IndexWhat do you believe are your strengths and weaknesses as a potential entrepreneur?Part B: Analysis of a Successful BusinessWeaknessesOpportunitiesThreatsPart C: Business OwnershipAdvantages:Secrecy: - Entire business secret kept by sole proprietorship.Disadvantages:Advantages;Disadvantages:Establishment, including a single-owner corporationDisadvantages of incorporationAdvantages of franchising;Disadvantages of franchising;Specialized forms: cooperatives and joint ventures: -Cooperatives: -JV becomes a new creature with the following implications: Mergers and acquisitions: Advantages of mergers and acquisitions: -Disadvantages: -What do you think are your strengths and weaknesses as a potential entrepreneur? Every business has some strengths and weaknesses, my restaurant's strengths and weaknesses are described below ;Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Strengths; Strengths are those positive points of view or particular properties or skills that offer a significant advantage in the market. Good customer service Well-trained staff and educated chef Free home delivery options to needed people or customers Flexible working hours, the restaurant will be open late to provide good service Special offers on weekends, such as buffet Neat and clean area, air conditioning Provide good food that no other restaurant offers More options or food items on the menu Weaknesses: Weaknesses are those negative aspects or insufficiencies in the association's current capabilities or resources that limit its vitality. This is the best way to improve the business if you exploit the weak points. Less space in the dining room Sometimes menu items are not available Not a correct way to keep track of records. What will you do to maximize your business points strength and minimize your weaknesses? To maximize my restaurant strengths, I will focus more on a few points. First of all, you need to upgrade your customer service to get better results by taking customer surveys or asking them questions while they are at the restaurant, for example, do you like the food, how was it, how do you feel about the staff and customer service , etc. Furthermore, it is necessary to provide more options in home delivery and accept online orders, presenting more options in the food menu than other restaurants. It is necessary to provide more offers on weekdays, as well as lunch buffet and some offers on children's food and toys, this can help build customer loyalty to the restaurant. It is necessary to organize some charity events, this will also help to retain customers. Other restaurants' prices are high, so the prices must be too low in my restaurant to attract more customers and everyone can afford the food. And to maximize my weak points, more space is needed in the dining room. Customer service should be given top priority and every food item should be available on time, so that customers can enjoy the food or any item from the menu. Additionally, you need a proper way to keep all records, such as the amount of food needed, waste, profit, loss, and employee records. I will try to provide more training to the staff, this will improve customer service. And the restaurant will provide more services for disabled people or customers. The takeaway system will be available, so that customers can enjoy the food at home and the online ordering service will be available. Funds will be available. Establish desires effectively within with reference to what the consequences might beso that everyone understands the effect on customer loyalty. No one can handle business with customers, if you don't respect your customers, competitors can exploit customers' interactions towards them. Offering a portion of your restaurant's items—for example, serving mixed-vegetable dressings or ready-to-eat items—for people to purchase and take home presents an opportunity. Part B: Analysis of a Successful Company Costco and its subsidiaries began operations in 1983 in Seattle, Washington. It engages in the management of membership warehouses in the United States, Canada, United Kingdom, Mexico, Japan, Australia and Spain. The company has reported good results in recent quarters as it benefits from strong demand from both U.S. and international customers, although the strengthening U.S. dollar has moderated international results. Standout categories include Fresh Foods, which posted low double-digit growth in the fiscal first quarter of 2015 (ended November 23, 2014), Food and Sundries (high single-digits), and Hardlines (mid-single digits). Lower gas prices had mixed effects on results. Gas makes up more than 10% of COST's total sales, and the company offers some of the lowest average gas prices in the nation. But with lower gas prices, many customers aren't as concerned about finding the best deal. Strengths The company offers exceptionally attractive low costs in all respects on every great deal offered in its stores and on its site. Costco has rapid stock turnover combined with high business ability, raising higher incomes. High business ability promises high incomes regardless of low supply costs. High negotiation skills add to high working effectiveness. Greater working efficiency is achieved by minimizing variable expenses. Variable expenses are reduced when capabilities are higher. It does not currently focus its efforts on increasing costs, but rather focuses on maintaining recognition among its employees as an "assessment expert" or reliably providing the most targeted costs. These bring customers back to the warehouse, as they have the belief that they are actually getting the best price on a wide range of items. The organization has a strong position in financial terms and likewise provides excessive revenue to the customers. The company is gaining majority among its customers and the number of customers is also expanding. Weaknesses Costco's main flaw is its retail club distribution center-only participation action plan. This model encourages customers to shop at Costco stores, but also limits the overall number of customers. Non-partisan shoppers may feel bothersome at Costco stores. The association has the limitation of the restricted group of products and companies. Customers can go to different stores like Walmart, which has a larger collection of stocks and companies. The association must try to attract younger customers, who are more savvy web-based business customers. Let's examine this open door in more detail below. Costco sells so many products under the Kirkland private label. It totally depends on the economic conditions of the US and Canadian procedures. The company faces stiff competition in the market and the execution of a part of the entire industry is also stalled. Opportunities In recent times, the administration has found a way to attract younger customers to its stores. These customers, aged 19 to 34, are expected to conduct long-term business and earn profits at Costco. The association attracts these customers in severalways. The organization has the ability to enter new markets, for example, it advertises in the creation of Asian countries. Costco has the opportunity to expand the reach of its corporate sites on the Internet. The organization has an incredible opportunity to tap into the global market and can expand its business in growing economies. The organization currently offers online administrations to the United States, Canada, United Kingdom, Australia, Mexico, Taiwan, South Korea, Japan, and Spain. The organization also has the opportunity to expand the assortment of its products and services to increase the appeal of Costco stores to a more diverse shopper population. The organization has also used innovations, including Living Social, which are expected to attract a younger customer base. It also offers more natural foods, which will also speak to a younger, more wellness-conscious customer. The organization should begin a successful advertising drive and should help customer-based administrations become more and more perceivable. Threat reports are not great in Canada, this needs to be fixed to increase sales and provide good customer service. Many other private shops have now started to give the best completion to other wholesale shops. The shift of new gun retail organization memberships into storage centers debilitates Costco's ability to prevail in foreign markets. In overseas markets, new enrollment supply centers are opening. While not particularly challenging with Costco, some online retailers like Amazon (AMZN) offer a range of easy, high-quality items with delivery options that are hard to beat. Organizations like this have the scale and fulfillment forms already in place, so Costco needs to think about how to use online advertising and advance into this space to better deal with these monsters of commerce, especially in the event that they choose to compete all the more directly with Costco in the food industry.Part C: Business OwnershipDescribe the pros and cons of each of the following forms of business ownership as they relate to your business idea:o Sole ProprietorshipSole Proprietorship is one of the simplest ways of doing business with which you can easily run the business . In this case, the person who owns the company is responsible for the det. The sole proprietorship is the most important business form due to its simplicity and ease of installation. Benefits: The manager gets all the benefits: -Being the manager, he has all the basic control over the entire business. They do not need to answer to shareholders or the board of directors about the management of the business. No exceptional tax collections: - A sole trader is not required to pay any corporation tax. They only have to pay income tax which is basically based on their personal income. Ease of disintegration: - The sole proprietorship is the person responsible for managing the program. They can also go out of business at any time. There is no time limit for any type of business. Secrecy: - All business secrets maintained by the sole proprietorship. Disadvantages: Only one person is responsible for all losses. A sole proprietor who decides most of the choices without any help in a business might be concerned about this responsibility. Only one person must take on all the responsibilities. Partnership: A partnership is a non-merged business that is created between at least two individuals. In a partnership, your financial assets are combined with those of your business partners and invested in the business.Advantages;Easy to resolve financial problems or start a new business.Loss andprofit split between two or more partners.Partners share responsibility for running and operating the business. To make better decisions, partnership will be helpful. Cons: Sharing a profit can sometimes cause problems. For example, if one person puts in more money and the other gives more time, it will be difficult to share the profit. Your partner does not need to be loyal to you or the company. Sometimes partners have different ideas to run a business, this can lead to communication breakdown and the impact will be detrimental to the business. Incorporation of Corporations, Including a Single Owner CorporationA corporation, also known as a limited liability company, is a legal entity separate and distinct from its members.Advantages of IncorporationManagement has good technical skills to communicate. Property or property names that are easily transferable to other people. Easy to raise capital from investors or capital sources. Shareholders are not responsible for the debt. Tax rates are lower than individual tax rates. Disadvantages of Incorporation You need good money to incorporate the business. More expensive More rules and regulations, to operate business in any territory or province. Franchising: Franchises come in all sizes, including McDonald's, the world's largest foodservice retailer, with 33,000 restaurants in 119 countries and more than 1,400 in Canada employing more than 80,000 people. Canadians. Chances are you deal with one of over 700 franchise systems in Canada almost every day. When you dine at Tim Hortons or Pizza 73, use the services of an Expedia Cruise Ship Center, have your car serviced at Midas or Mr. Lube, or purchase spark plugs at buck or wo plus, either way you're dealing with a franchising business. Advantages of Franchising; Easy to raise initial funds. Advantages of advertising, the franchisor can help advertise to promote or grow the business. It will help to go with the brand, which is very well known among the customers to advertise the product. The franchisor provides good team and management training. Disadvantages of Franchises; Fewer product sources or only serve limited products. Loss of freedom to control management or less control over affiliates than over company employees. Some franchises require franchisees to purchase only from the franchisor, so to speak, restrictions on purchasing something. Specialized Forms: Cooperatives and Joint Ventures: -Cooperatives: -Cooperatives are defined as an independent group of individuals who willingly collaborate in pursuit of social, cultural, and economic goals. A cooperative is owned and operated by all members equally, and control is formed democratically. Cooperatives are fundamentally self-governing and rely heavily on the assertion that everyone involved has equal opportunities. This objective organizational model can bring both challenges and benefits. Co-ops are a better way depending on what an organization is trying to complete. Considering the specificity of this model in terms of structure and decision-making, owners must be content with simply being one member among many and being generally oriented towards goals beneficial to the community. Joint venture: - A joint venture is when two or more entities put resources into ideas or concepts in terms of wealth, instance and effort. In people, when at least two people meet to outline a short program to perform a specific task, such association can also be known as a joint trip where the meetings are "co-ventures". The JV becomes a new creature with the following implications: It is legitimately disconnecting.