Small business is the most essential element of a market economy, without which the state cannot develop harmoniously. Small business largely determines the rate of economic growth, the structure, and quality of the gross national product, so the role of small business in society cannot be underestimated. The business strives to become a social and manageable process by creating and disseminating value and opportunities for exchange (Branham, 2014). It forces social groups to get what they need and want, forming a positive image of this process. Depending on the specialization of a small enterprise, the focus on production varies. For example, the value for food truck consumers is that sellers create a special menu to increase profits based on an analysis of customer needs.
One of the most important advantages is mobility, which allows you to be available almost anytime, anywhere. Unlike other catering establishments, entrepreneurs do not need to attract visitors; the food truck can come to them. In one day, a food truck can visit several city areas, and feed thousands of residents there. Another advantage is that you do not have to pay for the premises’ rent; it is enough to purchase a van or trailer car.
The main problem is the issue of the unregulated legal field for the placement of mobile objects in the urban environment today. In addition, this type of business is not stable in terms of earnings, as it largely depends on the season, as well as the location of the restaurant. The difficulty is also caused by the fact that, according to the laws, product quality checks and working conditions of mobile restaurants are no different from ordinary ones.
Entrepreneurs have many different characteristics that distinguish them from the general population. Entrepreneurs are a category of risk-takers who are prone to ambiguity and uncertainty. They also experience independence, improved quality of life, and inner satisfaction from running their organizations. The desire of an entrepreneur to become independent and work for himself contributes to his development, which is also focused on consumers.
The type of entrepreneurship presented in the video is franchising, as there is an ECDI organization where start-up people in business receive support from a non-profit organization. The franchisor helps start-up businesses with marketing, social media, and food safety (ABC News, 2013). It also gets in touch and finds places to do its jobs. ECDI finds secure parking, electrical connections, grease removal, and industrial sinks for Dan and Steve, so entrepreneurs do not overspend.
For further successful growth of entrepreneurship, partnerships with other entrepreneurs can be developed. One way to increase the number of customers can be a joint activity with some bar or restaurant. For example, a food truck that sells savory snacks, such as fried sausages with french fries, will be useful for a bar that does not serve food but only drinks. The food truck owner specializing in the preparation and sale of ice cream, cakes, and pancakes should find a restaurant or cafe that does not have desserts on the menu. You should also remember the gradual development of business and do not quit if things are going fast. Some entrepreneurs try to expand too quickly or early by opening a new office or opening multiple sites in different geographic locations. Lack of cash and heavy reliance on debt financing kill many small start-ups.
References
ABC News (Producer). (2013). Building a food truck business from the ground up [Video]. Films On Demand.
Branham, M. (2014). Entrepreneurship 101. Capitol Ideas, 57(2), 32–33. Web.