Entrepreneuship-creating a business opportunity(nutrition restaurant) - Essay Example

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The business idea I am proposing will be on Middlesex Street, London. A Chinese nutritional restaurant was the best option and the best business to set up in…
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ENTREPRENEURSHIP-CREATING A BUSINESS OPPORTUNITY (NUTRITION RESTAURANT) By Location Introduction A feasibility study is crucial to identify the kind of thing the people need most before setting up the business. The business idea I am proposing will be on Middlesex Street, London. A Chinese nutritional restaurant was the best option and the best business to set up in Middlesex London.
The micro market is paramount for coming up with a business. There are five questions that one should ask themselves before setting up the business premises. They are; what, why, when, where and which (Landström and SpringerLink 2005). What kind of business do you want? I have always had an interest in cooking and serving people. Thus a restaurant was the best idea. Because starting the company should also be in consideration. My finances are not enough at the moment and starting up a business would be a good source of income and has an added advantage. It is what I love doing thus no stress for me while undertaking this activity. The time for starting the company should be perfect so as to make maximum profit from it (Osnabrugge and Robinson 2000). Summertime is a perfect time to open the Chinese nutrition restaurant in London as many people are on holiday. A nutritional restaurant was the best choice as there is non-other on Middlesex Street, London (Hisrich 2011). Many people are trying to live a healthy life, and a Chinese Nutritional Restaurant would be the best choice of business.
Prior to the start of any business, it is important to look at the macro market. The initials PESTEL helps a person decide how best to set up the business. The political, economic, and social environment determines the success of a company. The area should have a healthy political environment (Johnson 2005). The rate of transactions that go on in Middlesex Street makes it a perfect location to set up the business. It is an area that has many economic and social activities, thus guarantee customers (Shane 2000). The kind of business one chooses should have the latest technological advancement in them so as to serve the customers better. The business should also be legal and follow all the government’s requirements before going into it. A nutritional restaurant meets all the above specifications and would be a good idea. The street is perfect for the restaurant and would ensure profit for the owner of the restaurant (Stevenson and Jarillo 2007).
Four critical factors determine the success of a business, these factors are customer, competition, company and confederations. One should identify the customers before putting up the business. A nutritional restaurant would serve all the people who want to have a healthy living. Many people in London are striving to have a good diet that would ensure a healthy life (Roth 2014). Competition is also imperative. There are no nutritional Chinese restaurants on Middlesex Street at the moment, but there are other nutritional restaurants. The key to attracting and maintaining customers is by offering the best service possible (Navale 2013). The company, i.e. the restaurant should be something you are familiar with before starting up the business. One should also consider people like suppliers and look for the best before setting up any business especially a restaurant.
Starting a nutritional Chinese restaurant on Middlesex Street is, therefore, a great idea based on the facts above. It is a perfect opportunity that would see both the residents and the business owner benefit.
Hisrich, RD 2011, Entrepreneurship, McGraw-Hill Education, New York City.
Johnson, DPM 2005, A Glossary of Political Economy Terms, Auburn University, Auburn.
Landström, H and SpringerLink 2005, Pioneers in Entrepreneurship and small business research, Springer Science+Business Media, New York.
Navale, AB, 2013, Developing Entrepreneur Skills for Corporate Work, Research Directions 1 (4).
Osnabrugge, MV and Robinson, RJ 2000, Angel Investing, John Wiley & Sons, New Jersey.
Roth, S 2014, Booties, bounties, business models: a map to the next red oceans. International Journal of Entrepreneurship and Small Business, Vol. 22 No. 4, pp. 439-448.
Shane, SA, 2000, A General Theory of Entrepreneurship: The Individual-opportunity Nexus, Edward Elgar Publishing, Northampton.
Stevenson, H and Jarillo, J 2007, A Paradigm of Entrepreneurship: Entrepreneurial Management, in. Entrepreneurship: Concepts, Theory and Perspective, Springer Science Business Media, New York. Read More
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