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Restaurant Business and Entrepreneurship Plan Essay

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Updated: May 14th, 2021

Vision and Opportunity

After graduation, I would like to start my own business related to one of the spheres I am interested in: restaurant business and sport. Apart from that, I would like to adopt the best practices implemented by famous entrepreneurs. As for educational goals, I want to focus on self teaching and gaining real work experience rather than studying the theory.

As for my purpose, I would like to create a kind of service that will help me to realize my full potential. Speaking about values that I support, I can distinguish sincerity, equity, ability to foresee risks and threats, practical ability and availability of service. In reference to my mission, I can say that I see it in helping other people to live happier lives. Three questions that can guide my choices are the following:

  • Which strong suits do I possess?
  • How can I use my talents to help other people?
  • What do my compatriots need?

In fact, I suppose that domestic market of my country will help me to fulfil these goals as there are numerous opportunities for those related to restaurant business. For instance, there is a large number of tourists visiting UAE. Thus, their presence creates the need for good restaurants serving both traditional and foreign dishes. Also, it gives me an opportunity to develop a unique restaurant design uniting element of cultures with different values.

Marketing and Implementation Strategy

Market position statement that I can use highlights the fact that my restaurant provides people with an opportunity to enjoy the local cuisine and famous dishes related to other cultures. Therefore, we unite different approaches to cooking and eating and it encourages further dialogue of cultures. As it is clear, the compelling value that we will offer is diversity.

There are a few strong points that will help me to differentiate from other UAE students in the future. I have a vast experience of intercultural communication and it will definitely help me in solving some problems. As for broader populace, I consider myself to be a strong-willed person and this feature is the most important for those engaged in business in any country.

Risks and Mitigation

The key milestones I can distinguish: analyze the market to assess customers’ needs properly, develop a unique business concept, and implement this plan. In order to measure the performance, I will rely on target customers’ reaction to decisions I make and services that I provide. As for me, being successful means meeting consumer expectations.

There are many external factors such as tourists’ preferences and product prices that can affect my activity. To mitigate those risks, it can be necessary to conduct my own research on tourist industry, choose the most reliable suppliers based on colleagues’ feedback, and keep track of services provided my by competitors. I believe that these strategies will help me and my business to gain a competitive advantage over other companies in the area.

Ethics

As for ethical principles, I will ensure that my employees have no bias against representatives of other cultures. Apart from that, I will not collaborate with those suppliers and companies applying practices contrary to our vision and values.

Speaking about people whose experience and assumptions I would like to consider, I can single out my best friend who is able to find a solution in any situation, my school teacher who explained me how to overcome difficulties, and Karl Rabeder whose story illustrates that money cannot spoil kind-hearted people (Furnham 21).

Therefore, my summarized PBP would look like “creative thinker, strong-willed person, successful entrepreneur”.

Work Cited

Furnham, Adrian. The New Psychology of Money. Routledge, 2014.

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IvyPanda. (2021, May 14). Restaurant Business and Entrepreneurship Plan. Retrieved from https://ivypanda.com/essays/restaurant-business-and-entrepreneurship-plan/

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"Restaurant Business and Entrepreneurship Plan." IvyPanda, 14 May 2021, ivypanda.com/essays/restaurant-business-and-entrepreneurship-plan/.

1. IvyPanda. "Restaurant Business and Entrepreneurship Plan." May 14, 2021. https://ivypanda.com/essays/restaurant-business-and-entrepreneurship-plan/.


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IvyPanda. "Restaurant Business and Entrepreneurship Plan." May 14, 2021. https://ivypanda.com/essays/restaurant-business-and-entrepreneurship-plan/.

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IvyPanda. 2021. "Restaurant Business and Entrepreneurship Plan." May 14, 2021. https://ivypanda.com/essays/restaurant-business-and-entrepreneurship-plan/.

References

IvyPanda. (2021) 'Restaurant Business and Entrepreneurship Plan'. 14 May.

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