“Business O’clock”
Hello, friends, welcome to my post in which I have discussed "Business O’clock" as part of my participation in this contest organized by @ninapenda
What business are you currently doing, or what business would you like to start? Explain why you chose it.
I want to start an eatery business. Even if I wouldn't be the one in charge of cooking in the restaurant, I would like to go into the restaurant business because food is something that everyone needs.
The food business is a fast-growing business that I would like to venture into and start. This is a business I have been thinking of starting for a long time, and I want to venture into for it is a very profitable business that has no season. In this business, all that is needed is to have good chefs, bakers, and sales representatives.
If you were given $200-$500 today to invest in a business, how would you use the money? Give a simple business plan.
If I were given $200-$500 today to invest in a business, it would be in a restaurant business, and I would try to open a full restaurant. However, the amount is too small to open a full restaurant; what I would do is start with a low-cost food business that can generate cash for me to open a full restaurant quickly. Here is how I would make use of the money.
I will use $120 to buy a cooking pot, a cooler, a frying pan, and serving trays. I will use $180 to stock rice, beans, oil, chicken/fish, and spices. $40 will then be used for packaging like nylon, spoons, and disposable plates. $30 will be used for branding and promotion, where I will print flyers, banners, and stickers. In addition to this, $30 will be used for transportation and miscellaneous expenses. I will then save $100 for an emergency fund and reinvestment.
What do you think are the three most important qualities every successful entrepreneur should possess? Explain your reasons.
The qualities that every successful entrepreneur should possess should be the following:
Vision: An entrepreneur should have the ability to see opportunities ahead of others and a clear idea of what to build. A real or successful entrepreneur is someone who does not react to the present; they think about the future, which vision helps in setting goals, making long-term decisions, and inspiring customers, investors, and employees.
Discipline: A successful entrepreneur should be disciplined enough and consistent in his or her work. Entrepreneurship involves managing customers, money, time, and daily operations, and discipline helps an entrepreneur avoid unnecessary spending of money, maintain quality, and meet deadlines.
Resilience: Business is usually full of challenges, which entrepreneur should be resilient enough to be able to recover from setbacks and keep moving forward. Entrepreneurs who give up after the first failure hardly succeed; those who learn from their mistakes, adapt, and try again have a higher chance of succeeding.
Have you ever experienced a business failure or major challenge? If yes, what lesson did you learn from it?
Yes, I have experienced a business failure due to my inability to stick to the three qualities that I have talked about. I learned the following lessons after the failure of the business.
- I learned not to use money meant for business for something else.
- I learned how to be a risk taker
- I learned how to manage resources, money, people, and time.
- I learned how to be focused and determined in what I am doing.
- I learned how to reinvest profit back into the business.