This affordability will my business partners and I leverage in the future; due to stagnant liquor prices, there will always be an interest in going out to bars. Furthermore, it has always been a passion of mine to be somewhat of a host to guests, and offering a great environment for people to enjoy themselves would be personally rewarding.
While the company name would not be discussed until the final stages of the project, I would opt to take into consideration our location and potential clientele before committing to a brand name.
Because the bar scene offers an array of possibilities for owners — dive bars cater to those in search of cheaper, affordable drinks while cocktail lounges cater to those in search of a more luxurious evening out — the name and market to which our bar will serve will require devout research in the industry.
The business has a great chance of becoming successful. To start, our marketing strategy involves one day potentially franchising the idea and brand. While many of our competitors create individual locations for their customers, we have the idea of expanding the scale and product of our business to a wider population.
Should we be successful in creating this niche brand, it is feasible to think that we can net several millions of dollars per year in profit.
The company will be set up like a corporation. Businesses which tend to recognize the strengths of every one of its components tend to be the most successful; we will structure an LLC in which titles are created and job duties and expectations made clear Ferrell Because there needs to be final decisions made in companies, it is prudent that while every founder receives the same money for their input and investment, they are not all equal behind the scenes.
Such a company would struggle to move forward with a long-term agenda. During our first year of business, we expect that we will gross around one million in gross sales. TThis is a much bigger margin than other industries, especially clothing and retail. Totaling these numbers up, we may generate more than one million in sales; however, because it is our first year of business, we are expecting turbulence and potential problems arising. By the end of our second year of business we expect to be profitable.
Obviously, that is merely a reasonable calculation; however, after studying other businesses in our industry and looking at the margin for immediate growth amongst young people in a large metropolitan area, we believe it is feasible to think we could expand so quickly. In most cases, the person or party behind the business venture works to present something new to a prospective market. This includes a significant amount of planning and understanding the needs of your potential market.
This is considered a competitive option that requires research, good resources, and detailed innovation if you expect to be successful. In short, it is like going into business for yourself but you take on risks in hopes of reaping the rewards you hope to achieve. It is about taking an initiative to present something new or make an improvement on something already in existence.
You need to be a leader willing to take risks in order to see ideas and concepts materialize. Some say you need to have a certain mindset when it comes to being a successful entrepreneur. Others see it as a different form of self-employment that drives you to work harder since you will rely on personal skills, knowledge, and resources utilized.
There is a level of uncertainty when defining an entrepreneur. This may be due to different business elements this concept is connected to. Sheik Mohammed Jaleel beliefs and core values represents what the organization does, its purpose and long term goals Coulter, Their mission statement is what defines them and is guiding force and making them truly sustainable SM Jaleel, Organizational culture is the beliefs, values and behaviorism shared by its members Coulter, A business plan, primarily, is a development tool for the organization founder, in this instance, SM Jaleel.
It is a written document and guides the entrepreneur as the business grows and develops. It helps clarify what the goals and plans are, and should help to define how goals attainment would be measured.
It meant all debts incurred by the business were the responsibility of Sheik Mohammed Jaleel. As the company grew and expanded it changed its legal identity to a Limited Liability Company.
The issues of patents, trademarks, business name, contract and employment laws are some the other legal issues the company will and continue to confront. The company must be aware of all employment laws changes so as to avoid any violation, and that its trademark and business name is used exclusively by the organization.
When organizing the venture a very important step is choosing the most applicable organization design. This structure is preferable as the cost efficiencies characteristic of it are critical to an organization competitive advantage.
Goals serve as criteria against which work accomplishments and performance are measured. The success of the venture would be measured by the financial statements of the venture, balance, cash flow and income statements.
SM Jaleel, by adapting to the changes and opportunities taking place has been successful in the distribution of their products in five continents. In a competitive market as the soft drink industry, creativity and innovation is crucial.
This essay on entrepreneurship discusses the private sector discusses and the possible path of a new bar and how the business can grow/5(8).
Free Entrepreneur papers, essays, and research papers. Call of the Entrepreneur - Overview In the documentary “Call of the Entrepreneur,” three successful entrepreneurs, Brad Morgan, Frank Hanna, and Jimmy Lai, are presented to explain their views on entrepreneurship and in turn leadership.
Entrepreneurship. Entrepreneurship is unique business venture that is innovative. In most cases, the person or party behind the business venture works to present something new to a prospective market. Entrepreneurship is an enterprise developed by an entrepreneur using his own creativity and ideas. It doesn’t follow the old concepts of traditional businesses already going on in the world. The term “entrepreneur” is derived from the French word ‘enterprendre’ which means ‘to undertake’.
The hugest importance of entrepreneurship is the fact that it assists in the identification and development of the entrepreneurs’ managerial capabilities. They study the problem, determine the alternatives, compare the benefits and the costs, and eventually pick the best alternative. Essay # se66rthaae-1fboc6.gation of Entrepreneurship: Entrepreneurship is a process of action an entrepreneur undertakes to establish his enterprise. Entrepreneurship is a resultant mix of many qualities and traits of an entrepreneur.