Question

Question: Imagine yourself starting a small business. What kind of business would it be? How much competition is there in the area you want to start it? What could you do to make your business more attractive than those of competitors? Would you be willing to work 60-70 hours a week to make the business successful?  

Answer 1

Answer:

Starting a small business and making it successful with hard work is not just a dream. Many well-educated persons are now taking initiative to be their own boss. Although this can result only with the correct knowledge of the market. Being an entrepreneur, formulating and implementing a business idea includes much research. Whether the business is small or large the research should be trendy, fresh and accurate, then only the possible and desired outcome can be calculated. There are many aspects to be seen before starting the business- profit, demand, demographic and geographic condition, distribution channel, costing and the most important scope of the business which depends on Competitors.

The globalization has made the trading competitive and full of options( based on price, convenience, and availability), and other alternatives. The scope of new business ideas are also a gift from globalization. I would like to prefer, to start a small business of a coffee and packed snacks shop in my local area. The area where I live is now developing, many families are living here, the government is opening college and hospital, which work is already in progress. The reason for choosing a cafe shop is very simple as the area is progressing so the investment cost will be less, this will be a requirement of the local people visiting the hospital and students going to the college. As there is less competition, so the market and customer can be easily shared.

Everybody dreams of there business to be on the top and famous and gets inspired by a successful companies business working culture, or the policies they follow. My inspiration will be Starbucks, as the way they are making space in the customer's mind and heart is great. A caring and healthy atmosphere is provided to the customers without any discrimination, services are best, customers are treated like a king, employees are trained and treated as an asset, the ambience is comfortable for every age group. So taking an inspiration on a small level will map out the research. The second thing is market research that will be done by me focusing on the scope of the business, availability of the area for the shop, resources, how to do promotions, etc. then targeting customers' needs and requirements.

To make my business more attractive and best, as it is a service provider so the main focus will be

• On the best quality service,
• Good coffee and snacks.
• Some extraordinary service when asked
• Try to make good relations, so that they can revisit
• Creating memorable culture with comfort
• Will try to make a special moment for them, not just drinking a coffee.
• A comfortable seating arrangement with some other services like music, novels, and magazines, etc.
• Best trained employees to deal with customers.

Starting in any business needs efforts and hard work, working for 60 -70 hours in a week or more than is a business need. As the business is new and a food requirement is an any time call so a coffee shop will be opened for late-night hours too. The people who will be with the patients visiting the hospital can have the facility at any time, the students mostly study in night and have a late-night dinner or snacks so they too need it for every time. The local people before going to the office and coming back from the office can enjoy the coffee and snacks whatever they prefer. Working late at night and giving the facility every time will give a positive word of mouth, people will try to connect themselves as the place where they can eat and relax. I will keep a feedback form to overcome my issues faced by the customers. Every business gets to rise and fall because moving in a business path is not easy and smooth, we get many hurdles but to overcome it, proper planning is helpful.  

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