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Key success factor in operating a business and how to avoid failure
Key success factor in operating a business and how to avoid failure
Key elements of a successful business
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Important elements for operating a successful restaurant Many people dream of running a successful restaurant, but only a few of them make their dreams come true. There are three elements that play important roles in the process of operating a successful restaurant. One of the essential elements is planning, a detailed plan could help you focus on the goal and clear the way. Besides, passion and managing are two other essential components, which could help you to operate a sustainable beneficial business. Planning is important through the whole business. One of the reasons that some restaurants fail is due to lack of planning. Restaurant industry sales in the United States were projected to be $632 billion in 2012, or 4% of the U.S. gross domestic …show more content…
Passion is a strong indicator of how motivated an entrepreneur is in building a venture, whether she/he is likely to continue pursuing goals when confronted with difficulties, how well she/he articulates the vision to current and future employees and whether she/he will be able to influence, persuade, and lead people in growing the venture (cf. Vallerand et al., 2003). A manager’s passion will influence the phenomenon of the business and the behavior of the employees. Passion is also associated with the word “love”. In this case, passion is the love to the catering business, this kind of love can positively affect the people that are involved in the business to provide better products and services, this is how passion turn the intangibles to tangibles. Customers can feel the passion of the products when they are enjoying the …show more content…
According to an interview published on National Public Radio’s Website, the Environmental Protection Agency claims that, “Food waste is now the No. 1 material that goes into landfills and incinerators” (Barclay, 2012). The huge amount of food waste produced by restaurants and the fact that most of the waste is still usable when disposed suggests that restaurants should be making efforts to reduce this type of waste. However, this strategy does not mean to use the cheaper ingredients, lower the labor costs and provide cheap price cuisine, in the contrast, a cheaper price does not represent high quality food and service, restaurant should purchase high quality ingredients and present high quality services which may not be cheap but will match the quality of it. There is a considerable amount of evidence suggesting that reducing, reusing, and recycling waste are beneficial to both the environment and business. Having passion is good for operating a business; however, some critics argue that enthusiasm in business may cause some negative effects and tempt operators to take high risks. In contrast, passion makes operators more focused and dedicated to their business. Taking risks is an inevitable part in doing business; it is passion that gives you courage to take risks and to view failure as a chance to become successful. People with passion face their failure and keep going,
According to Roni Neff, Marie Spiker, and Patricia Truant, up to 40% of all food produced in America is thrown away (Neff, Spiker, & Truant, 2015, p.2). This wasted food is worth hundreds of billions of dollars that is lost each year in the United States alone, and creates many threats to our country. Food waste is an important and widespread issue in the United States because most of the food thrown away is perfectly fine, it could be used to feed the hungry, and the waste hurts the environment.
A wise man once said “Man is only great when he acts from passion.” When you hear the word passion, the first thing that might come to your mind is something related to love, and you’re not entirely wrong. According to Merriam- Webster’s dictionary, passion is defined as a strong feeling of enthusiasm or excitement for something or about doing something or a strong feeling (such as anger) that causes you to act in a dangerous way. All in all, it is a strong feeling, be it happiness, sadness, anger or liberality. You can be passionate about many things such as love, sports, food, or intimacy. However, it can also mean having a strong yearning for something.
In “Do What You Love? #@&** That!” by Jeff Haden, he explains how telling people to do what they love in their career is advice that is disastrous. Haden tells his readers that “That advice has probably resulted in more failed businesses than all the recessions combined…because that’s not how the vast majority of people end up owning successful businesses” (qtd. in Haden 463). Haden also mentions that to feel a real sense of passion you have to produce something important, gain respect for it, and feel control over your life (Haden 463). Not everyone agrees to mix passion and their business life together since some people think it’s two completely different things, but somehow someone’s work life becomes a passion without them realizing it has or without them even trying to make their work life a passion. Haden points out that “Passion is not something you follow. Passion is something that will follow you as you put in the hard work to become valuable to the world” (qtd. Haden 463). Even though not everyone chooses to follow their passion, in some way someone ends up doing something they enjoy and later on possibly love. Everyone has a job, some don’t get to choose the job that they specifically want, but they do choose one over another based on what they’ll enjoy more. People may choose
another 33% in the third year. This means that if 100 new restaurants were to
ABSTRACT. This study explored the perceptions of hospitality undergraduate students towards the restaurant industry as a career choice. One hundred and twenty-one students currently studying restaurant management (internship program) at Helwan University completed a questionnaire rating the importance of twenty factors in influencing their choice of career, and then the extent to which they believed the restaurant industry, as a career, offers these factors. The results revealed that students generally do not believe that a career in the restaurant industry will offer them the factors they find important, as many factors have been identified as being significantly different. The results also indicate that as students get further into their
Many restaurants fail during their first year because of lack of planning and I can tell you this from my experienced that we had three years ago with our first Mexican restaurant. What I have learned from that experienced is to write out a plan and be financially prepared. Do as much research as possible on the location. Look into how much traffic there is? Is it a busy area? Is there enough parking? What businesses are near? Also, look into how much I can afford on the rent and for how long do I want the lease to be and be sure to understand all the details on the lease. Another option is to have a lawyer explain the lease, if I do not understand it and if there is any changes that I can negotiate with the landlord to change. Afterwards,
Passions are something that every individual has, whether it be hobbies, or careers, etc. The definition of passion is, “a strong and barely controllable emotion.” A passion can be anything from a career as an artist, to raising a family. You have passions as a child up until you die, it is something that is a part of our whole life, it is one of the things that keeps lives positive.
Another point of reason I would like to argue about is fast-food restaurants are everywhere and it is difficult for one to find any alternatives. I would also like to ask of the consumers to look at it from another view. There are many choices available to consumers each day some can do harm, while othe...
...ded once they see that the sales will be increasing and tips will be larger. Good staff will increase good public relations which will result in better business. Marketing a restaurant is the most important part in running a restaurant. If a restaurant is not marketed, no one will know about the restaurant causing it to lose money to operate forcing it to close down. Prices on the menu should always be appealing to the restaurant target market and set towards the products on the menu. It is essential that a restaurant develops its staff to the fullest, for a strong staff creates better sales and the public is pleased .
I wonder what negative impact the fast foods industry had on the environment. Nowadays, fast foods industry has become one of the biggest industries in around the world. More and more fast foods restaurants are opened as the number of people who consume fast foods increase. For instance, within a mile where I live, there are more than seven fast food restaurants, and most of people that I know consume fast foods at least once a week. Since we all live under the same atmosphere, if the fast foods industry had negative impacts on the environment, it would affect the well- being of the whole society. For this reason, this is a topic that matters to people all around the world. Therefore, the purpose of this research paper is to learn more about the subject matter, so hopefully I could adjust my eating habits, and influence my friends to adjust their eating habits in order to protect the environment.
The fast food industry is not only good. The foods contain too much fat, salt and sugars. The food is not always what is said to be and uses a lot of packaging. Packaging that will be thrown on the ground, if the food is not eaten within the restaurant. People usually don’t take the time to throw the packaging in the dustbins. The high streets usually have a whole carpet with litter of fast food restaurants. I think that the restaurants can’t be responsible for the litter but the restaurants can do every thing to make their packaging as environmental friendly.
Passion can be used as a path to destruction or a path to life. When it is left unregulated it has a tendency to destroy everything around it in its need to achieve what it desires. Acting on our desires can increase or decrease as we age depending on how we restrict our passions. Yet if we are moral or religious those guidelines set can be used as guidelines and regulations on our passions. They inform us when it is correct to be passionate about something, and they tell us when we must let something go of our passions for our sake and others. In the end our passion does not rule us unless we allow it to.
Passion is the enthusiasm for something. Passion is important for people’s personal sense of wellbeing, it pushes them often to create or make something better. For example if someone is passionate about art, they will do what’s in their power to hone their skills and create something they can be proud of, which gives them a sense of accomplishment. Like “hey, I did something good today.” People can use their passions to help society as a whole, like if someone was very passionate about the subject of homelessness, they might decide to open a homeless shelter to provide positive change. Passion sparks the fire inside people to take action, without it, we wouldn’t complete our endeavors nearly as effectively or be nearly as happy as we could
Passion for Family, Community, Business, Technology and Intellectual growth are what motivate me on the daily basis. These are vital parts that have contributed to framing me into the person I’ve become. They have also shaped my short-term and long-term goals in life. It’s critical for one to have a vision for their life and what they anticipate to accomplish. Without a vision or desire there is no hope for one to continue and to purse anything. My experiences with in my passions have helped me aligned my vision for my life. They have given me the valuable knowledge that have set me up for success to get to this point in life.
Alhanati, J. (2012, 7 20). Follow Your Passions And Success Will Follow. Retrieved 3 9, 2014, from Investopedia.com: http://www.investopedia.com/articles/pf/12/passion-success.asp