Description of business Essay

This entrepreneur will be opening a new business which will operate as a sole trader. The name of this business is CJ’s Seafood joint.CJ’s Seafood joint will operate under the logo â€Å"Come have a mouthful of flavor. Operating as a sole trader would mean that the entrepreneur would make all the descions himself but would also have to carry the responsibilities for himself. The main aim of the business is to have every customer who comes comes through our doors impressed by CJ’s and will be excited to come again,also to create and maintain a surrounding that is comprehensive and exceptional in its attention to every detail of operation.The entrepreneur also wishes to provide a friendly, cooperative and rewarding environment which encourages longterm, satisfying, growth employment.To keep the concept fresh,exciting and on the cutting edge of the hospitality industry. The business will be opened on weekdays 8:00 am to 10:30pm,weekends,9:00 am to 11:30 pm also on public holidays. CJ’s is opened to a variety of different persons and age groups.It would be coveinienient to persons who are working long hours and so does not have the time to prepare a proper meal or even a family who is just looking for somewhere nice and beautiful to have dinner.CJ’s will also serve an as accommodation for catering at dinners,weddings and any other events. Justification of location CJ’s seafood joint will be loctated in Kingston at Ann’s Bay near the sea.The business will do exceptionally well at this location because of its proximity from the sea.Being located near the sea would mean that the raw materials needed for the running of the business would cost less money to transport the raw materials to the business.Also the business will have a dependable source of material this means there will never be a scarcity in production. Secondly, beach scenery would also serve as an attraction for both local and international customers,especially the tourist from which foreign exchange would be gained which means more profits for the business.A beautiful beach scenery would provide a relaxed and calm environment which would entise the customers into returning again and having a god reputation would mean more customers thus more profits. Selection of appropriate labour For this business to be ran successfully,the entrepreneur will need to employ both skilled and skilled workers.The skilled workers in this business will consist of: Two Chefs and one executive chef.These persons will be incharge of the preparation and meal planning of all the sophisticated menus and introducing new ideas which will motivate the customers in returning. 2 Bartenders.These persons would be incharge of making refresging beverages and liquors according to the customers preference. The business will also need 5 Cashiers.They will be incharge of the money made on a daily basis and will play a part in the monitoring of the business’s financial transactions and data. In this business the unskilled are just as important as the skilled workers as they play a vital role in the successful running of the business.The skilled will consist of: 10 Janitors.They will be incharge of the proper maintenance and sanitation of the premises which will give the business a good reputation for its emmaculate maintenance . 4 waiters and 4 waitresses. They will be responsible for satisfying the customers requirements and should try to meet all of them with no animosity and should be patient in dealing with their problems. 10 fishermen.They will be responsible for going out to sea and ensuring that the sea animals needed by the business is always on time and of good quality. Sources of fixed and working capital The business will need both working and fixed capital.The two sources of fixed capital to be used by the business are: A loan of US $300,000 from the National Commercial Bank, to be secured with a mortgage on the entrepreneurs home,which would go towards: the purchasing of new equipement renovating and upgrading the premisis purchasing of more delivery vehicles The second source will be: personnal savings of the entrepreneur of US$10,000 from the Jamaica Mutual Bank which will be used to do the same as the things listed above. The two sources of working capital will be a loan from the bank and personal savings of the entrepreneur .This money will contribute towards: paying salaries paying utility bills pay rent on the premises The money borrowed from the bank will be repaid from the profits accumulated during a period of 10 years of successful business management. Role of entrepreneur The entrepreneur is one who organizes the factors of production to create goods and services. The most suitable location, qualified workers, and the right equipment and machinery will ensure efficient production. It is therefore important for him to make the right decisions concerning the employment of the required resources for his business. He must also make decisions on systems and processes to be applied in the production process.An entrepreneur has many roles/responsibility, three of which are: PLANNING Planning is very important to every venture. It is more important to the entrepreneur’s venture because of the uncertainty of success and less room to make mistake. The entrepreneur’s focus is on the execution side and how to get the product to the market in the shortest amount of time so as to start earning revenue. OPERATING This is where the entrepreneur starts putting all its business ideas into place .He analyzes his ideas and sees if they are going according to planned. Conceptualizing This is where the entrepreneur gains an understanding of the business and what he hopes it will be, Production The action of making or manufacturing from components or raw materials, or the process of being so manufactured.There are three types of production.They include: Primary Production This includes all kinds of extractive industries such as agriculture, mining and fishing. Secondary Production This includes manufacturing such as assembling, refining and construction (building) industries. Tertiary Production This includes all kinds of service industries such as transportation, communication and tourism. The type of production used in the business is primary production.The fishes and other sea animals are extracted from the sea to be made in a finished product to be enjoyed by thousands of customers. Levels of production Production is the action of making or manufacturing from components or raw materials, or the process of being so manufactured.There are three levels of production.These include Subsistence This is the lowest level of production. Subsistence productions refers to output from the production process that is just enough for the survival. This amount of production is therefore not adequate to meet all needs and wants of a family, community or a country. For example, subsistence farming involves the production of crops to feed the family and for survival. Wealth is not created as whatever is produced is consumed. Domestic Production Domestic production refers to production that is more than survival level. It provides output that is enough to satisfy domestic needs and wants. Excess is not available for export. However, production is adequate to supply local demand. Surplus or Export This level of production is adequate to supply local demand and for export. Large industries can produce large quantities of output to satisfy local consumption and earn foreign exchange from export, for example, the sugar and banana industries. The type of production used by CJ’s Seafood Joint is domestic production.The business provides mostly for the local market.There is sufficient demand locally to absorb all the produce. Quality control measures The entrepreneur will make a daily report on the problems or difficulties face on a daily business and implement measures to correct them. The entrepreneur will also be responsible for inspecting the goods carried in on a daily basis to make sure that they are up to standard and are suitable for consumption. Technology In today’s world technology has become one of the fastest advancements.In CJ’s Seafood Joint it will play a vital part in its day to day running. Two types of technology used by the business are a refrigerator and a computer. The refrigerator is responsible for the preservation of foods and beverages.Without the refrigerators,items will start to them rottening resulting in a loss of money and customers due to a bad reputation of rotted foods The computers is most important as it contains all the business’s transactions and data.It provides order and allows information to be accessed easily,without the availability of computers everything will be chaotic. Potential for growth Internally We will be able to expand our initial operation by 80% by our 7th year, however expanding would mean a larger premisis which would require us to go elsewhere for the business to be successful in all its different aspects.We would need to buy additional delivery vehicles also an addition of ten (10) members of staff to share the extra work load.The business would have to move to a similar locatiom,near the sea, so as to not make things difficult in the purchasing and transporting of foods Externally If we can acquire a good record,we might be able to expand internationally,allowing us to open branches in different countries turning CJ’s into a multi-national business .The business would so make more money and foreign exchange,also more exposure for the business. Linkages The business turns raw materials into a delicious produce to be consumed by our customers. Having a backward linkage helps the business in that there is a reduced dependence on imported goods since local suppliers provide the raw materials for the producers.The linkage will allow the business to source fresh produce,to minimize delivery time and transport costs and to maintain a close relationship with the product suppliers to ensure product quality. Government Regulations The business must apply to the Commissioner of Taxes to be a registered taxpayer, the business will earn atleast at least JMD 2,000,000. The application for GCT registration must be submitted within 21 days after taxable activity has started. A temporary GCT certificate will be issued to the company upon receipt of the application for GCT. Documents to be submitted are the following: 1. Completed application for TRN Number Organisations 2. NIS number confirming that the company is not yet liable to National Insurance. 3. Certified copy of Articles of Incorporation 4. Authorisation letter if the TRN application is being made by a third party. The business will be affected by the health and safety regulations ,particulary with regard to oil spills.The entrepreneur must be familiar with all legal requirements for occupational health and safety,and must ensure full compliance. Ethical Issues CJ’s will make the aspect of ethical issues priority as it relates to the development of the business. CJ’S Cuisine will endeavour to do its best in not to be involved in ignoring health, safety and environmental standards. The business will ensure that all these aspects meet the necessary requirement in order to avoid instances such as food poisoning .we will aim to meet a good nutritional standard for all meals,with a balance of proteins and other requirements.