Business Essay

Although the restaurant industry is perceived to have high risk of failure, the risk of a restaurant failing is not too different from other small businesses. Parsa et al. quantified the risk of failure at 26% in the first year and 57% by year 3. He also described several factors that can influence the risk of failure. Those include physical location, firm size, speed of growth, differentiation from other restaurants in the market, adapting to external trends, and management experience. In terms of location and differentiation, Paul’s bar will be located in a new development designed to attract affluent customers and with very few competitors. Paul’s small firm size increases risk because of barriers to attract partners (i.e. suppliers and bankers are prejudiced against smaller firms) and growth that may be too rapid to manage. On the other hand, Robert already has experience in the restaurant business and should know how to run the bar and subsequent restaurant. Their choice of a piano bar may be in response to local trends that favor success.

1. A huge number of successful businesses—such as Apple, The Cheesecake Factory, and eBay—were built around the personal passions of their founders. Consider your own personal passions. What do you love to do? What are you great at doing? Can you shape any of your interests into a business opportunity? Why or why not? Be sure to think big. For instance, if you love hanging out with friends and listening to music, a club promotion business might make sense for you. Write a one–two page paper outlining the specific steps you need to take over the next few years to make your “dream business” real?

3. Know the Legal Aspects - This means your legal structure - Sole Proprietor, Corporation, Limited Liability. You also need to know what licenses and permits are needed for the state and county you live in and don't forget about Federal requirements.

Starting a new business is not easy, many people fail. However, if this is your first business, it is even harder to succeed. Keeping the essentials ideas listed above in mind should help your chances of

Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers’ needs and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless, would-be entrepreneurs should be familiar with the proper approaches to start their businesses.

A business model is important. This tells people who your customers are, how to reach them, how to charge them, but it comes after you have a product to sell. Finally, explore a path of key goals and tasks that lie ahead. Entrepreneurs are risk takers and they do not always fail. “If you fail, at least you failed doing something worthwhile.”

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

Despite being an intimidating prospect for most people, there are millions of entrepreneurs in the US. Some of them turn out to be very successful, others, not so much. There are many steps to starting and running a business, but many of them can be easily accomplished simply by filling out some forms, and several small fees.

It is essential for any future entrepreneur to strategically plan the opening of a business. When setting the foundation for a company, it is imperative that one considers the following: What is your offering and market demand? (Write a business plan) What will be your pricing? Estimate how long it will take to make your first sale. Determine what your differentiators are. How will you market? Brush up your sales skills. How to execute the steps needed to take project to completion. Financing options? Business location? What business structure are you going to adopt? How to obtain a tax ID, registering with tax authorities, applying for permits and licenses, and hiring of employees/training.

Franchisees are normally well established as part of the local community, either on a personal level or as a result of their past business activities. This can give them a very significant advantage in gaining new business for the franchise at a local level. They will generally live within the franchise territory, be known there and will be seen as having made a permanent commitment. The franchise system can provide a very cost-effective route for business development, but only provided that the original business is successful and that the franchisor is willing to invest sufficient an attractive franchise opportunity. The benefit of self-financing business units and a simplified management structure as

An entrepreneur is someone who sets up their own business and take on financial risks in hope of making profit. There are many skills that an entrepreneur would have, some of these skills include focus, resilience, self-reliance, ability to learn, ability to sell and the ability to take on risks (Forbes, 2013, online). A franchise is an arrangement between the franchisor and franchisee where the franchisor will give the rights to the franchisee to use its trademark/trade-name and some business systems to produce and market a good or service. There are two types of franchises, one is product distribution is where the trademark and logo is provided although the business systems are not provided. Another type is a business format franchise is where the product and trademark is used alongside the franchisee conducting the business itself such as the marketing plan and operations manual (An Introduction to Franchising, 2001, pg.2, eBook). This essay will be discussing the advantages and disadvantages of an entrepreneur buying a business format franchise. Some points that will be discussed in this essay are the costs, the level of support and certain restrictions when buying a franchise.

Buying a franchise is the best idea to enter the market with an already established business. The most lucrative franchise for anyone could be the one they find enjoyable and don’t mind dedicating each of their free time to making profitable. When one buys a franchise, he or she is buying a recognized concept that has a good record of accomplishment. The franchisee is also given the privilege of using the company’s trademark and name to market its presence in that respective geographical area. Although running your individual business, the franchisee can tap the

There are many things to consider when starting and running a business. You must decide what type of business you would like to operate, including the different business structures, legal forms and permits that must be obtained, zoning laws, tax laws, and the liability you may expose yourself to. If you have a business with employees, you may need to decide if you want to hire non-union or union members. You will also need to research the many banking and financial institutions as you want to make sure your money is well protected.

After ten years in the corporate world, I am ready to start my own business. Although I do not have experience in starting a business, I have knowledge in sales, marketing, management, accounting and finance. Owning a franchise business will allow me to gain knowledge by experience and from other franchisors. Attached is four specific franchises I have carefully chose from the nutrition, children 's fitness, health and beauty categories that I could successfully operate without having experience in owning a business. There are many fields available in the franchises business. I have chosen Massage Envy, Jamba Juice, GNC, and Gymboree Play and Music as the four best franchise options that I could operate successfully. In addition, this report demonstrates the four franchises and how they are examined according to the nature of the business, the financial requirements, the level of support the company provides, and the locations in which the franchises are available in each of the four franchises. Furthermore, secondary research, and a compare and contrast to each of the franchise 's competitors are based on the four criteria is included into the report.

However, in decision of choosing a suitable form to start a business, one should put his/her own particular situation into the setting to figure out which type could bring him/her the most benefit.