Nobody downloaded yet

Critically explore the risks, challenges and key issues in relation to starting up a new restaurant in Cardiff Bay in light of the current economic climate in the UK 01312 - Essay Example

Comments (0) Cite this document
Summary
The potential growth of the emerging economic regions (Goodall, and Ashworth, 2013) and hospitality industry are collectively attracting more entrepreneurs. The reason cited for according to (WEO, 2015), is the fall in oil prices giving cost advantage. PwC, 2015 reports the…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.5% of users find it useful
Critically explore the risks, challenges and key issues in relation to starting up a new restaurant in Cardiff Bay in light of the current economic climate in the UK 01312
Read TextPreview

Extract of sample "Critically explore the risks, challenges and key issues in relation to starting up a new restaurant in Cardiff Bay in light of the current economic climate in the UK 01312"

Download file to see previous pages Resultantly, UK is considered as fruitful economy for businesses due its supporting business environment. The country is also attracting FDI for numerous sectors including food and beverages (Institute of Foreign Economy, NDRC, 2014). Also, According to PWC (2015), Europe including UK attracted around 22 million more tourists in 2014 than 2013.
Cardiff Bay, the mining valley holds the status of world’ first industrialized city (Cardiff Caerdydd, N.d) and 10th largest UK city but remained underprivileged for centuries due to ignorance by authorities. With this scenario at affect, role of SME’s increase massively in Cardiff Bay as the economy is then dependent on small and medium enterprises. The last two decades witnessed the adventurous growth events and developments in the Cardiff Bay region. As reported, from 1000 registered buildings 547 are of food businesses including bar, café and restaurants in Cardiff Bay (Ruddick, 2012). Hence, role of hospitality industry is wide in SME in Cardiff Bay region. Hence, with these factors at affect the paper reviews the challenges and issues that starting a new venture of restaurant in Cardiff Bay will be faced with.
Honig and Samuelsson, (2011) empirically researched the effectiveness of planning and discussed the factors and viability of planning to enter in a business. Different factors in Cardiff Bay contribute in the importance of business planning. The potential population growth and changing lifestyle are promising measures for services business industry in the region (Cardiff Caerdydd, N.d). Cardiff Bay attracts around 18 million visitors a year till 2012. Though, the region still needs huge reforms but critics have positive anticipations. The lack in connectivity, infrastructure and funding measures, increasing unemployment rates and strong ethnic values that cannot be easily changed all also factors that must be considered before developing business ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Critically explore the risks, challenges and key issues in relation to Essay - 1”, n.d.)
Critically explore the risks, challenges and key issues in relation to Essay - 1. Retrieved from https://studentshare.org/business/1678498-critically-explore-the-risks-challenges-and-key-issues-in-relation-to-starting-up-a-new-restaurant-in-cardiff-bay-in-light-of-the-current-economic-climate-in-the-uk-01312
(Critically Explore the Risks, Challenges and Key Issues in Relation to Essay - 1)
Critically Explore the Risks, Challenges and Key Issues in Relation to Essay - 1. https://studentshare.org/business/1678498-critically-explore-the-risks-challenges-and-key-issues-in-relation-to-starting-up-a-new-restaurant-in-cardiff-bay-in-light-of-the-current-economic-climate-in-the-uk-01312.
“Critically Explore the Risks, Challenges and Key Issues in Relation to Essay - 1”, n.d. https://studentshare.org/business/1678498-critically-explore-the-risks-challenges-and-key-issues-in-relation-to-starting-up-a-new-restaurant-in-cardiff-bay-in-light-of-the-current-economic-climate-in-the-uk-01312.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Critically explore the risks, challenges and key issues in relation to starting up a new restaurant in Cardiff Bay in light of the current economic climate in the UK 01312

The Current Economic Climate

...?In the current economic climate, what are the biggest challenges and biggest opportunities facing new managers entering industry? The current economic climate changes from time to time as every key player in certain industry becomes a crucial contributing factor in its trend. For example, the economic downturn in the US was most probably influenced by certain business persons in a specific industry. Thus, it remains a challenge for managers, particularly the emerging ones to stay focus and alert especially in unpredictable events of the...
3 Pages(750 words)Essay

Assessment of The Economic Climate in Britain, Pertaining to Starting up a New Business

...?DISCUSSION: IN THE CURRENT ECONOMIC CLIMATE IN BRITAIN, THE RISKS OF STARTING UP A NEW BUSINESS OUTWEIGH THE BENEFITS. Starting up a new business isa critical decision and requires assessment of conditions pertaining to factors prone to pose impact on the business operations. Hence, decision to initiate business is made on the basis of the net outcome from the positive and negative impacts from affecting factors. Among large number of factors economic conditions of the country is the most important one for assessment. Underlying discussion is an assessment of the impact...
4 Pages(1000 words)Essay

Challenges of restaurant operations in new Jersey

...? Challenges of Restaurant Operations in New Jersey Introduction Tourism is one of major foreign exchange earners in most economies and contributes to the national growth product of these economies. Tourists’ attractions may vary from one economy to another or from state to state, depending on the basis or the needs of the visiting tourists. They may include geographical sites like mountains, rivers and lakes, wildlife, natural phenomenon like weather and climatic conditions of a state and man-made features like arts, designs, amusement parks, restaurants, museums and other cultural and religious sites. New Jersey is one of major tourist...
5 Pages(1250 words)Essay

In the current economic climate in Britain, the risks of starting up a new business outweigh the benefits, Discuss

...of Britain's Office for National Statistics indicate a hopeful improvement in the economic performance of the nation with regard to its GDP that showed ‘over 3 percent annual growth rate’ unlike other world economies (Schomber and Milliken). Although the 0.8 percent growth it showed between July and September ranks its fastest pace in more than three years, the employment growth has not yet showed significant improvement; and this makes the sustainability of the economic recovery uncertain. Hence, from an entrepreneur’s point of view, the risks of starting up a new business in UK in the current economic...
4 Pages(1000 words)Essay

Starting a New Business

...Budget 24 Limiting or Principal Budget Factor 25 Revision of Budgets 26 Contemporary Issues in Management Accounting 26 Standard Costing 27 Pricing Decisions 29 Activity-based costing 29 Target Costing 30 Key words and Key Phrases used 35 Boolean Operators used in the research 37 Research Findings 40 Conclusion 42 Research File Memorandum 44 Bibliography 47 Abstract This is a research paper relating to the field of accounting and finance. The paper is about a financial consultation firm which does financial consulting for new firms that are yet to be set-up and also to already existing firms. The main aim and objective of this research is to...
38 Pages(9500 words)Assignment

Current economic issues

... Lecturer: Current Economic Issues The book Current Economic Issues is based on the contemporary events that have shaken the global economic sphere; this in the last decade or so, from the disintegration of the new economy to the buildup of a war-based economy. This is the eighth edition to a series of well articulated and synthesized texts on American vis-à-vis global economic and political happenings. It is invaluable in its in-depth analysis of the global economics of today; this from the micro-economy to the macro-economy of the USA in relation to the global arena. Its forty six articles are critical in the debunking of the myriad of economic myths that are broadcasted by the press; while at the same time offering progressive... the...
11 Pages(2750 words)Book Report/Review

Challenges of Starting a Business

...Challenges of Starting a Business Doing business today seems to be the easiest way because of the technological advancements that help businessmen in selling their products. For instance, there are a number of social networking sites that could help advertise products such as facebook and twitter. With the help of these sites, a business could go global, attracting a higher number of potential customers. The thought of a global vision is at first thrilling because one could almost imagine the success of his product that will not just be locally sold but will allow international recognition and financial success. However, learning in my business class rather gave me second thoughts of the thrills and...
2 Pages(500 words)Essay

Current Economic Climate in Britain

...taken to exploit the opportunity, decision making, and management practices employed. These aspects are essential in countering business start-up risks that could negatively affect the performance of the business. Starting up a new business takes into account several critical subjects, namely: capital, income, expertise, time and business management, and education (Stokes & Wilson, 2010, p.377). The extent to which these subjects are aligned with the goals and objectives of starting up a new business influences the outcome of the whole process relative to risks and benefits. Even with a stagnating...
4 Pages(1000 words)Essay

In the current economic climate in Britain,the risks of starting up a new business outweight the benefits.DIscuss

...In the Current Economic Climate in Britain, the Risks of Starting Up a New Business Outweigh the Benefits Unit Starting a new business requires one to have in mind all the necessary requirements. Otherwise, several factors can affect a new business resulting to its failure. There are a number of risks that a new entrepreneur is exposed to in Britain today. Challenges that confront most businesses are related to the economic situation both locally and across the borders. Decreased demand has confronted the...
2 Pages(500 words)Essay

Critically explore the risks, challenges and key issues in relation to starting up a new restaurant in Cardiff Bay in light of the current economic climate in the UK 01312

...bearable and unbearable challenges from the multiple dimensions. Infancy of entrepreneur’s experience and business, UK and industry’s economic scenario, Cardiff Bay’s administrative conditions, and overall macro environmental factors possess the ability to throw multiple challenges for the business. Below presented is the deeper demonstration of the forecasted risks in the each dimension of the environment: (Parsa, et al., 2005) Challenges Regarding Capabilities First and the foremost there is a set of challenges that arises when a new entity starts...
12 Pages(3000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Critically explore the risks, challenges and key issues in relation to starting up a new restaurant in Cardiff Bay in light of the current economic climate in the UK 01312 for FREE!

Contact Us