Entrepreneurship

Name of the Student

Name of the University

Author’s Note

What is your favorite business and why? and highlight, in your opinion, what makes the business special.

            Restaurant is my favorite business. Owning a restaurant seems like a glamorous business. According to Ryu et al. (2012), “successful restaurants can achieve a measure of fame and fortune.”   There are some specific benefits of restaurant business. They are mentioned below:

1. It has been found that eating places always have high demand. According to Kwok and Yu (2013), restaurants that provide good foods and service always remain loaded with customers. Owners can earn millions from a restaurant if they are able to execute every little thing properly.
2. Owners have to give less effort to get finance to open a restaurant. There are numerous banks and traders available in the market, which are ready to help a person to open a restaurant. Ryu et al. (2012), stated that as the revenue stream of restaurants always remain high hence; they do not find any problem to gather finance for the business operation.
3. Availing different category of food products and beverages can make a restaurant business more successful. For example, kids and youngsters prefer to eat fast foods. While on the other hand traditional foods are more preferred by elderly people. Hence a combination of both fast foods and traditional foods can make a restaurant more popular and profitable.
4. It has been found that restaurant owners always have the opportunity to get in touch with some high profile and enjoy luxurious life style.
5. Kang and Hyun (2012), stated that restaurants can be located anywhere in the marketplace such as beside cinema halls, shopping malls, schools, collage and offices. The management team of a restaurant has to analyze the market properly and needs to develop food products in accordance to the market demand. For example, fast food restaurants are more profitable beside office and collage areas. On the other hand, restaurant owners can think to add bowling court and gaming parlor beside restaurant business in order to attract kids and their parents who come in the shopping mall.

           All these advantages of a restaurant business instill self confidence in a person who is trying to initialize a restaurant.

        Restaurant business is special because it is “people’s business.” If a person likes to meet public then he or she may try to develop this kind of business (Heung & Gu, 2012). The owner also has to take care of the welfare of the servers, chef and waiters so that they can perform efficiently.

Reference list

Heung, V. C., & Gu, T. (2012). Influence of restaurant atmospherics on patron satisfaction and behavioral intentions. International Journal of Hospitality Management, 31(4), 1167-1177.

Kang, J. & Hyun, S.S., (2012). Effective communication styles for the customer-oriented service employee: Inducing dedicational behaviors in luxury restaurant patrons. International Journal of Hospitality Management,31(3), pp.772-785.

Kwok, L., & Yu, B. (2013). Spreading social media messages on facebook an analysis of restaurant business-to-consumer communications. Cornell Hospitality Quarterly, 54(1), 84-94.

Ryu, K., Lee, H. R., & Gon Kim, W. (2012). The influence of the quality of the physical environment, food, and service on restaurant image, customer perceived value, customer satisfaction, and behavioral intentions. International Journal of Contemporary Hospitality Management, 24(2), 200-223.