Developing a Personal Business Plan Essay Example

for me to fulfill my goal of opening a unique restaurant dedicated to children.

Children require special attention and need access to food options that are both easily manageable and enjoyable. Additionally, parents often face dilemmas regarding their children's behavior in restaurants (Carroll-brown, 2011). However, they need not be concerned when visiting my establishment, as it will be specifically tailored to cater to children's needs.

My mission is to improve my local community, country, and world by serving selflessly. Opening a special restaurant for children allows me to accomplish this goal. By providing something that the community truly needs but may not realize yet, I can make a positive impact. Once they understand the importance of this restaurant, they will appreciate it and my business will thrive. This will also benefit me in return (Slack, 2015).

Marketing and Implementation Strategy

Market Positioning Statement

My market positioning statement will be: "For parents who want their children to have the best meals and service at a restaurant, my restaurant will be top choice among all food establishments. It will be specially designed for children, ensuring the best services for them." My business will be positioned as the one that provides high-quality food that not only suits children's health needs but also brings joy to their dining experience.

The quality of service provided for children will be exceptional due to their need for a lot of attention, unlike adults.

Adding value to the industry

My restaurant plans to revolutionize the food industry by offering specialized service for children. Unlike other entrepreneurs in the restaurant business, I recognize the importance of

catering to young customers. This innovative approach will encourage more parents to dine out with their small children. Currently, many parents are hesitant to bring their kids to restaurants due to potential misbehavior and unsuitable menu options.

This is why I want to introduce this type of innovation into the industry, allowing parents to bring their children to restaurants (Carroll-brown, 2011).

Differentiation

I aim to differentiate myself from other UAE students by staying well-informed on global issues. This will enable me to provide services that cater to diverse cultures worldwide, rather than focusing solely on one culture (Wilkins & Balakrishnan, 2015). By being knowledgeable about global matters, I will have a competitive advantage over the broader population. This advantage stems from being one of the first entrepreneurs in the industry, allowing me to establish my brand before many others can enter the market. My creativity and dedication will contribute to this endeavor.

Risks and Mitigation

Key milestones and checkpoints

To reduce the risks associated with my personal business plan, it is important to carefully consider key milestones. These include acquiring funding for the first restaurant, ensuring its sustainable income generation, and expanding globally by establishing branches on all continents. To evaluate progress towards these milestones, I will compare the performance of the restaurant against predetermined goals that are vital for success.

External factors

The entry of large corporations into the industry creates a challenge for startup businesses like mine (Bowring, 2014). This competition has the potential to threaten the presence of small entrepreneurs in the market or even force them out.

Due to the global trend of more women joining the workforce, they have limited time to cook for their children. As a result,

they prefer buying pre-made food for their kids, which has led to an increased demand for my restaurants.

Risk mitigation strategy

To avoid business failure due to intense competition from established corporations, I plan on offering specialized high-quality personal services to my customers. By doing so, I will provide superior services compared to other competitors in the market (Bowring, 2014). As a result, people will choose my restaurants based on the exceptional service provided.

Also, if the plan fails, the restaurants will be transformed into general restaurants that cater to the public. This option is both cheaper and quicker compared to other businesses.

Ethical practices

The objective is to uphold strong ethical standards in managing the business by guaranteeing that customers receive what has been promised. This entails utilizing wholesome and suitable ingredients, providing fair prices, ensuring proper quality and quantity, and refraining from using inexpensive and harmful products for personal benefit. Transparency will also be upheld regarding the origin and quality of each ingredient employed.

According to Jondle, Ardichvili & Mitchell (2014), I will ensure that all non-biodegradable materials used in the restaurants are recycled or properly disposed of, in order to avoid polluting the environment.

Three mentors

The three mentors who inspire me include my father, mother, and the current president of the US. My parents have achieved remarkable things through hard work and have made a significant impact on my life and others. They maintain a positive outlook and believe that with the right mindset, everything is achievable. President Obama's journey from an unknown Illinois senator to serving two terms as president of the United States is an extraordinary accomplishment.

These three individuals serve as my inspiration,

motivating me to work harder in order to achieve my goals.

A six-word memoir

The goal of becoming an entrepreneur for the sake of your children.

References

1. Carroll-brown, A. (2011). Where Is Your Mother?: A Simple and Guide to Basic Etiquette and Simple Grace. Indiana, iUniverse.
2. Jondle, D., Ardichvili, A., ; Mitchell, J. (2014). Modeling ethical business culture: Development of the Ethical Business Culture Survey and its use to validate the CEBC model of ethical business culture. Journal of business ethics, 119(1), 29-43.
3. Bowring, J. (2014). Competition in a dual economy. Princeton University Press.
4. Wilkins, S., ; Balakrishnan, M. (2015).

How effective are international branch campuses in meeting the needs of students? International Higher Education, (66).