To Build or Buy?

User Generated

avpxura247

Writing

Stayer University

Description

Select a small business that you visit often (e.g., coffee shop, bookstore, sporting goods store, etc.). Write a 6 page paper in which you:

  1. Craft a brief (1-2 pages) strategy for a business concept that would directly compete with the small business you selected. Explain the rationale for the strategy in detail.
  2. Determine if it would make more sense to open the new business you describe or to purchase the existing business you selected. Explain your reasoning.
  3. Discuss the most appropriate form of ownership for your new business (assuming your current financial situation).
  4. Outline a business plan for your business. Visit http://www.sba.gov for tools and templates.
  5. Include at least two (2) references outside the textbook.

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Explanation & Answer

Please find attached. Thank you.

Outline
Introduction
Body
Conclusion


Running Head: TO BUILD OR BUY

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To Build or Buy
Name of Student
Name of institution

TO BUILD OR BUY

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To Build or Buy

Due to the convenience that fast food restaurants offer their users, it is the best business
to start especially in a town with many people. The population of the people in the immediate
offices and residential buildings offer the required customer base. Expansion options for such an
enterprise include opening up branches to other towns and cities or introducing new products and
consequently new customers. Another way of expansion would be to offer the business platform
as a franchise so that others who want to join the business can do it.
Strategy for Business Concept
Whether built from scratch or bought, a fast food restaurant is one of the best business
options that can provide big benefits because it meets the needs of the market. People who go to
work or school may not find time to prepare their own food at home and therefore will need to
find food that ready to eat. One of the places that they can find such food at cheap prices is in
fast food restaurants. When starting or buying a business in the fast food industry, the
entrepreneur needs to perform some actions to ensure the success of the enterprise. These actions
and steps are collectively called the business strategy.
The initial step that an entrepreneur would do before setting out to invest his or her
money as capital is to first define the business and the objectives. Vision is a set of the objectives
that he or she hopes to accomplish in the long run. The mission or the business itself is what the
entrepreneur hopes to make a profit by doing. Defining the business vision and objectives or
mission helps financiers and employees know the direction that the business is going (Campbell,
Edgar, & Stonehouse, 2011). When employees know what is expected of the business, in the
long run, they can work towards the achievement of the objectives. In this case, the mission

TO BUILD OR BUY

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might be to offer the best fast foods at the cheapest price while the vision might be to increase
the number of outlets so that customers have more convenience.
The next step is to define the desired or the current competencies. Competencies are
things that a business can do to succeed. It has the advantage of being leveraged widely to
several products. It is also difficult for the competition to replicate or imitate it ...


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