Personal Business Plan – Vision And Opportunity Essay Example

about the customer first. The key questions that guide my choices include; How can I be an effective person in society? How can I create a change? And what can make me an independent person?

Market and Opportunity

At the moment, there not a lot of restaurants in the market that are purely dedicated to providing special services to children. Most of the restaurants serve the general public. This creates an opportunity for me to pursue my goal of opening my own business which will involve starting up special restaurant for children. Children need special attention. They need choice of food that are easy to handle and enjoyable. Parents also have a problem since they do not know if their kids will behave in a restaurant (Carroll-brown, 2011). They will not have to worry as they come to my restaurants as it will be specially designed for the kids. Also since my mission is to improve my local community, country and world by serving selflessly, opening a special restaurant for children enables me to exactly do this. This is because I will be able to provide to the community something that they really need but they just haven’t realized it yet. When they see its importance, they will come to appreciate it and my business will grow. This will also benefit me in return (Slack, 2015).

Marketing and Implementation Strategy

My market poisoning statement will be “For parents who want their children to get the best meals and service in a restaurant, my restaurant will be the one to go among all the food restaurants in the market because the restaurants will be specially designed for children and therefore,

provide the best services for them”. My business will be poisoned as the one that provide the best quality foods that are suitable to the health of the children and at the same time enjoyable to them. The quality of service provided will also be exemplary as kids require a lot of attention unlike adults.
· Values to add to the industry

My restaurant is going to add innovation to the food industry. Up to now many entrepreneurs in the restaurant business have not thought fit to provide specialized service to children. This is innovation exactly what I am going to offer to the industry. Up to now many parents are reluctant to take to their small children to the restaurants. This is because the children may tent to misbehave and also the menu services provided at the restaurants may not be suitable to the kids. This is why I want to bring this kind of innovation into the industry where parents will be free to take their kids to restaurants (Carroll-brown, 2011).

Differentiation

I will differentiate myself from other UAE students since I will be informed more on global issues and therefore will be able to provide services will be able to suit every culture in the world instead of just focusing on a single culture (Wilkins & Balakrishnan, 2015). From broader populace, I will be to differentiate myself in the way that I will have a competitive advantage over them. This is because being one of the pioneers to launch a business always comes with a competitive advantage since I will be able to establish my brand before many players can get into the industry. My creativity

and commitment will also help me o do this.

Risks and Mitigation

Key milestones and checkpoints

My personal business plan has three key milestones, first to obtain the required funding to start off the first restaurant, second to ensure that the restaurant makes enough income to sustain itself, and third to make my restaurants a global brand by opening up branches in all the continents. To determine if I have successfully attained these milestones, I will compare the performance of the restaurants with these set milestones. To me, success is when I achieve the goals that I have set.

External Factors

Like any other start up business, I will have to deal with the threat of competition from big corporations entering the industry (Bowring, 2014). Such corporations have a tendency of pushing small entrepreneurs, like me, out of the market. On the bright side, with the current global trend where more and more women are taking up jobs, little time is left for them to cook for their children. They would just prefer to find readymade food for their children. This increases the market for my restaurants.

Risk Mitigation Strategy

To mitigate against the risk of business failure due to stiff competition from the large and already established corporations, my plan is to provide specialized high quality personal services to my customers. This will result into superior services as compared to the other competitors in the market (Bowring, 2014). This means people will prefer my restaurants due to the superior service. Also if the plan is not that successful, I will convert the restaurants into general restaurants that provide services to the general public. It will be cheaper and faster to convert

the business into general restaurant than to any other business.

Ethical Practices

My plan is to be highly ethical in running of my business. I intend to offer to the customers exactly what I claim to be offering. This will include using the right and healthy ingredients, fair price, the right quality and quantity and to avoid cheap and harmful products for financial gains. I will be honest to the customers in terms of the quality and the source of each ingredient I use. I will as refrain from polluting the environment by making sure that all the non-biodegradable materials used in the restaurants are recycled or will be properly disposed off (Jondle, Ardichvili & Mitchell, 2014).

Three Mentors

The three people I take as my mentors are my father, mother and the current president of the US. My parents have done amazing things by working had to make sure that they can make a difference in my life and that of other people. They have never been discouraged by anything and believe that with the right attitude, everything is possible. President Obama came from being the little known Illinois senator to the president of the United States not just for one term but for two terms. This is a great life achievement. These three individuals motivate me to work harder in life to so as to achieve my goals.

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.