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The passion of operating and succeeding in business depends entirely on the sole decision of the person setting up the business. The business requires the owner to have some educational qualifications in business-related courses and good relation with both the employees and the customers. The paper highlights the business environment stating the challanges facing a restaurant owner.
It has been three years since the respondent established a sole proprietorship restaurant business. He started the business in February the year 2009 on lease basis. The process of obtaining the lease took three months before he finally signed the lease papers and eventually started running my business. The business premise is situated at to the Oxford University, adjacent to the main students lecture halls. In my opinion, the location is strategic: it depends much on the available market drawn from the students and their lecturers around. Both the students and the lectures save on time during break hours as they wait for another lecture.
The business management has the duty to create and maintain working conditions in which people can achieve effective results. It has to set objectives, formulate strategies to achieve them, assign activities and resources in the business, guide and lead people to achieve the objectives besides coordinating and setting the standards that they need to achieve by the end of the day. This concurs with my opinion. Concerning the issue touching on the expansion of the business, the interviewee hopes to have opened up another branch of the restaurant around Harvard Business School to serve the increasing demands of students in the business school due to the increasing enrolment of students in the Business School. In my opinion, this strategy leads to increased profits ploughed back.
The process of reading and signing a lease is complicated because the interviewee wanted to obtain the finance lease for the period of five years. However, their terms of the lease only give out the operating lease for at least the period of ten years. Obtaining a lease of the choice is a difficult task because the financial leases had elapsed: they can only afford to offer the operating leases, which have a minimum period of ten years. However, financial lease is the best.
The business is a legal entity operating solely on its own name registered under the company act. It can sue and be sued for its own liabilities outstanding on its own. The business is responsible and liable for the lease. I concur since it alienates the owner from the owner from business liabilities. The interviewee cites the difficulty in hiring and keeping good employees because of high economic expectations from employees in terms of high salaries and wages above the industrial set standards with allegations of worsening economic conditions due to credit crunch that hit America. In my opinion, this issue has troubled many business owners.
The interviewee argues that the decision to operate a restaurant was a dream coming true. The interviewees dream business led to feasibility study on the viability of a restaurant business and the most viable place to set up one. The study revealed that a restaurant within the Oxford University was viable due to availability of market. The customers need high quality services to get the value for their money. Maintaining high standards of cleanliness is another tip. Maintaining the restaurant clean boosts the chances of customers flocking. There is need not to charge relatively high prices for the services offered. In my opinion, the low prices attract many customers.
The plans for the restaurant owner are opening up another branch at Harvard Business School to serve the increasing market following the increasing student enrolment. There are plans to merge the restaurant with other small upcoming restaurants around as an expansionist policy to increase market share. In my opinion, merging with others diversifies the market. The interviewee prefers to cook relatively cheap and light style of food like rice, as the initiative targets the students, majority of whom do not have enough money to spend on expensive foodstuff. Locating a restaurant within or around the Harvard Business School to serve the students and their lecturers of their needs is the best option: it offers a ready market.
To lure the customers, the business embarks on charging relatively lower amounts per plate than the normal amount charged elsewhere. This attracts more customers because most of them feel that food at the restaurant is much affordable. Some of the most successful promotions have been the consumer buying a plate of meals despite the type of food. He/she gets a glass of orange juice on every first Monday of every month. This has led to increase in volume of sales based on its capacity to attract many customers. In my opinion, promotion activities increase the sales. The influence to join entrepreneurship came due to push factors. Thus, unemployment was increasing despite the passion for becoming a businessperson. Some of the friends with whom the interviewee studied influenced him in his decision to venture into the business arena: they encouraged him and offered financial support. However, in my opinion the influence from others can mislead one: they can push one into making the wrong decision. However, this is not the case for the interviewee.
Concerning the issue of inedible food, the respondent apologises. He enquires about the problem that makes the food inedible, and asks the customer the alternative food that he/she can be served with without charging extra amount. Rectifying the situation follows immediately. Customers understanding is crucial at all times. The respondent agrees on the issue of perusing and reviewing food sites such as yelp to be updated with the customer needs, requirements, and the new ways of preparing food to increase on the quality and satisfaction on the side of the consumers. In my opinion, this allows changes to the business. The business management decided not to deal with alcohol. However, in a restaurant that purely deals with foodstuffs and the owner is interested in dealing with alcohol, there is, therefore, the need for the owner to get a licence to allow him/her sell the alcohol. However, in my opinion, selling alcohol to students attracts more sales, despite the negative impact it has to their studies.
Concerning the issue of setback, the respondent argues that, being a student entrepreneur venturing into a restaurant business, which is thriving and seeing it expand to great heights, has been one of the respondents professional successes. The biggest setback has been the high interest rates charged on the operating lease that he is using as his capital. However, in my view, the interest on lease is agreed upon before commencing the business: there should be no complaints. Concerning experience, the respondent states that the actual experience in every aspect guides one on what to do especially when planning for the next course of action and the future of the business without forgetting the accessibility of the going-concern of the business enterprise. In my opinion, the experience enables one to make bigger business decisions.
On issues of being the owner, the respondent argues that the challenges of being a restaurant owner and manager sometimes narrow down to the food that is prepared. It is not all sold. The moment food remains unsold; it culminates into the losses since it cannot be preserved for the next day. However, in my opinion, one has to establish a mechanism to enabling the selling of all the food: preparing enough based on the anticipated average number of customer. Concerning the issue of remuneration, the respondent argues that the remuneration depends on the industrial standards where the minimum and maximum salaries are set. The business establishment ensures that the company does not pay the employees below the minimum set standards. In my view, the remuneration should further depend on the prevailing economic situation and academic qualification of each individual employed by the company.
Concerning the issue of workers misconduct, the respondent states that the workers who misbehave while on duty are counselled and given a warning. If the mistake persists, the worker is transferred to a different department that is not in direct contact with the customer. However, in my opinion, if the employee does not change, the firing option sets in as a last resort although it may end up changing. The business has employed several accountants who work in shifts. The accountants work in different divisions. One of the two deals with financial accounting while the other deals with cost and management. An established division deals with internal auditing to keep checking the transactions performed by the accountants. In my opinion, it is crucial to keep financial records.
The business does not entirely give credit to the customers due to their credit unworthiness. Nevertheless, on certain occasions, it issues credits especially to its regular and loyal customers. However, in my opinion, the customer is required to leave behind something to serve as security for the debt. On the issue of competitors, the respondent argues that the business management has set high standards of the food produced at the restaurant to lure customers to come to the restaurant in preference to its competitors. The prices are also relatively affordable to the students compared to its competitors. However, in my opinion, loyal customers should be treated well to retain them.
Concerning the issue of signing another lease, the respondent argues that, at the end of the lease period, the business management would not sign for another lease. According to the accounts department, the business is able to run on its own capital generated from the accrued profits. The capital can be raised through bank loans and credits. However, in my opinion the business should continue with lease. Concerning the issue on food security the respondent argues that the restaurant managenment established its customers from whom it makes purchases. According to the respondent, the firms that supply the foodstuffs are well-established, hence offering a continuous supply of foodstuffs. In my opinion, it is very necessary to indulge firms that produce their own farm produce to counter the issue of unexpected shortages.
Concerning the issues to do with public relations, the respondent argues that the business management has established a division that deals with public relation. The division of public relation allows free interaction between the students and the workers. This includes sharing meals together and sharing ideas. In my view, the issue of good public relation is very crucial for any business venture. It assists in attracting more customers and maintaining the existing ones.
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