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Firstly, the market is ripe for expansion in the food and beverage industry and appeals to me as a stepping stone toward other business endeavors, thus making it easier to grow the business quickly and expand my personal wealth.After the Great Recession of 2008, Americans increasingly spent their money on moderately priced forms of entertainment like the theatre instead of taking expensive vacations or going to high-priced sports events.
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.
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. 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 2011).
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.
Possessing an entrepreneurial spirit is an important quality not just for individual success but for that of a business as well.
For a business to maintain growth and sustainability it must It is part of my role to give recommendations to create new, efficient or better processes, policies, and systems which often do not come to fruition due to red tape and unwillingness to change.Likely, we will try and cultivate a mix of cocktail appreciation with affordability and a more relaxed attitude towards the mixology movement, coming up with a classy name along the lines of the Speakeasy movement, such as Cole’s or French’s.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.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.In this sample essay, our expert writers respond to a prompt that asks the student to craft a unique business idea and discuss related market factors.This type of document might be created for an economics class or as part of a business plan for professional purposes.Teaching via design thinking approach aids in developing students’ innovation skills by challenging them to use creative thinking and problem solving skills (Lee & Benza, 2015).According to Lee and Benza (2015), “innovation skills cover three basic areas: Thinking (customer service thinking and problem solving), Telling (getting others on board and storytelling) and Doing (learning through experimentation)” (p. I apply innovation skills in my occupation on a daily basis.