Question: There can be so many challenges occur throughout the planning. The biggest challenge that may occur is to get started. It can be challenging sometimes,
There can be so many challenges occur throughout the planning. The biggest challenge that may occur is to get started. It can be challenging sometimes, as I mentioned that my plan is to start an authentic Guajarati restaurant, but it can be challenging sometimes to plan where so start and what to do the first. And initial steps in business is significant part.
Another problem which can occur during planning is about financial part. It is hard to manage cash flow and accounts when you are starting a brand-new business. For me it can be hard for me to manage my financial accounts and project figures because I have no idea how it works. For that I have to follow the similar business and take idea from it.
Identifying the target market can be challenging too when starting a new business. Studying about target market and reaching the customers is an important part if I want to be successful in my business. But it can be hard sometimes to figure out the accurate target market. For my business right now, I am thinking that I will be starting my business near college or university where Indian students are studying but it can possible that my estimate can go wrong too. So, it is hard to identify target market throughout the planning.
Also, the biggest challenge can be keeping the business idea simple, short and yet effective.
The business plan has to be interesting and easy to understand. It can be a big challenge for me if it is hard to explain my business idea to someone who is willing to invest in my business or to my partners.
I must develop vision and mission for my business. It should be realistic and achievable. I must make objective and strategic goals for my business.
I must make Business plan for my restaurant and it can be a big challenge for me. For that I must make business plan and have to make sure everything is being done according to the plan.
The growth potential for my business will be to make good profits in business and will try to get success. I will be trying to expand my business in other cities as well after getting success in Windsor. I will try to provide good services to customers so I can gain trust from the customers and can get more profit. Also, I will maintain good customer relation. If they will like my services, they will tell others about my restaurant and it will be indirect marketing for my business. Also, the workers I will hire for my restaurant will be skillful and experts. For my restaurant I will hire someone from Gujarat who can make authentic Guajarati dishes and can provide the exact same quality and delicacy of Gujarat. That way I will get success in my business.
Part 2
- This entrepreneur mentioned some big challenges he/she would face when starting this business. Do you agree? Explain your decision
- Evaluate the growth potential of the business. Would you agree with this entrepreneurs vision? Why or why not?
please give me both answers complete
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