Reflection on the activity
First, I draw out the plan of opening my startup small scale restaurant in Australia. I proposed an initial plan and posted explaining my goals and sub goals and posted in the discussion forum. Based on the feedback I received from the discussion forum I updated my goals and sub goals which can be found in Appendix 1. To achieve my sub goals, I may face various challenges and issues and have possible solutions for those obstacles and issues (Refer Appendix 2). For achieving those goals, I arrange and modify them as more realistic, achievable and I also set a time frame (around 30 months) to achieve them. The explanation regarding that can be found in Appendix 2. I also provide feedback to two of my peers who posted their goal in the discussion forum (see appendix 3) and I hope my feedback can help them as well.
Reflection on the process:
Based on the discussion with my peers, I have taken my goal and transformed them into Measurable and realistic and must be achieved within a time frame.
1. My goal is sustainable as upon discussion I have decided to change my fundraising strategy. Previously I had decided to approach banks and financial institutions for a loan also I will take a loan from informal sources like friends, family etc. (Hildebrand et al. 2017).
2. I have laid out the steps that build towards the final goal. Each step like raising funds, meeting legal requirements, etc. have measurable parameters to allow proper control.
3. My goal is not far-fetched and is quite achievable. In this modern-day many provisions have been made to encourage young entrepreneurs to launch their ventures. I plan to leverage those benefits and launch my venture in the relatively small-scale restaurant industry.
4. My goal is realistic; I do not expect overtly profitable scenarios from day one. By employing proper strategies, I simply wish to break even in the initial year. Tools for break-even analysis will greatly help in this regard. If I incur no losses, I will consider my venture a success.
5. My goal has its time-bound and chronologically mapped. Based on external forces like time lag in getting a business license, setting up vendors, etc. a realistic timeline has been decided as two years minimum. Launching anytime within 30 months is a success in my books.
Launching by Self: This is the way I have always visualized opening my restaurant. This pathway takes me on a journey of self-realization and knowledge gathering to better myself. To open a restaurant business from scratch on my own, I need to properly educate myself on a large array of topics. The subject matter will range from all verticals of Finance, Operations, Marketing, and Human Resource management. I need to be reasonably confident of my skills so I can project that to the outside world. Immediately after gaining the proper knowledge, they will be put to the test in the real world. I have a clear vision of what I wish to achieve, and the purpose of upskilling myself is to rise to the challenge when the occasion demands.
Seeking Strategic Partner: An option to reduce the risk involved in a new venture is by seeking out a partner. It would be an ideal scenario if my enthusiasm and vision can be realized with the technical knowledge of an industry veteran. This will help me learn a lot in the form of on-the-job training (Luthans et al. 2006). Also as my peer suggested I can hire a manager with a good experience background in the hotel industry with a lucrative salary
Proper Networking: The world of business is based upon connections. To properly realize my dream, I have to indulge in networking with the right brand of people. Many information that is not available commonly can be derived from the life experiences of people in the same field. Networking will also help in gaining a greater depth of understanding of how the business mechanism functions (Luthans et al. 2006). Also, for the competition, I planned to take measures that explained in appendix 1. Also, from the assessment for promotion, I think I will go for digital marketing and promote my restaurant online.
Hildebrand, T, Puri, M & Rocholl, J 2017, ‘Adverse Incentives in Crowdfunding’, Management Science, vol. 63, no. 3, pp. 587-608.
Luthans, F, Avey, JB, Avolio, BJ, Norman, SM & Combs, GM 2006, ‘Psychological capital development: toward a micro-intervention’, Journal of Organizational Behavior, vol. 27, no. 3, pp. 387–393.
Appendix 1: Updated Goals
Main goal: ‘To launch a new start-up by opening my restaurant in Perth, Australia’.
Sub Goals: Self-Competency, Proper Networking, Sourcing of Funds, Legal Requirements.
Being an entrepreneur is not as easy as it may seem. A business owner must be capable enough to smoothly function all arms of the business. I have to identify within myself the characteristics that define me and work on projecting them outward into the world. It is simply a process of upskilling myself to realize my goals.
2. Proper Networking:
The world of business is based upon connections. To properly realize my dream, I have to indulge in networking with the right brand of people. Networking will also help in gaining a greater depth of understanding of how the business mechanism functions.
3. Sourcing of Funds:
For opening a restaurant, I came to understand that I need a large amount of capital investment that can help me to build a restaurant that delivers customer needs and demands. Also, a detailed business plan required based on the target market, demographics that involves various strategies in all levels of business.
4. Legal Requirements:
This is quite a crucial and mandatory step in achieving my goal. Legal requirements include safety policy, waste management, environmental policy and other various trade policy and restaurant and service industry policy that I need to adhere.
Appendix 2: Pathways
Working as a proprietor means I will have to communicate with a vast range of people, from suppliers to employees to customers. It is one of the behavioural obstacles that I need to overcome.
Many information that is not available commonly like financial market trends, industrial approach, etc. Also, it is an intensely competitive industry that also affects my motivation to achieve success.
Without the implementation of proper policy, my restaurant can lead to various legal turmoil and such can affect my venture plan even leads to shutdown of my project.
To overcome such behavioural obstacle, I need to upgrade my communication skills. I also need to work on my sensitivity training and learn to increase my emotional quotient
Such information can be derived from the life experiences of people in the same field. Success stories from other dreamers and entrepreneurs will help me stay motivated and bring life to my project. I will also get a sneak peek behind the curtains of the restaurant industry and visit other restaurants regarding their menus and services they offer. As I already decided that I am going to open restaurant in Perth, Australia, I am going to contact the local banks and financial institutions to choose the one with the lowest interest rate and relaxed terms and conditions for a business loan. I am also considering taking money from family and friends as introductory capital I need to educate myself on the various laws and regulations need to follow in Australia and register the restaurant in ASIC that govern this industry. I need to submit the proper documentation to generate a business license and pass additional health and safety checks, meet fire safety regulations, etc.
Specific My specific goal is to open my own Restaurant.
Measurable The goal is measurable as it is broken down into small traceable tasks to achieve.
Attainable The business is attainable as there are many provisions offered for small time business owners to launch their ventures.
Realistic The business is realistic as the only goal for the first year is to simply break-even.
Timely The goal is timely and the expected lead time to meet all regulations and launch business is 24 months.
Appendix 3: Feedback to peers
I must say that is a very smart goal to have. You have a clear understanding of why you need to purchase a car. You also have a clear idea of how to manage your finances. I would simply advise you to try and save as much as possible. Diksha your primary objective has already been set at saving one thousand dollars per month. If you manage to streamline some other finances and save a bit more you can counter both the obstacles that may cause a hindrance. I wish you good luck and hope you drive safely in your new Toyota Camry.
I like to say that I am very impressed by the choice you’ve made. To actively work at a job and maintain an excellent educational track record must be quite difficult. I will simply opine that you have chosen the right strategies to counter your obstacles and achieve your goal of a 5.0 GPA. Properly manage your time, have strict daily deadlines that you must meet, and soon you will witness performing at such efficiency that you have previously thought impossible. Also, it is a mature decision to spend less on frivolities and entertainment like parties. You are on the right track towards the scholarship, just focus and you will achieve your goal. I wish you the best of luck and success in your future. I hope my feedback will help to achieve your goal.
Reflection on the activity