The Major Business Concepts: Restaurant Style

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Business Concepts: Restaurant Style Since I was about nine years-old, I have always wanted to own my own restaurant. I am currently taking the steps needed to achieve my goals. While in college, I have learned so much about business and all the different types. I realize that I cannot just open my restaurant overnight, so learning and observing everything that I can will benefit me in the long run. So far the major business concepts of owning a restaurant are: forms of business ownership, competitive environment, supply and demand, employee supervision and ethical decision making. Observing these five business concepts, one will be able to better understand how to succeed in not only opening a restaurant but any business. When opening any …show more content…
Frisch (2015) states the restaurant owner will want to get to know the boundaries of the area in where the restaurant will be, include looking at the radius, geographical barriers, economic barriers and behavioral barriers. Make sure to check out the competition as well. For example, what is the competition serving, what are they doing well, and where do they need improvements. One should make notes about their findings to use for competitive reasons. Frisch (2015) also reveals that one should get to know the location of where the restaurant will be. The potential restaurant owner should observe and ask themselves if the restaurant is visible, are the streets visible enough to get customers inside, is the area going to attract the type of customers it wants. Along with the competitive environment, supply and demand will need to be met accordingly. Supply and demand is different for restaurants than other types of businesses. As the supply is the number of restaurants in a given area. Whereas, demand is the customers. In order to equal the two out, to benefit the restaurant, one needs to figure out what the customers want to eat and how much money they want to spend on food. Also, how many restaurants are in the area, what types of restaurants they are and how busy the area is. All of these factors will determine the supply and demand for any given area. An area where the demand is greater …show more content…
Employee supervision is also important to ensure employees are doing their jobs correctly and efficiently. Parpal (2015) claims that these tips will help with restaurant management. By keeping a record of the labor, food and waste, it will help manage costs. Ensuring that the restaurant is known by using different types of advertisements and promoting. Guarantee that the food is made and stored properly also, by offering quality food and beverages. Employees should treat every guest as royalty and make them welcomed. Be sure to hire people who are motivated and can have fun while working hard also, who will allow for trust between employees and create a positive environment. Motivate employees with incentives to keep them hardworking and still having fun on the job. Being a positive role model for the employees, as they look up to their supervisors. Follow policies and procedures and discipline when necessary. Lastly make sure to reward employees for all that they do, especially when the go above and beyond expectations. By following these tips that Parpal had mentioned, the restaurant will exceed in employee supervision. Now we can focus on the fun part of making ethical

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