For identifying the business opportunities the entrepreneurs should access the information that is available and think of a plan to capitalize on that opportunity. For an business idea which is new to the market higher level of creativity is not required but for an idea which is almost existing in the industry a higher level of creativity is necessary to showcase the product in a different way when comparing the competitors or existing players. Individual creativity is not the only skill necessary for innovative business idea because lack of information may lead to invent things that are already available. To commercialize on an idea funds are more important but no venture capitalist or investor would be interested if he doesn’t get benefitted and we have to show
A customer who want to buy the doughnut, Cruz said, should order the food 24 hours in advance. Moreover, a spokesperson from the Dolicious Donut said all the proceeds from sales of the $100 doughnut will be used in setting up a soup kitchen in West
Issues: 1. What are the three most critical challenges facing your business today? Dunkin Donuts is facing more challenges in the business due to change in the taste and preference of the customers. There are more shifts in the consumer taste and preference towards health-conscious food that is affecting the entire existing business. Next, there is a decrease in the number of customers visiting the store exclusively for donut as there are more companies in the market to provide coffee and other beverages and other foods and donuts that are pulling the crowd.
Case Study: Opening Your New Dunkin Donuts Locations Being a District Manager of the New Dunkin Donuts store is not a simple job. Many factors are to be considered so that the success of the franchise is assured. Since I have been given the complete autonomy, authority, and responsibility to structure, and operate the five new locations of the Dunkin Donuts, I have considered several factors so that the business will likely expand and grow. Job Design In any organization, a job design is vital because it involves the means through which a job is carried out. Further, it involves the kind of relationship that exists within the working environment of the workers and how they are supposed to perform their specific work.
Fundamentals of entrepreneurship are a study about the foundation of how to manage, develop and organize a business. In entrepreneurship, it also includes of bear the risk in business and the allocation of resources like labor, capital and land to helps the business grow. Entrepreneurship is very important because it also includes decision making, innovative thinking and the ability of entrepreneurs to manage their business. For task 2 I have reviewed the business performance of Mindy Candy, with reference to its strength and the weakness. Also the plan of action taken to improve Mindy candy has been analysed.
Therefore, it is the same story with franchising as a model for entrepreneurial growth; there are various benefits from this process for both the franchisee and the franchisor. For instance, on the part of the franchisor these typically involve the capability to expand the business speedily and the increasing of expenses and perils across the system. On the other hand, for prospective franchisees the attractiveness of opening a franchise system involves primarily the opportunity to buy a business with a proven approach for fruitful operation. Studies reveal that the United States of America has traditionally been the world`s only biggest franchise market. However, it is should be noted that currently, franchising is being employed by companies as a strategy for growth in both developed and emerging markets.
Although a business idea has the potential to make money, it has no commercial value initially. In fact, most business ideas exist in conceptual structure; usually in the mind of its creator or investor and not all business ideas, no matter how brilliant they may seem, would end up being profitable. To find out about an idea’s chances in the market and check its innovative content and feasibility, a person need to conduct a believability check. A promising business idea must have the
1. INTRODUCTION How firms continuously expand, the ways through which they accomplish this task, whether to franchise or not franchise, use wholly owned franchised outlet or franchised outlets are some of the questions that has gained much attention in the franchising literature. In this thesis we examine the factors that influence the internationalization decisions of American franchising companies. As franchise sectors matures and develop in the home market, franchisors seeking to grow must look to international markets as market saturation is ever more becoming the case for franchisors in the US, Canada, Western Europe, and Japan (Alon and McKee, 1999). Franchising is believed to be the most powerful expansion tool for firms
Successful incubation, as applied by various countries, involves a supportive environment that facilitates the creation of new ventures and fulfillment of potential growth and giving such ventures the access to a wide range of business development resources. It also entails providing new ventures with tailored services. Therefore, business incubation is significant in seeding and developing new business ventures alongside technology transfer to facilitate potential growth in most economic sectors within a country (Pappas,