For a successful entrepreneurial skills implementation, there are very basic skills that should not miss in your plan; the opportunity should be clearly identified and evaluated to ensure that it’s a valid and identify the possible competition sources then formulate the style to dealing with it. The purpose of having that particular business should also be identified to ensure that you have a working guide with the desire to achieve.
After my university education I will establish an accommodation centre in conjunction with a restaurant under the same roof. The purpose of my business will be to offer accommodation services and food on a fee to our customers who may happen to be either internal or external tourists or travelers. My business core value is to provide and deliver a high quality bedding, food and services as well as promoting the economy of the nation through provision of employment to individuals. My mission is to be the best organization offering accommodation and restaurant services (Dees, 2017).
The reason I chosen this kind of business was defined by the following three big questions. What do I love most and engages my passion? Personally I have cooking passion and hospitality interest at heart I therefore feel that this is the most suitable business for me. What I fear most? Just like any other person I truly fear hunger; this is what drove me to restaurant business. It’s worth noting here that food and shelter are basic human wants. What I want to be remembered with? Is provision of affordable and luxurious accommodation (Burns, 2016).
The biggest opportunity that aligns with my goal is the tourist. People need food and shelter at every place they are, therefore providing these services on commercial basis at places where they are not available will obviously boom. This is the biggest opportunity for my business as most of the travelers from distant places will board for the sleeping rooms and order for food. Also locals need food when away from home; at this case they only need the restaurant services excluding the lodging services. In other another case, people feel to dine outdoors on food prepared in the restaurant as they have fun or spend their leisure. All this cases will be the greatest opportunities that will line with our business (Drucker, 2014).
‘Get your taste at the weight of your pocket, enjoy with friends and family members’. This is the statement that defines our market position; it’s basically directed to the world at large without giving attention to a particular group of people.
Being an entrepreneur I will provide job opportunity to the people around the business for both the skilled and non-skilled labor force. I will create awareness on appreciating our natural resources and environmental conservation by leading as an example. Also my business will provide a favorable environment for people to spend and have fun on their leisure or moments of fun. Lastly our lodging services will offer suitable bedding services thus accommodating people (Hitt, Ireland, 2017).
The biggest factor that will differentiate me and other UAE students is, most students targets to be employed after the study unlike in my case where am aiming of being an employer in the first place.
The key milestone in my plan is the completion of my university study. After the university is the next key milestone is the after acquiring the necessary capital to start and run the business of the restaurant and accommodation. This will include the establishment of the business and the working capital.My success in this milestone will be determined by when the business will have all the infrastructure set and the necessary labor force hired and the business starts running. I define success as the completion of assembling the factors of production on the right time and commence the production activity as well as providing employment opportunity to the members of the society (Kirzner, 2015).
The government may charge high taxes that may negatively affect the amount of working capital of the business. When the capital is eaten up by taxes the profit made by the business is obviously affected in an equal scale and thus affecting the success.
The success of the may be affected by the competition it faces from other similar business. The stiff the competition the lower chances of success of the business.
Politics greatly determine the peace status of a country. When political climate is high the peace of the country is not at stable status and thus the buying and spending habit is not welcoming to the business, consequently the profit made may be affected and thus the success (Parker, 2018)
The level of the economy dictates the buying power of the individuals. The higher the buying power the higher the possibility of success of the business.
Contingency and risk mitigation strategies
It’s necessary to have your business registered and complies with all laws pertaining business establishment. If this is not done the business may face the tough side of the law in the future.
We will also leave a room for improvement from all aspects like the physical space and production and services.
Ethical behavior refers to the acting of the business in ways consistent with the society and individuals typically think are good values. To maintain this values my business will need to ensure that fairness, equity, dignity, diversity and maintaining the individuals right.
As I choose mentor I would select from the living, leaders and friends. The reason for selecting the leaders is that they have already proofed they can by having themselves in elective post thus proving that their ideas are valid and rhymes with the opinion of the majority. Leaders are also heroes and their words have a lot of wisdom. Friends know you well and always have the best will towards your success. The advice they give will obviously be of good will to the business. Living people have the best adviceas they well understand the dynamics of the economy and the possible future changes in the economy (Cooper, Folta, 2017).
Business is profit, not the structures.
Reference
Dees, J. G. (2017). 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Hitt, M., & Duane Ireland, R. (2017). The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, 45-63.
Parker, S. C. (2018). The economics of entrepreneurship. Cambridge University Press.
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.
Cooper, A., &Folta, T. (2017). Entrepreneurship and high?technology clusters. The Blackwell handbook of entrepreneurship, 348-367.
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