woodruff 2014). There will always be the threat of existing firms in the market who can give a very tough competition. Apart from this, there is also the threat of new firms entering the market because food and beverage companies are now a major line of business that is being undertaken by many young and aspiring entrepreneurs.
Political factors- As it is a new start up business, it will obviously have to abide by all the rules and regulations of the Government, including the tax, labor charges, charges incurred on the purchasing of any imported items etc (Blair & Marcum 2015).
Economic factors- Economic factors will surely have a major influence like the interest rates, inflation, and an increase in the taxation rates of export or import items etc (Kim, 2014). This might also prevent the company from further investment for at least a certain time period.
Social factors- There are many social factors that will influence a food and beverage industry. One of the major social factors is that of health consciousness (Chriqui, Pickel & Story 2014). As the customers are very much concerned about the health in the present days, so the restaurant will have to work hard to keep up the standard of their products and they will also have to innovate their products keeping in minds the health benefits of their customers. Population growth, career attitude etc will directly affect the way this business will be carried out.
Technological factors- In this modern day scenario, the company will have to very carefully deal with the adaptation of the modern scientific and technological factors (Blair & Marcum 2015).
Usage of the modern scientific methods like IT tools will definitely help in increasing the efficiency of the business.
Environmental factors: This is one of the most important factors that can affect this business since it is largely based on fruits, vegetables, animal products, any climatic changes or the seasonal weather changes will affect the business a great deal (Blair & Marcum 2015).
Hence, it will be prudent for the company to keep sufficient amount of alternatives or preventive measures to deal with such emergencies.
Legal factors: Being a food and beverage industry it will always be confined by the legal obligations like drug law, service tax etc.
Some of the important business practices that might be undertaken by the business can be given some additional benefits to the customers like home delivery, discounts of the products etc. In order to improve the important functions of the business, there has to be an improvement in the marketing and sales procedure and also a constant improvement has to be brought in the quality of products.
One contextual factor that might be adopted for this business is innovation and entrepreneurship because this is n era of change and innovations. The customers are in constant search for something new and innovative. Finding out good and successful entrepreneurs is also very important as the entrepreneurs will bear the risk bearing attitude and will have sufficient means to deal with any unforeseen risks that might turn up in near future. They will also help in bringing new innovations which will help to constantly modify their products and this increase the customer base and in turn the business expansion and growth.
References
Blair, E. S., & Marcum, T. M. (2015). Heed Our Advice: Exploring How Professionals Guide Small Business Owners in Start?Up Entity Choice. Journal of Small Business Management, 53(1), 249-265.
Chriqui, J. F., Pickel, M., & Story, M. (2014). Influence of school competitive food and beverage policies on obesity, consumption, and availability: a systematic review. JAMA Pediatrics, 168(3), 279-286.
De Mel, S., McKenzie, D., & Woodruff, C. (2014). Business training and female enterprise start-up, growth, and dynamics: Experimental evidence from Sri Lanka. Journal of Development Economics, 106, 199-210.
Galindo, M. Á., & Méndez, M. T. (2014). Entrepreneurship, economic growth, and innovation: Are feedback effects at work?. Journal of Business Research, 67(5), 825-829.
González-Benito, Ó., Muñoz-Gallego, P. A., & García-Zamora, E. (2015). Entrepreneurship and market orientation as determinants of innovation: the role of business size. International Journal of Innovation Management, 19(04), 1550035.
Grohn, K., Moody, K., Wortel, D., LeClair, N., Traina, A., Zluhan, E., & Feuer, G. (2015). Lean start-up: A case study in the establishment of affordable laboratory infrastructure and emerging biotechnology business models. Journal of Commercial Biotechnology, 21(2).
Hong, J., & Lu, J. (2016). Assessing the effectiveness of business incubators in fostering SMEs: evidence from China. International Journal of Entrepreneurship and Innovation Management, 20(1-2), 45-60.
Kim, S. M. (2014). The impacts of gender differences in social capital on microenterprise business start-up. Affilia, 29(4), 404-417.
Kuratko, D. F., Hornsby, J. S., & Hayton, J. (2015). Corporate entrepreneurship: the innovative challenge for a new global economic reality. Small Business Economics, 45(2), 245-253.
Nambisan, S., & Baron, R. A. (2013). Entrepreneurship in innovation ecosystems: entrepreneurs’ self?regulatory processes and their implications for new venture success. Entrepreneurship Theory and Practice, 37(5), 1071-1097.
Renton, M., Daellenbach, U., Davenport, S., & Richard, J. (2015). Small but sophisticated: entrepreneurial marketing and SME approaches to brand management. Journal of Research in Marketing and Entrepreneurship, 17(2), 149-164.
Sozen, E., & O’Neill, M. (2018). An Exploration of the Motivations Driving New Business Start-up in the United States Craft Brewing Industry. In Craft Beverages and Tourism, Volume 2 (pp. 195-212). Palgrave Macmillan, Cham.
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