The two ideas that I have chosen which I think will be successful and perform the best are the hotdog stand which I discussed in the Brainstorming section, and the video game arcade which I have listed in the table above. I believe that the hotdog stand will e a successful business as there is no where that specializes in just hotdogs, different types with choice of bread and toppings.
I have noticed there is a want for such a thing but no one has yet taking this idea and used it to its full potential, after over coming the start up costs I am quite confident that I will be able to make a decent profit from this idea. In the brainstorming section I listed how the answers from the self assessment in the planning section will affect my business as well as the skills and talents section so please refer to them for these.
I believe the video game arcade will be very effective as currently there are none in this area although the start up cost will be very high, and I will continually have to bring in new machines by also in time selling foods and also offering pool tables it will bring in more and more people allowing for the high costs. This would have to be in a central area if I wish to have a chance for it to survive but with a good loan and location it should be no problem at all.
I am always up to date with work which will be needed to make order for new machines and getting repairs done and paperwork, I get distracted but I will be following an idea I am passionate about so this should not be a problem. I get on well with other people and this will be a key part as I will be around people all day and I will be needed employees so I must be able to get along with them, I do not act rashly which will be important because I must wait for the right time in which to buy new machines as well as if I will expand into something more or not as I must know if it will bring more people to spend more money.
My family give me their full support which helps as it is good to know they will help in anyway they can and I will not have the thought of them against me which will allow me to concentrate on what I am doing, I cope well under stress which will help as I predict starting up will be a lot of work and I wont be able to start making profit until much later on.
I tend to give in easily but I believe this idea will work and can be successful so as long as I know it will work out I will stick with it, I listen to advice and I will need a lot of it as only arcade games will not be enough unless I draw in many people each day so I will need ideas so as to get more customers.
I am not very persuasive and I must change this as I must convince the bank to give ma a sizable so as to get my business started, I tend to take time off when the slightest bit unwell so as to avoid it getting worse but I must avoid this as much as possible as I will need to bring in a lot of business as fast as possible to cover my debts. I am knowledgeable of Microsoft office programs which will help me make my presentation for the bank, I also like to keep up to date with new technology which will be needed to keep the arcaded up to date and going.
The business I dead I have chosen to follow is the hot dog stand, I believe it to be the most easily to set up idea and the one that will allow me to make back the starting cost the fastest. I cam to my decision by going through several stages, I started with the self assessment in this section I looked at different factor and how they could affect my business and how each of them could affect me in my business positively and negatively.
I am always up to date with my work, here it will involve making payments and replacing stock so as long as I am up to date with all of this I should not have any problems that will cause difficulties to me. TV, Friends etc, distract me, if I have to do work this will cause a big problem if I do not have my work done in time and I make orders later or payments from the loan I will need it will cause big problems for myself resulting in me not being able to sell, I know it is something I have to do so this should eliminate the possibility of myself getting distracted as I know I need to focus on my work first.
I get on well with other people, this is important as my business will revolve around the customers who come to buy hotdogs from me so it is necessary for me to be friendly so as to hopefully get them to return to buy more. I do not act rashly, this will help as rash decisions can lead to even bigger problems so it is needed that I take my time with business choices even if it means using my free time to ensure I am doing the right thing by my business.
My family give me their full support with work, this helps as it gives me the knowledge that I know if I need help my family will be there to aid me out if I am sick I can ask one of them to open for me that day which saves me from loosing out on sales. I cope well under stress, this will play an important part starting up my business as starting up is very difficult as will not be know by anyone and they will not be aware of the quality of my product, also I will be under stress to make payments on money I know I will have to get the bank to loan me so in slow periods such as winter my sales may go down for a long time.
I give easily when the going gets though, this factor I must completely eliminate as I know it will be difficult starting a business and I know it will work so despite the difficulty I will stick with it as I know it can be very successful. I listen to advice, this is important as getting advice from customers or anyone can help as it is important to get and outside view as it helps to put certain things in prospective and come up with new better ideas to draw in customers. I am not very persuasive, this will hinder me as I need to prove to the bank that my business idea will work so as to ensure I get the loan that I need.
I will take time off when I am ill, even though I will take time off I know I can rely on my family to help me in situations like this allowing myself to recover and to get back to work as soon as I am better. In the skills and talents section I looked at different skills and talents of mine and how each could help me with a business. I play badminton this teaches how to work well with a partner, so If I need to hire and employee I must make sure we get along and work well together for the sake of the business.
I have a good knowledge of Microsoft office programs this will aid me with paperwork that will be needed to be done as it will all have to be typed out and it will help me prepare a presentation for when I have to get a loan. I like to keep up to date with new technology this will help as I will always be on the look out for new equipment that will allow me to become more efficient. I enjoy meeting new people and talking with them, this will help as I will have to get along with new employees my customers and just talking with people you can get ideas from them to help with the business.
From the skills and talents section I went on to making a few brainstorm diagrams with different business ideas, I looked at possible businesses that would be easy to set up and hopefully bring in a good profit. After the brainstorming section I looked at gaps in the market, I looked fro businesses that are not set up here if I was to set up one of these businesses I would have control of the market in that certain business, in both the brainstorming and gaps in each market section I came across the hot dog stand.