Question

Imagine, you were to run a business, how would to respond to the following questions?

1. What are your five top personal values that will guide you in running your business?

2. Why do you want to own and run a restaurant versus other business opportunities?

Answer 1

1) At the time of doing business as an owner you have to consider number of parties who are internally and externally related with the business and can make the fortune and misfortune for the business .To make them in your stand some personal values are to be practiced in business.

Top five personal values which guide you in running a business are as follows :-

Creativity and dependability :- In a competitive business world, to survive in the market in short run and stabilizing in long run, for every business man creativity and dependability considered most unavoidable personal value. Creativity makes the product distinctive and easily noticeable, which will attract customers in initial level and dependability makes the product strong enough to hold the market for long.

Integrity :- It means wholeness. It stands for quality of doing business. This personal value provides feel safe thought to the customers and customers think they are always respected by the business.

Honesty :- This personal values not only satisfy customers at the time of running any business , it also satisfy the whole business team members. It creates better work culture, seance of loyalty and trustworthiness amoung every elements inside and outside of the business organization.

Accountability :- This personal value creates an environment by which strategic development can be done. Presence of accountability makes everyone to know their jobs with responsibility. Accountability also formulates openness and sense of trust .

Commitment to customers :- As a business owner if anybody is really committed to his customers, then it will prove good. Commitments to customers builds brand preference and brand loyalty ,and they become the last customers during the last day of operation.

2) There are lots of reasons due to which anybody wants to own and run a restaurant over other business opportunities .These are as follows :-

a) Passion and self expertise :-  If anybody is keen to work only in his field of interest and have interest and expertise in cooking service, then owning a restaurant is the best option for him. By creativity and consistency in cooking foods and making beverages, substantial income can be earned.

b) Place or location advantage :- You can own a restaurant, if the property is in a place where lots of people movements are there. Normally close to the airport, bus terminal, Railway Station, such economic activities are more preferable  than other types of business. Here, you don't have to search customers ,they will follow you if your service is perfect .

c) Freedom of operation :- If you really need freedom of operation, then owning a restaurant is a better option. You can run your restaurant in any specific time like 9Am to 9 Pm slot or only for night slot. Depending upon your availability of time it can be easily managed .But for regular business outlets it is not so possible .

d) Be your own boss without much dependency :-   In restaurant business, you can become your own boss if you are an expect in the filed of cooking and servicing .Every elements of business will be in your control directly and it make the way of earning profit for long.