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Entrepreneurship - How to Start a Restaurant - Term Paper Example

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This paper under the headline "Entrepreneurship - How to Start a Restaurant" focuses on the fact that nowadays the changes in the lifestyle of the consumers and shifting demographics are identified to influence the overall performance of a restaurant business. …
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Entrepreneurship - How to Start a Restaurant
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Download file to see previous pages The prime intent of this report is to analyse the entrepreneurial behaviour of a restaurant owner who is running a restaurant business by conducting a face-to-face interview with a predefined set of questions. While identifying the rationale of preparing this report, it is to be affirmed that today, the food industry is one of the growing sectors and therefore encouraged the business owners to establish restaurants with the aim of earning more profit (Palo Alto Software, 2015). Therefore, there exists a high competition amid the restaurants, as this appears under the category of ‘perfectly competitive market’. It is thus necessary for a restaurant owner to select the target customers and try to fulfil their necessities as per their demands.
Entrepreneurship denotes the readiness and the ability of an entrepreneur to establish and manage a business along with the risks involved in it with the intention of earning a maximum profit (Harvard Business Publishing, 2015). An entrepreneur is responsible for developing a business model and procuring necessary resources that are required for running a business in an efficient manner (2Entrepreneur Media Inc, 2015). Entrepreneurs are duly considered to be the leaders who always desire to take risks and implement the opportunities derived from the market by means of improving existing products/services (Brooks, 2015).
In relation to a restaurant business, the entrepreneurship theory or model fundamentally represents certain skills including the management and team-building skills that are considered as the leadership attributes, which deemed to be quite essential for the entrepreneurs to obtain greater success. However, one of the major elements of entrepreneurship theory in the context of the restaurant business is the passion for conducting business and remaining self-motivated throughout the business or operational process (Kuratko, 2013).
In relation to the restaurant business, the entrepreneurship theory represents the fact that the entrepreneurs must possess proper analytical and decision-making abilities that help them to implement effective strategic decisions, which ultimately helps in growing the business (Liberty Fund Inc, 2008).  ...Download file to see next pagesRead More
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