Learning Activity/Discussion #1: “Entrepreneurs Find Ways to Give Back”
Learning Activity/Discussion #1: “Entrepreneurs Find Ways to Give Back”
Community involvement and social responsibility, resulting in a positive reputation and “goodwill” as discussed in the beginning of the curriculum, are often critical to the success and long-term sustainability of a business enterprise.
The following article, “Despite Obstacles, Entrepreneurs Find Ways to Give Back”, appeared in the September 15, 2010 “The New York Times”.
The link is:
In conjunction with ethics and social responsibility discussed earlier in the curriculum, incorporate into your Business Plan potential capabilities and strategies which your venture can foster goodwill through providing products or services to your community.
Additional material to review:
KO RestaurantEXECUTIVE SUMMARYKO Restaurant will be a moderately priced mom and paw diner.Offering family-oriented food andservice based on American cuisine with a Filipino flare.The diner will provide a seating area for 30 witha side bar top for an additional 15 seats.We will be located in a recently developed and rapidlyexpanding Hughesville Maryland area.The restaurant will be family owned and operated by AL and Alice Wahoo. Together they have over 10+collective years in restaurant industry.The Wahoo’s will be leasing a small 1,100 square foot space located at the Hughesville Crossing Center.The site is newly developed which will need to include: furniture, fixtures, equipment.The décor will beBUSINESS OBJECTIVESThe primary objective of the business plan for the first three years of operation:Provide quality meals at reasonable pricesBecome the premier go-to restaurant in the Hughesville, MarylandKeeping food cost under 30% revenueKeys to successProduct quality-great food, along with great serviceIncorporate special themes nights – Holiday dinners,Spirit Night for community. Thisshould attract varied customers.Control costsUnique dining experience; from the entrees to the décor. We plan to provide cozyatmosphere.Although the area provided several fast food establishments, KO’s will stand out based on the pure basisof different culture based cuisine.COMPANY SUMMARYThe restaurant will be open 7 days a week. Serving lunch Monday thru Friday from 1100 am to 2:00pm.Dinner will be Sunday thru Thursday 5PM – 9PM, Friday and Saturday dinner will be 5PM to 10PM.We will have spirit nights based on the local schools in the area. This will show the community that weappreciate them.Company ownership
The restaurant will start as an LLC corporate, owned by its founders Al and Alice Wahoo.Mr. Wahoowill function as managing partner, while Mrs. Wahoo will function as General Manager.Start-up SummaryAlice works in the kitchen and manages personnel. AL will work on the financial issues.We are lookingfor a restaurant space approximately 1,100-1,500 sq ft. in Hughesville, Maryland.We plan to open KO’sin September 2017.Personally committing $50,000 of capital, plus a $100,000 SBA 7(A) loan guaranty and seeking anadditional $50,000 from investors to start up the business.Start-up costs come to $200,000 which is mainly furniture, equipment, rent, painting, operating cash,along with legal and consulting costs associated with opening a diner.ServicesInternational creative food served with love. Allowing the customers to feel at welcomed and at home.We will provide exceptional service to keep them returning.Plan to renovate the menu to keep it up todate with the trends in the area, along with having a set few favorites around year round.Prices/ProfitabilityPrice points will be competitive with other restaurants in the area.Although we plan to exceed thosequality and service of our competitorsMARKETINGOur restaurant plans to have a warm and welcomed feel with a variety of cuisines.We aim to please as itwill be a goal to have something that everyone likes within our daily menu and specials.College students:In class/study groups all day often having the need for momma’shomecooking. They want something quick and fast, but filled with variety of flavors.Providesavings if current College ID is presented at time of purchase.Families:With everyone’s busy lives dinners are sometimes just quick fast food. Now familieswill be able to have the same quickness but better quality food after a long day of work, followedby soccer/dance class.During slow times we can offer free kids night with purchase of 1 adultentrée.Tourist:Hughesville is only 30 miles from the Nation’s capital and from Solomon’s Island.During the summer many will be visiting the area. KO’s will offer a great atmosphere andcreative menu.Menus will be posted at local hotel/motels.
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