Business Venture Willams Assignment Example | Topics and Well Written Essays - 5000 words

Business Venture Willams - Assignment Example The entrepreneurs have the ability to overcome the obstacles very easily as problems are defined as new opportunities (Thompson and Bolton, 2007) Berglund and Johansson (2007) had proposed that â€Å"there is some of mystification regarding the assumptions that can be attached to the concept of entrepreneurship† (Berglund and Johansson, 2007). There are many researches, which highlights the critical issues experienced by the entrepreneurs during the start-up of the business. Likewise, Black et al (2010) had reported that the personality of the entrepreneurs is different from the general people. The entrepreneurs have the capability to take risk for establishing a new venture. DeNoble, Jung and Ehrlich, (1999) had continuously tried to identify the specific skills that are required for being a successful entrepreneur. Nevertheless, the attempt had turned futile as entrepreneurs have separate capabilities, which help them to become successful in building up their innovative ideas (Berglund and Johansson, 2007). The entrepreneurs have the urge to start a new business venture, which needs both business and financial plans. The ventures fulfil the demand of the common mass and aims at serving them for their own benefit. The entrepreneurs have to take into account a number of factors before they plan for setting a business. This are related to internal and external factors that can affect the operation of the business or they can also harm the success of the same (DeNoble, Jung and Ehrlich, 1999). The entrepreneurs have to make huge investment in order to set up the new venture. Moreover, the new venture also requires work force and the assets, which are essential for the operation for the business. It is observed that most of the new venture lack financial resources during the course of the establishment that results in failure (Katila, 2005). The new business venture does not have credibility with the investors during its set up. The financial resources for the

International Business Research Paper Example | Topics and Well Written Essays - 1000 words - 1

International Business - Research Paper Example The first branch was opened at Miami. Burger King adopted a tradition of quick service which attracted many Burger King made a business strategy with clear goals and objectives that saw it expand rapidly and made more profits than initially following the reduction in the overall sales and profits of the business. They wanted to have a new look, and virtually changed how everything was being run. The plan included strategic analysis of the business environment, identification of the business threats and the opportunities available in the market, extensive advertisements, quality control checkup and good customer relations including introduction of arrange of new food products in the market with even better tastes (Penrose, 1995). Burger King has a number of fast food products that in cooperated different prices. This made more sales to be realized as the customers could find what they were willing to pay for. In addition to this, Burger King prepares its hamburgers with a different me thod from other competitors by introducing the method of flame broiling a part from the usual frying method. This availability of different ways of food preparation captures customers of both methods (Kor, 2003). This popularized Burger King among the lovers of hamburgers leading to a popular theme of you can get it the way you want it. Today, Burger King is one of the leading food restaurants in the whole world. It boasts of around 12,000 outlets in fifty states in the United States of America. A number of these restaurants are located in the USA and is reported to account for nearly two thirds of the restaurants. Its presence is also felt in over 74 countries in the world, bringing to a total of approximately 400,000 employees all over the world. In addition to this, Burger King has a strategy to expand its total operating branches all over the world by between 3-4 percent every year. More profit from the Burger King businesses’ are realized from Canada and US, indicating w here sales are done as compared to the other outlets. For instance, the total value of units sold in the year 2009 from Canada and US was USD 2.54 billion. This trend of Burger King concentrating most of the restaurant branches in the US should change in order to avoid unpredicted threats. For example, if the US laws on taxation change so that business entities are over tax or the purchasing power parity of the US may become low leading to low customer demand which may see prices of food products falling below the equilibrium. Currently there are property rights in the USA but the future is uncertain for any country in the world. Change in politics may also play another factor that may lead to losses when a business concentrates its branches in one country. In addition a strong competitor may emerge in the US backed by powerful sources that can see Burger King run out of their money in the US. Therefore it can be recommended for Burger Kings to look beyond the US market by opening m ore branches in other countries like China, India, Japan other fast coming economies that has seen their economy grow faster than for the US. Burger King continues being successful perhaps in relation to their long time existence in the market characterized by a number of experiences gained in the last fifty years being brought over board. Burger King is a well known brand by millions of consumers to be an entity that always provide exceptional services to its customers besides quality