In the textbook, “Business Essentials”, the fourth chapter is dedicated to the explanation of entrepreneurship. It talks of the process, the resources, and the type of person who can be capable of being successful in this area of business. The article, “How I turned a struggling Lebanese restaurant into a successful 20-outlet chain” is the story of Mohamad Fakih, and his journey of being involved in entrepreneurship. Mohamad Fakih would be described as man that is an intrapreneur. He bought an already existing restaurant and evolved from it various business ventures, such as a shawarma franchise, a butcher shop and numerous food chains, that consumers would buy into. What Mohamad did with his restaurant, Procter & Gamble did when they created
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Once the entrepreneur is identified, next comes identifying the opportunity. It is a step that requires the need to generate new ideas, improving old ones, creating new products or services and then screening them all to develop the best ones. In this step Mohamad understood that he wanted to change the perception society had about shawarma and make Lebanese food more accessible to be normal. Compared to the past he has developed a new stigma about this cuisine that has made into a more mainstream meal compared to before. He was a new innovator who saw something that society had not yet tried and succeeded in bringing it about. Mohamad Fakih saw that the venture would be something that adds value for customers because halal restaurants are hard to come by, especially ones with good reputations. Due to the number of individuals who consume halal meat, his restaurant had a competitive advantage that was sustainable. He must have also been successful because he understood the market, and what kind of demands would be met. One of his six tips in growing and running his own franchise was to understand the numbers and to make sure that they make sense. Accessing resources is the final step in …show more content…
The possibility of being one’s own boss, and making incredible amounts of money are the biggest reasons for motivation. Although, not every small business works out, there have been some specific factors that can be important in a business’ success or failure. A common factor that both the textbook and Mohamad Fakih believe in, is the need for dedication, hard work and drive. The new owner of his own restaurant knew that he consistently had to keep up the same standard of work ethic. One day his food could be fantastic, but if the next day it wasn’t that is just unacceptable. His first few years in the start up phase were not an easy task to accomplish, much the same way that the textbook puts an emphasis on a small-business owners success is based off of their level of commitment. There needs to be an understanding that there are not any shortcuts to success, and that for some people it might take a while to reach what they desire. Managerial competence is another big factor in ensuring success for a small business. Victorious small businesses should have a solid amount of knowledge when it comes to managing a business. Some may even hire the advice of an expertise, such as the way that Mohamad had hired a mentor that knew franchises in more depth than he initially did. The help that his mentor gave was a reason for minimized issues that are common in the development of businesses. It is
Once the entrepreneur is identified, next comes identifying the opportunity. It is a step that requires the need to generate new ideas, improving old ones, creating new products or services and then screening them all to develop the best ones. In this step Mohamad understood that he wanted to change the perception society had about shawarma and make Lebanese food more accessible to be normal. Compared to the past he has developed a new stigma about this cuisine that has made into a more mainstream meal compared to before. He was a new innovator who saw something that society had not yet tried and succeeded in bringing it about. Mohamad Fakih saw that the venture would be something that adds value for customers because halal restaurants are hard to come by, especially ones with good reputations. Due to the number of individuals who consume halal meat, his restaurant had a competitive advantage that was sustainable. He must have also been successful because he understood the market, and what kind of demands would be met. One of his six tips in growing and running his own franchise was to understand the numbers and to make sure that they make sense. Accessing resources is the final step in …show more content…
The possibility of being one’s own boss, and making incredible amounts of money are the biggest reasons for motivation. Although, not every small business works out, there have been some specific factors that can be important in a business’ success or failure. A common factor that both the textbook and Mohamad Fakih believe in, is the need for dedication, hard work and drive. The new owner of his own restaurant knew that he consistently had to keep up the same standard of work ethic. One day his food could be fantastic, but if the next day it wasn’t that is just unacceptable. His first few years in the start up phase were not an easy task to accomplish, much the same way that the textbook puts an emphasis on a small-business owners success is based off of their level of commitment. There needs to be an understanding that there are not any shortcuts to success, and that for some people it might take a while to reach what they desire. Managerial competence is another big factor in ensuring success for a small business. Victorious small businesses should have a solid amount of knowledge when it comes to managing a business. Some may even hire the advice of an expertise, such as the way that Mohamad had hired a mentor that knew franchises in more depth than he initially did. The help that his mentor gave was a reason for minimized issues that are common in the development of businesses. It is