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Managerial Skills and Entrepreneurship

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Introduction to Managerial Skills and Entrepreneurship

A new venture concept involves different activities in creating a business that needs to be competitive in the UK market. Thus, through such a way, many individuals come up with unique business ideas and develop them by generating a product or service. However, there are varied risks assessed while starting a new venture such as financial requirements, skilled human resources updated technology etc. In the present business plan, the new venture concept that has been focused on is starting Fast Food Restaurant business plan. A new venture named Zara is a fast food restaurant in the UK which helps attract both young and business class people to enjoy their meals. The venture will provide them quick quick-made food at affordable prices which they can enjoy with their friends and family. Further, it involves different conditions that need to be overcome so that the failure of a business can be avoided.

It can be assessed that starting a business is a multi-step process therefore; the entrepreneur needs to focus on the business idea and he is required to undertake varied licenses and permissions in order to carry out the business in a particular country. Also, they need to assess the varied management skills which are required to start a new venture. Moreover, certain experience is required to be obtained by the entrepreneur so that they can assess the actual requirements of the firm in order to attain profitability conditions in the future. Also, they should be able to forecast the financial requirements and related risks in the near future and execute the operations effectively.

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Task 1: New Venture Concept

The new venture concept is the Zara Fast Food Restaurant business which will locally own the fast food outlet in the UK market and focus on attracting young and business people who are busy in their daily lives. Therefore, restaurants will provide them with quick made food at cheap prices which they can enjoy with their friends and relatives. Further, in the coming future, the business will also plan to position itself as an international franchise through our creative approach in order to develop the company's image. Zara will provide a unique combination of excellent food at value pricing with fun packaging and a lively atmosphere. The entrepreneur is planning to launch the new business idea because of increasing demand for quick made food which is easily consumed while carrying out window shopping or while walking around inside a shopping mall.

Another aim of business is to start the outlet in crowded areas like malls where they can easily catch the attention of clients and attract them to visit the restaurant. Later, while planning for expansion, Zara can launch its several retail outlets through franchises in different countries and attain profitability. However, preparing this business plan helps in deciding the location for the initial startup of the venture. Thus, for this, the marketing team of the restaurant is required to carry out proper market research and to analyze the place where potential target customers reside. Then, they can decide to launch the outlet at such a place. In addition to this, an entrepreneur needs to determine different sources from where they will obtain funds such as individual investors or financial institutions. It assists them in starting up a new venture concept and launching it in the market to grab the attention of target customers. Further, additional financing planning will also be required in order to secure the funds for further expansion in different countries and to open the subsequent outlets. However, the initial capital investment will allow Zara to provide its clients with a value-driven, the best entertaining experience and luxury feeling.

The business possesses varied opportunities in future in order to expand its operations in different countries to attain results. However, it is essential for the entrepreneur to attain a competitive edge of quick-made food at value pricing so that they can attain the advantages in such a competitive era. There are various other restaurant outlets which provide similar food therefore, in order to gain attention, they need to build effective competitive advantage and to attract potential clients (McKeever, 2012). Also, there is high demand among young customers for such quick-made food. Therefore, it attracts them to visit the place and spend time with their family and friends. However, the business plan helps to start up the first restaurant outlet and to build concrete goals.

The new venture concept of Zara Fast Food Restaurant needs to collect an adequate amount of finance from different sources such as investors and financial institutions which helps them to start the business. Financial projections will be estimated by preparing detailed financial accounts and by obtaining the break-even analysis to attain maximum profits. Thus, financial requirements will be fulfilled by financial lenders and private investors. The mission of Zara restaurant outlet is to provide the best environment to clients and also deliver the highest standards of excellence in food production, preparation and service to the clients. The objectives of the new venture concept are as follows...

  • To set up a successful fast food outlet and to attract the clients.
  • To expand the business into a number of outlets in different countries.

The vision of Zara is to become one of the successful fast food outlets which sell quick-made food and satisfy the client’s demand. The focus of the business is on serving high-quality food at a great value.

Pricing and cost control

The business is new in the market and also has varied competitors that are available to sell similar products or services. Therefore, business is required to set unique prices at the initial startup and also adopt cost control methods in order to save money and resources by adopting a competitive pricing model. Daily average spending and earnings need to be calculated in order to analyze the potential aspects of earning maximum returns.

Starting a fast food restaurant in a crowded area will help attract both young and business class people in order to obtain quick made food at value price. Therefore, there is a wide range of opportunities in the market to start such a restaurant outlet which delivers a wide range of menus and provides excellent experience to clients. By, comparing any other business in the market as per the customer demand, it has a high opportunity to enhance sales and profitability. Thus, launching a restaurant business assesses the high opportunity gap in the market in order to attract potential clients and satisfy their demands as well. Here, Zara’s marketing team needs to identify the target market where the business will be focusing to attract potential clients and to achieve the final results. Zara targets both young and business class people as they have less time to consume food. Therefore, the restaurant provides quick-made food which is easily consumed and business plans to start its venture in a crowded area like a shopping mall.

In spite of being mature, there are wide opportunities that are available in the fast food business which can be started to attract young potential clients. Because there is a high demand for such quick made food among them as it saves their time and provides value pricing. Also, such a new start-up business is found to be feasible because the entrepreneur can introduce varied variations in food range and taste so that it assists in gaining the attention of clients. Zara Fast Food restaurant can launch a particular outlet which offers the products and services as per the needs of clients. Thus, assessing such factors helps in gaining confidence that this new business is feasible and will earn profits in the future.

Task 2: Requirements For New Business Start-Up

There are varied requirements for a new business startup in order to attain the desired results. These are as follows...

1. Structural Engineering and design consultant

It can be assessed that a new start-up business requires an efficient consultant who designs the interior and exterior structure of restaurant outlets so that customers can be attracted easily. However, it needs to be designed effectively so that business would give tough competition to other rivals.

Financial

It is the foremost requirement of newly launched businesses that they need to arrange the financial sources in order to obtain funds. Therefore, the entrepreneur needs to attract different private investors to invest in the business and also to take loans from financial institutions in order to gain investment.

Manpower

It is another requirement of a startup business as it requires skilled and talented human resources in different fields such as marketing, customer service, waiter, chef etc. Therefore, it is significant for restaurants to select the best skilled employees which helps them to provide the best quality service to guests and to satisfy their needs as well.

Systems and Equipment

It is also essential for businesses to obtain updated systems and equipment so that fast service as well as production and preparation of food can be developed. With the help of such advanced technology equipment, it assists in attaining the desired objectives for a new venture. A new start-up restaurant outlet requires computer systems for billing and maintaining the records of clients and employees. Also, there are different equipment which are required in business such as dishwasher, glass washer as well as cutlery and kitchen equipment etc.

Market Information

New start-up restaurant business needs to undertake an effective marketing team so that they can assess the market information about the tastes and preferences of clients. Carrying out proper market research and development helps in gaining useful information about launching new businesses and attaining the outcomes.

Location

Also, it is significant for a new business to select an appropriate location such as a crowded place i.e. shopping mall where they can attract a maximum of young clients who visit for window shopping and can consume quick-made food while moving around.

Legal requirement

Further, it is essential for the entrepreneur to obtain different legal requirements such as patents, copyrights and trademarks so that they can carry out their unique business idea in the market.

Capital

It is one of the crucial requirements of business as it is essential for new start-up businesses to attain initial investment for setting up the venture. An entrepreneur needs to obtain funds to start the business idea and thus, to attain revenue in terms of profits.

Furthermore, there are different management skills which are required to be there in an entrepreneur in order to make the new start-up business successful. These are as follows...

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Leadership skills

An entrepreneur is required to possess effective leadership skills in order to launch the business successfully in the market. Thus, having such ability, it assists the individuals to initiate and lead in order to develop accurate decisions that result in the growth of the firm.

Risk-taking

It can be evaluated that there is no guarantee that the new launch business will result in achieving success. It is because; it involves greater risk as it requires varied resources and investment. Therefore, it is necessary for the businessperson to have certain experience and to obtain a risk attitude that would help in attaining success in the business.

Problem-solving

The individual is required to obtain problem-solving skills in order to resolve conflicts among workers and to attain success in business. Therefore, it is crucial for businessmen to gain confidence in their decision-making ability and to develop relationships with employees to achieve success in new start-up businesses.

Communication

It is another important management skill which is required among individuals which helps them to develop effective communication among employees. Developing the best communication, helps workers to understand the requirements of the employer and to provide them with suitable results to attain the success of a new start-up.

Financial and market awareness

It is a crucial management skill which is required among entrepreneurs in making evaluation of the prospects for getting an edge in the market. Through this, an efficient system of working can be developed by the entrepreneur and success in the market can be attained.

Interpersonal skills

As the new start-up business have varied growth opportunities and provides unique services and products to clients which satisfy their needs, therefore, it is significant for him to possess suitable interpersonal skills as it would help them in developing the business activities and in making the startup business successful.

Creativity

It is another skill which needs to be obtained by the entrepreneur while launching a new business venture. Thus, creative ideas, assist individuals to develop varied unique business ideas and to attain maximum results. It also helps them to attain a competitive advantage over other firms as the concept of organization is unique and is not used by any other competitor in the market.

Customer focus

Entrepreneur needs to obtain such skills also as customers are the main part of any business. Therefore, it is essential for him to focus on the needs and requirements of clients and to satisfy their wants. Having good customer focus will ensure that every individual's need is fulfilled which would ultimately help in attaining the success of a new start-up business.

Task 3: Proposed Business Model That How New Venture Will Work To Achieve Positive Financial Results And By When

It can be evaluated that the proposed business model for a new fast food venture will require appropriate financial projection in order to attain positive financial results and to gain profitability. Developing financial statements, it assists in analyzing the time when the business will start earning profits on the investment made. Through break even analysis, the year in which profits will be earned can be assessed. However, in the initial start-up, the business is required to control the cost so that the best outcomes can be attained.

Key assumptions

There are varied assumptions that need to be made while determining the finances of a new venture. These are as follows...

  • It has been assumed that the fast food market is already at a growth rate therefore, business faces various difficulties in attracting potential customers and thus, enhancing the sales of firms.
  • Further, it has been assessed that it requires varied expenses for the organization to start a new venture. With the increase in sales, the expenditure of the firm is also increasing every year.
  • However, it can be assumed that because of uniqueness products and services, help in increasing the profitability of the firm in the market.
  • Business has to pay interest to financial institutions and to private money lenders.

Sources and uses of funds

It is essential for the firm to make the initial investment in order to carry out the results. Also, there are varied sources from which funds can be collected such as internal and external sources of finance. The new venture has taken a loan from the bank which is the liability and it helps the firm in fulfilling its long-term requirement. However, a bank loan acts as an effective source that is used by the organization to meet the needs appropriately. Business requires huge requirements of funds for purchasing land or building for starting operations However, both these sources have helped the firm in satisfying long-term business requirements effectively and efficiently.

Further, there are varied other sources that have been identified in order to finance the new venture concept i.e. Zara Fast Food Restaurant. However, businesses can obtain funds through an overdraft facility in order to meet the working capital requirements. Thus, here, business can withdraw money more than what is actually present in the account. Also, it can be used for further expansion. In order to utilize such an amount, the business needs to pay an extra rate of interest to the bank.

Task 4: Proposing To Manage Business Risks

It can be evaluated that any start-up business idea will face enough risk in order to execute the business plan. The entrepreneur is required to carry out a risk analysis before launching the product or service in the market. Thus, through risk analysis, individuals can obtain useful information about the probable risks that businesses can face in future and thus, proper measures can also be taken in order to manage the business risks. These are as follows-

Product risk

In such type of risk, it can be assessed that the business owns the risk regarding the manufacturing of similar products or services which are required by the clients. Therefore, there is a risk in the market that clients will like the product or service developed and will be ready to pay value for the same. Thus, it is essential for the entrepreneur to assess such risk and to carry out proper market research in order to assess the needs and preferences of consumers and then, develop the product to satisfy customers’ demands.

Market risk

In such type of risk, it involves market risk which states that the market will develop differently than expected. Through evaluation, it can be assessed that sometimes, markets take a long time to develop and thus, reduce the availability of cash. Therefore, being a fast-food restaurant business, the entrepreneur is required to carry out proper promotional activities to attract potential customers and to manage the market risk.

People risk

In every company, there is a risk of certain kinds of employees who are skilled. However, it is essential for the firm to satisfy the needs of people and to make them happy otherwise they will leave the job. Thus, in order to minimize the attrition rate of employees from the firm and to save the cost of training, it is essential for new start-up businesses to provide motivation to their workers and to manage the risk.

Financial risk

Here, the company faces the risk of obtaining funds from different sources. Therefore, at the time of a new start-up business, there is a huge financial risk because the business has taken loans from several investors. Thus, it is important for the entrepreneur to smartly manage the risk otherwise poor investment policies can sink them.

Competitive risk

It is the risk that a competitive product or service will be able to win in the market. There are several fast food businesses which possess high competitive risk as they can be started with few investors and have no effective way of locking the clients. Thus, in order to manage such risk, it is crucial for startup venture to deliver the best quality food and services to gain the attention of customers and to retain them for a long time within the firm.

Task 5: Conditions Which Must Prevail To Avoid Failure

At the time of starting up a new business, it is essential for the entrepreneur to focus on the failure factors. Through addressing the failure factors, it is essential to overcome such reasons for failure from business and thus, to attain the results. Here, businessmen should obtain expert opinions so that they can survive in the market and avoid different failures in business. These are as follows-

Lack of planning

It is essential for every business to carry out certain planning before launching the business in the market. Planning needs to be done regarding different factors such as business products or services, financial requirements, analyzing competition etc. Thus, all these factors need to be planned in advance otherwise it will lead to business failure. However, by obtaining a team of professionals who have expertise in planning, the requirement of a new concept venture helps in developing an effectual business idea that attains the business goals and objectives.

Poor management

There are varied reports which cite that the main reason for business failure is poor management. However, new business owners lack proper management expertise in different areas such as finance, marketing sales etc. Thus, they need to gain knowledge regarding such subjects in order to avoid failure. Also, they need to develop strategic thinking and build a better vision of the firm so that poor management can be avoided by the new start-up of the fast food business.

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Insufficient capital

It is a common failure for many businesses such as they possess insufficient operating funds. Entrepreneurs are not able to make proper estimates regarding the extent to which funds will be required in order to start up new ventures. Also, they may have unrealistic expectations of incoming revenues from sales. Thus, the business owners should undertake help from financial analysts in order to predict the requirement of funds at the time of startup of the business so that it would assist in avoiding failure.

Location

It is one of the critical success factors of business. But at the same time, it is also essential for the entrepreneur to decide a suitable location for starting up the new concept such as a crowded area so that potential clients can be attracted and maximum revenues can be earned. It should be at a probable distance from the competitor’s business. Thus, in order to avoid such failure, it is crucial for the owner to place the business at the appropriate location and to attract the target customers.

Conclusion

From the above-accomplished business plan, it can be determined that a new Fast Food Restaurant named Zara is going to start in the UK market. However, the new venture concept has the main opportunity gap in that there are varied young and business class people who prefer quick-made food. Also, the business has the aim to launch several outlets as the expansion plan in different countries. Thus, for this, they need to adopt the best skilled and talented workforce so that they can carry out effective operations in the business. Such type of food outlet needs to be opened in the crowded area so that target clients can be attracted. It is essential for the entrepreneur to possess varied management skills such as communication, customer focus and interpersonal skills so that they can attain successful launching of new business. Further, financial projections have been made so that businesses can assess the time when they can actually start earning profits.

References

  • Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures. Pearson.
  • Behery, M., Jabeen, F. and Parakandi, M., 2014. Adopting a contemporary performance management system: A fast-growth small-to-medium enterprise (FGSME) in the UAE. International Journal of Productivity and Performance Management.
  • Butler, R. D., 2015. So You Need to Write a Business Plan. Journal of Small Business Strategy.
  • Connolly, K., Wolfgram, L. and Santos, J., 2012. Steps to Leading Change: A Transportation Agency's Business Plan Approach. Transportation Research Record: Journal of the Transportation Research Board.
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