Principles of business

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Principles of businessSchool Based AssessmentTurnbullsrestaurantName: Adrian TurnbullSchool: Excelsior High SchoolCentre #: Territory: JamaicaYear: 2014-15Teacher: Mr. Medley

TABLES OF CONTENT

Introduction1Description of Business.2Roles of Entrepreneur..3Use of Technology..4Potential Growth5Justification of Location..6Selection of Appropriate Labour..7Sources of fixed and working capital8Type of Production.9Levels of Production.10Quality Controls Measures.11Linkages12Government Regulations13Ethical Issue..14Bibliography..15

Introduction

This school Based Assessment is intended to provide an overview of a business Plan for the establishment of a food restaurant by the name of Turnbulls Restaurant. An examination of some of the main structures required for the successful formation and eventual growth of the business will be highlighted.

1 DESCRIPTION OF BUSINESS

Turnbulls restaurant will be a sole trader business and will be catering to both fun-seeking as well as sophisticated diners to satisfy their need for authentic Jamaican foods in a fascinating atmosphere. The menu is Mothers pride. It is a culmination at over 30 years of cooking. The menu includes traditional favourites such as Mothers Beef Patty, Mothers big Burger Mothers Golden fry Chicken Mothers Premium Ice Cream, Mothers baked Chicken etc. These will be differential through the use of fresh ingredients grown by local farmers. Everything will be freshly homemade and prepared daily.

Objectives: 1. Increase sales to 50% by year.2. To make sure all customers are satisfied.3. To make a profit

Mission statement To provide great tasting food and have efficient and friendly service. Dining environment will be welcoming and sophisticated walls will be covered with lovely paintings.

2Roles of entrepreneur

As the entrepreneur of the business I will have the responsibility of ensuring the business venture gets off the ground with the limited resources available. In addition I will have to spend a number of hours working out details, finalising the business plan, meeting with officers, interviewing applicants and other hosts of activities.In accessing funds for the business i will do an analysis to find out how much capital will be needed and will be provided through personal savings, family members, investors and lending agencies.In Organizing, keeping records and documentation, creating a formal structure with activities and authority assigned to different persons. This involves acquiring labour, natural resources, machinery, equipment and premises and organizing these efficiently and making decision on location of places.In monitoring, i need to work closely with his employees so they can make suggestions and give ideas that will improve the business. I should know what is happening in every area of the business so that I can make decisions when necessary.

3USE OF TECHNOLOGY

Computers will be used to monitor the financial aspect of the business and it will help to keep things organised. Touch screen food vendors is another technology that we will use, this is known as the MooBella Creamery Machine. This technology enhances the business by producing 96 variations of cool treats in 40 seconds which helps the business to be efficient and this also gives the customers a lot of choices as not everyone wants to eat the same thing week in and week out. Refrigerators will also be used to keep the goods and the meat fresh so that they dont get rotten or spoiled, this will enhance Turnbulls Restaurant by ensuring that the customers get the best value for their money.

4POTENTIAL FOR GROWTH

Turnbulls Restaurant has the capacity and the potential to grow both internally and externally within the next 5 years.

Internal

The internal growth in the customer base, as words spread about delicious and affordable meals, leading to the returning of customers and new customers on a regular basis. This will require an increase in the number of employees, more specialized work operations and possibly the incorporation of more technology in the business operation to meet the growing needs of the expanding customer base.

External

The potential for expansion externally will involve the opening of branches through-out Trinidad and Tobago, and even in other Caribbean islands. Also plans are in place to place branches in the United States.

5JUSTIFICATION OF LOCATION

This business will require a large and clean area. The business will be located at 206 Half Way Tree. The reason for this location is that Half Way Tree occupies a lot of people daily which ensures that we will have a great deal of customers coming in.

6SELECTION OF APPROPRIATE LABOUR

Turnbulls Restaurant will be employing persons who have the passion for cooking and also assisting people, making sure their needs are satisfied and also making sure the environment is always as clean as possible. The business will employ people who are unskilled, skilled and semi-skilled in the food business. This type of labour is necessary as the workers will be able to cook and prepare a variety of luxurious and delicious meals. Also being able toserve the meals to the customers and cleaning the environment when it is dirty. Eight-teen employees will be employed, six waiters/waitress to serve the meals, seven chefs to prepare the meals and three janitors to clean the restaurant wen dirty. This labour is necessary as customers dont like to eat in a dirty environment.

7SOURCES OF FIXED AND WORKING CAPITAL

Funds will be accumulated through personal savings of 1.3 million and a loan of 500 thousand dollars from the bank. Fixed capital items include tables, chairs, stoves, ovens, freezers, blenders, mixers, refrigerators, cash registers and other business items. These items will be bought from a variety of local and popular stores for quality and proven items. Sources of working capital are loans from the bank which is used to pays wages and also to pay for tools needed to start the business.

8TYPE OF PRODUCTION

Turnbulls Restaurant will be involved in both secondary and tertiary production. The secondary component of the business will be preparing the meals with the use of fresh ingredients such as chicken, fish, flour, vegetables and other ingredients. The tertiary component of the business will be serving the well prepared meals to the customers.

9LEVELS OF PRODUCTION

In this business the level of production will be Domestic production as the entrepreneur will be providing meals to person in the Half Way Tree area and its surroundings. This level of production will provide output that is enough to satisfy domestic needs and wants but excess is not available for export. However it is adequate to supply local demand.

10QUALITY CONTROL MEASURES

In quality control measures the business will ensure that there will be a consistent high quality service, Turnbulls Restaurant will put in measures to maintain high standards. The business will only provide freshly prepared meals and no overnight meals, from hygiene prospective sanitising and cleaning of the kitchen equipment and area. The second quality of control is to bring in a health specialist every week to ensure that the business is in its peak of being healthy and also to check the machinery to ensure that they are above the standard to be allowed to store and cook goods.

11LINKAGES

Backward linkage will be established with this business local producers and supplies of chicken, fish, vegetables, beef and other food sources. This will help the business to ensure steady supply of fresh ingredients. The entrepreneur would also develop credit relations.

12GOVERNMENT REGULATIONS

Turnbulls Restaurant will abide by all the government regulations and guidelines established for business in Jamaica. I owner will register the business as a sole trader with the registrar of business so that the sole proprietor will be legally recognised as a legitimate business. Income taxes will be paid by the owner. Turnbulls Restaurant will ensure that health and safety standards will be maintained by having a health and safety officers are contracted to the firm. There will be no discrimination in hiring and wages will not be below minimum wage. These standards will impact the business by giving the customers a clean and safe area to buy and consume which will encourage the customers to come again and spend more money.

13ETHICAL ISSUE

All spoiled or overnight meals or supplies will be disposed of. This will ensure that the customers get freshly taste meals. Any price increase will be done based on the economy and not the personal feeling of the owner. This will help to its customers to fully understand and appreciate price increase and continue their support to the business. This will also impact the business by encouraging more consumers to come and buy from Turnbulls Restaurant and this will increase the amount of revenue the business will be getting.

14Bibliography

1. (Robinson, K, and Hamil,S, 2011, Carlong Principles of Business for CSEC, Caribbean/Jamaica, Carlong.

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CRITERIA P1 P2 P3 TOTAL

description of the business Type of business Nature of business Objectives/mission statement (any TWO, 1 mark; all THREE 2 marks)

2 2

justification of the location State location (1 mark) Outline three reasons to justify the location (3 marks)

4 4

selection of appropriate labour Type of labour necessary (1mark) Number of persons to be employed and their duties or functions (2 marks) Outline one reason why this type of labour is necessary (1 mark)

4 4

sources of fixed and working capital Identify sources of fixed capital and give examples (2 marks) Identify sources of working capital and give examples (2 marks)

4 4

role of the entrepreneur Define the role of the entrepreneur (1 mark) Outline three functions of the entrepreneur (1 mark each)

4 4

type of production Identify the type of production (1 mark) Describe the type of production (1 mark)2 2

levels of production Identify the level of production (1 mark) Describe the level of production (1 mark)

2 2

quality control measures -Describe two quality control measures the business should adhere to (1 mark each)

2 2

use of technology Identify two types of technology used (1 mark) Outline how the technology used is used to enhance the efficiency of the business (1 mark)

2 2

linkages State the type of linkage to be derived from the business (1 mark) Outline one benefit of that type of linkage (1 mark)

2 2

potential for growth -Explain potential for growth internally and externally (2 marks each)-2 2 4

government regulations identify government regulations that impact on the business (1 mark) explaining how it impacts (1 mark)

2 2

ethical issues -Discuss one ethical issue relating to production, showing how it impacts on the business (2 marks)

2 2

communication of information in a logical way using correct grammar Demonstrates Excellent command of the English Language (3 marks)

Good command of the English Language (2 marks)

Fair command of the English Language (1 mark)

Overall presentation: Title page, Table of contents Bibliography (Sources of information/data) (1 mark)4 4

Total 10 20 10 40