Entrepreneurship Experience Paper

Submitted By jrhart18
Words: 613
Pages: 3

After being in your Entrepreneurship and New Venture class this semester, I am definitely interested in starting my own business in the future. The passion and enthusiasm you showed about the success of your businesses was truly inspiring. I would like to open a restaurant sometime after I retire from hopefully being a CPA. Because I plan to open the restaurant after I retire, I would be present nearly everyday for managerial purposes. One of the main things I will strive to install at my restaurant will be hospitality. As you discussed with us many times, as well as Gary Head when he came to our class, knowing your customers and treating them well will help any business succeed. I want my customers to feel comfortable coming to eat at any time and for any occasion. As manager and owner I would like to get to know my customers on a personal, friendlier level. As we learned in class, Fayetteville has a fairly high failure rate with restaurants so I will probably not locate the restaurant in Fayetteville. I would like to have to restaurant somewhere in the Arkansas Delta, which is where I am from. To help my business succeed I will differentiate my restaurant so that it is incomparable to any other restaurant in the area. Whether I open a steakhouse, or a seafood restaurant, or a supper club, or any other types of restaurant will just depend on what competitors are in the area. I will also look for trends in the current restaurant market to find out what types of restaurants are the most successful. Another strategy in one day opening my own restaurant is targeting the middle to upper-class. I want to open an establishment that is considered to be a higher quality and classier restaurant, so I will target couples making higher incomes. I feel that if I can aim towards building a small, but loyal customer base then word-of-mouth will help generate more and more customers. I mean let’s be honest, people are going to trust their friends’ opinions. If I can get a decent amount of customers at the start of my business, then I will encourage them to spread the word about my restaurant to fellow friends and family members. As I learned first hand with the business plan, any business is going…