Discuss About The Entrepreneurship And Management Journal?
Entrepreneurship refers to the ability and capabilities sort out and handle a business enterprise along with any of its dangers keeping in mind the end goal to make a benefit. Entrepreneurship essence is featured by the creation and risk-taking and it is an important portion of a country’s capability in order to make succeed in an ever-changing and increasingly competitive worldwide marketplace.
This essay prepares a fast food restaurant business plan in South Africa by using the Timmons business model framework Fresin Fries is locally owned fast food business that will be set as a international establishment through the Timmons model creative way to deal with the association’s generosity and detail introduction. The projected initial investment of start-up this business was $20,000,000. The restaurant will offer a blended mix of good sustenance at value evaluating, with pleasure and environment. Due to increasing demand, wants and requirements of foreign cuisine, business takes a decision to launch its fast food center on a small scale.
In the present competitive market, it is difficult to remember one fast food outlet from another. South Africa is as of now transforming into the ideal city for Africa new money related impact. The essential basic need is to set up one outlet in a swarmed center, in a perfect world in one of noticeable shopping centers in South Africa. This arrangement is made with a specific end goal to secure a place for the underlying dispatch of this arrangement. In connection to the money related viewpoints, the organization must be secured for the resulting outlets by expecting in month 13 and ideal on time in year three.
The capital engagement from proprietors will permit Fresin Fries to viably open and increase through year two. The basic venture of Fresin Fries to offer its buyers with an esteem driven, delight feels through the advancement of its originators. This essay explains this fast food business plan by using the Timmons model framework and creates the plan for the implementation for the entrepreneur and team. According to Barringer, (2012), the main objective of Fresin Fries fast food restaurant is to be successful among the best fast food outlets in South Africa by beginning with one retail outlet set inside a noteworthy strip mall as a market analyzer.
Fresin Fries will attempt to be a primary adjacent fast food check in the area business focus. The organization needs their clients to have the total experience while setting off to the outlets and online as they will locate this enthralling new standard culture. Restuarant will offer from pre-bundled sauces and shirts, potato cutters, all with association official brand associated with them.
The fundamental centralization of Fresin Fries fast food eatery will serve incredible nourishment at a more noteworthy esteem. The Timmons model of Fresin Fries business inspects the opportunities, groups, and the assets as the principle three troublesome variables which are available to an entrepreneur of Fresin Fries and maintain that victory is based on the capability of the entrepreneur to keep up the harmony between these three hard elements. According to Bridge & O’Neill (2012), the business plan of Fresin Fries fast food gives the language and code for conveying the nature of the three working powers in setting up their strategy for success in the market.
Enterprise learning tries to decrease the danger of business disappointment while making new open doors in the commercial center and the Timmons display impact the adjust of chances, assets and business entrepreneurs in charge of performance. According to Caiazza et al. (2014), Timmons framework and determines these three important factors which is consider imperative in the success of Fresin Fries fast food business.
A good plan is not essentially a favorable business opportunity and the underlying market requirements that identify the capacity of the plan. A business plan Fresin Fries fast food becomes effective only when it stays associated with items or administrations that manufacture or increase the value of shoppers and stays creative, solid and in an auspicious way. Openings are essential than the ability or capacities of lead business person and the workforce in light of the fact that a correct open door decides and guarantee the long-term achievement of the business (Chell, 2013).
The two fundamental keys to the group of the open door factor are staying away from the hazard and vagueness of the open door by including innovativeness and offering administration to deal with the accessible resources in the most practical way by associating with outer powers and the capital market setting that keeps modification same. Fresin Fries can consider the broaden the scope of fast food restaurant by opening up a restaurant network in the city first and then look to expand in areas outside the city.
The entrepreneur can begin online services as well as so that company can reach out those who are not able to reach the restaurant. According to Chen & Elston (2013), the entrepreneur can also consider renovating the current restaurant or open another new restaurant to a more elegant range where entrepreneur will take into account the necessities of an alternate customer gathering. The second factor is the resource requirement which states that when an individual intends to start another business, he ought to likewise assess different assets that will be requested keeping in mind the end goal to make and maintain the business.
A startup is constantly obscure of its future, hence a business visionary attempts to keep the hidden overhead cost as low as would be judicious and tries to advance efficiency. The resources requirements in the business plan of Fresin Food fast food restaurant are financial resources, human resources, physical resources and emotional resources.
According to Fillis & Rentschler (2010), the financial resource is an essential component in starting a business which requires funding. The financial resources of Fresin fries can be acquired from several sources such as loan and credit from financial institutions, friends, and private investors. The physical resource includes a proper workplace, working environment and proper information system and viable marketing channels of Fresin fries.
The emotional resources include a support team that can provide motivation and direction as required for the entrepreneur. The last factor of the Timmons framework is the management team and entrepreneur which states that an entrepreneur is the main dynamic power that setup together every one of the parts of the entrepreneurial procedure.
he fundamental business categories of sales and marketing, management, and production also have the capability to meet the customer requirements in a well-efficient way. The entrepreneur of Fresin fries must be skilled to assemble the best ability in the wake of deciding the open door and social occasion required assets. A good team of Fresin Fries restaurant can help the business to achieve success in the future. A good team can uncover a high capacity with an opportunity and handle the stress related to the development of the business (Hui-Chen et al, 2014).
The next part of the essay explains the business ideas and its implementation for the Fresin Fries fast food restaurant. According to Klapper & Love (2011), to attract the customers to attempt eatery fries, the restaurant will offer a decent kitchen, with the objective that people will look how business concentrated on freshness in the things.
The fundamental business thoughts that can be executed for the Fresin fries fast food eatery are aggressive limit which offers novel diving sauces mix adjacent taste and all around into one blend recipe for the stamp sauce, excited and pleasant agents, supporting stock things that help association’s photo building, fries are made of 100 percent new potatoes, not in any way like the solidified fries utilized by contenders and creative building will position association at an equivalent stage with outside fast food franchises.
The next business idea that can be implemented for Fresin fries fast food restaurant is to focus on its marketing techniques. The entrepreneur of Fresin fries makes a strategy which depends on serving the market well. The company will begin its to begin with the outlet as a market analyzer that could transform into a flawless of the intensifying number of outlets later on.s
The principle focus is on keeping up great quality and building an effective personality in the market. According to Lee et al. (2016), a blend of nearby media and local store promoting projects will be utilized as a part of each range. Neighborhood store advancing is best, trailed by print promotion. By giving a fun and vivacious condition with splendid quality at an adequate cost in a perfect outlet, the company attracts its customers towards their product. Thus, the performance of the company concepts is the most difficult component of the business plan.
The entrepreneur will effectively establish company brand through the selling materials such as stock, promoting tools and advertisement like those of other fast food establishments. Alternate business thought of the estimating system of Fresin Fries is arranged as non-specific which infers that S$4.00 is the common purchaser spending for a snack or light lunch in South Africa (Morris et al., 2013). Using the volume of fries, Italian pop, and stamp style sauces to be sold, business is serving the greater part of South Africans.
The thoughts for mark challenge also assume a vital part in the making another business thought. Fresin Fries must set up an unmistakable brand to rise up out of the other Western-style fast food members. The principle logo of Fresin fries is particular as fresh, new and vivacious which is fun and simple to recall and eager and lighthearted with shading sections that are engaging. Thing names are proposed for the target advertises with the thing, such as “Frenzy Fresin” and “Uber Fresin”.
The positioning business idea of Fresin Fries concentrates in promoting in order to enhance consumer awareness of the encompassing condition. Fresin Fries will control the greater part of the business strategies and plans towards the target of portraying our identity and what we are about Fresin fries will value its items sensible, give top-quality nourishment, and assess the idea with the goal that value of-mouth will be business key promoting segment. According to Oosterbeek et al. (2010), the last business thought for Fresin Fries is the showcasing plans which are vital for any new business.
Fresin Fries convey three differing promoting systems to assemble client consideration regarding Fresin Fries. The most imperative basic system will be a verbal trade and in-store progressing. This will be by a wide the slightest costly and best of Fresin fries advancing projects on account of the high improvement in centered shopping ranges.
The second procedure will be neighborhood store progressing. These will be low-spending musings that will give gather support and commonality with the business office. The last propelling effort will use nearby media. This will be the most costly, as this procedure will be used sparingly as a supplement where essential.
According to Schaper et al. (2014), a good entrepreneur can lead to great success of the business in the future with an effective team management. Every new start-up business entrepreneur has an enormous amount to get the things done which are continuously outrunning the activities. In other words, there are key factors which have to be present in an entrepreneur in setting-up a new business plan.
According to Shepherd & Patzelt (2011), the factors which have to be required in the entrepreneur of Fresin Fries are that he should have a long image planning for their business idea. He should be able to concentrate on the important objective of their business plan while remaining adaptable and altering their business plans on the way to achieving those objectives.
The second factor required in entrepreneurs is inquiring about and selling which states a good entrepreneur should be continually offering the story of their vision as well as investigating how it should evolve (Szirmai et al., 2011). The third requirement is the execution which demands that the best entrepreneurs execute third dreams by setting up the correct measurements by which to measure their business success then religiously monitoring them.
The entrepreneur must have the potential to clearly organize their plans, and the ideas in order to achieve common objectives. They motivate communication between different stages and levels. The successful entrepreneur leader has a clear vision. He should be able to understand where he wants to go and how to reach that position.
On the other hand, a good team also helps the entrepreneur to achieve the success related to the business growth. A good coordination between the entrepreneur and an effective teamwork help the business to expand its activities in a more suitable manner. An effective team management gives some specific skills and abilities which encourage team members to move in a right direction.
A strong team is the basis of high-execution business and good team morals can be organized largely accountable for the success and smooth running of the organization. The team management of Fresin fries can communicate with each other, sharing their plans, ideas with members of their team for keeping the record of success and perform efficiently on tasks. The main benefits of having a team for the business are that they contribute their share of the work and completely understand their roles and duties in the business.
According to Teece (2010), financial planning is the task of identifying how a business will afford to gain its strategic objectives and mission. The projected initial investment of this business plan $20,000,000 and the estimated income statement of this business was calculated below.
The real value of making a business strategy is not in having the finished product rather than the values lies during the procedure of investigating and considering business efficiently. Financially related measurements have been the standard for surveying a company’s execution (Zeng et al., 2011). The projected financial statement French Fries business plan in South Africa:
|
2016 |
|
|
Sales |
$15,950, 000 |
|
Miscellaneous income |
$200,000 |
|
A. Total |
$16,500,000 |
|
B. Cost of Sales |
$10,497,500 |
|
C. Gross Profit (A-B) |
$5,652,500 |
|
D. Operating Expenses |
|
|
Salary |
$2,500,000 |
|
Rent |
$500,000 |
|
Insurance |
$10,000 |
|
Depreciation |
$20,000 |
|
Marketing |
$300,000 |
|
Maintenance & Repairs |
$50,000 |
|
Other |
$100,000 |
|
Total |
$3,480,000 |
|
Operating profit |
$2,172,500 |
|
Less: Interest |
$200,000 |
|
Profit before tax |
$1,972,500 |
|
Less: Tax @ 30% |
$591,750 |
|
Net Profit AT |
$1,380,750 |
From the above essay, it has been concluded that entrepreneurship is the dynamic procedure of making incremental wealth and improving things of values that have a bearing on the welfare of an entrepreneur. This essay creates a new business plan for Fresin Fries fast food restaurant in South Africa. The essay creates new business plans for Fresin Fries by using the Timmons framework which considers opportunities, groups, and assets as the three hard elements accessible to a business person. The essay also describes the various business ideas and its implementation for Fresin Fries with the motive to set-up business successfully in the market. It also explains the financial impact on the business plan of Fresin Fries which is an important factor in starting a new business plan.
References
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).
Bridge, S. & O’Neill, K., 2012. Understanding enterprise: entrepreneurship and small business. Palgrave Macmillan.
Caiazza, R., Volpe, T. & Audretsch, D., 2014. Innovation in the agro-food chain: Policies, actors, and activities. Journal of Enterprising Communities: People and Places in the Global Economy, 8(3), pp.180-187.
Chell, E., 2013. Review of skill and the entrepreneurial process. International Journal of Entrepreneurial Behavior & Research, 19(1), pp.6-31.
Chen, S.C. & Elston, J.A., 2013. Entrepreneurial motives and characteristics: An analysis of small restaurant owners. International Journal of Hospitality Management, 35, pp.294-305.
Fillis, I. & Rentschler, R., 2010. The role of creativity in entrepreneurship. Journal of Enterprising Culture, 18(01), pp.49-81.
Hui-Chen, C., Kuen-Hung, T. & Chen-Yi, P., 2014. The entrepreneurial process: an integrated model. International Entrepreneurship and Management Journal, 10(4), pp.727-745.
Klapper, L. & Love, I., 2011. The impact of the financial crisis on new firm registration. Economics Letters, 113(1), pp.1-4.
Lee, C., Hallak, R. & Sardeshmukh, S.R., 2016. Innovation, entrepreneurship, and restaurant performance: a higher-order structural model. Tourism Management, 53, pp.215-228.
Morris, M.H., Shirokova, G. & Shatalov, A., 2013. The business model and firm performance: The case of Russian food service ventures. Journal of Small Business Management, 51(1), pp.46-65.
Oosterbeek, H., Van Praag, M. & Ijsselstein, A., 2010. The impact of entrepreneurship education on entrepreneurship skills and motivation. European economic review, 54(3), pp.442-454.
Schaper, M.T., Volery, T., Weber, P.C. & Gibson, B., 2014. Entrepreneurship and small business.
Shepherd, D.A. & Patzelt, H., 2011. The new field of sustainable entrepreneurship: Studying entrepreneurial action linking “what is to be sustained” with “what is to be developed”. Entrepreneurship Theory and Practice, 35(1), pp.137-163.
Szirmai, A., Naudé, W. & Goedhuys, M. eds., 2011. Entrepreneurship, innovation, and economic development. Oxford University Press.
Teece, D.J., 2010. Business models, business strategy and innovation. Long range planning, 43(2), pp.172-194.
Zeng, F.Q., Bu, X.Z. & Su, L., 2011. Study on entrepreneurial process model for SIFE student team based on Timmons model. Journal of Chinese Entrepreneurship, 3(3), pp.204-214
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