Table of ContentsWhat do you believe are your strengths and weaknesses as a potential business owner?Part B: Analyzing a Successful BusinessStrengthsWeaknessesOpportunitiesThreatsPart C: Ownership 'businessAdvantages:Secrecy:- Entire business secret maintained by the sole proprietorship.Disadvantages:Advantages;Disadvantages:Incorporation, including a sole proprietorshipDisadvantages of incorporationAdvantages of franchises;Disadvantages of franchises;Specialized forms: cooperatives and joint ventures : -Cooperatives: -JV becomes a new creature with the following implications:Mergers and acquisitions:Advantages of mergers and acquisitions: -Disadvantages: -What do you believe are your strengths and weaknesses as a potential business owner?Every business has strengths and weaknesses, my restaurant's weaknesses and strengths are described below. ;Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayForces; Strengths are the positive views or particular properties or skills that confer a notable advantage in the marketplace. Good customer service Well trained staff and educated cook Free home delivery options to necessary people or customers Flexible working hours, restaurant will be open till late to provide good services. serviceWeekend specials, like buffets Neat and clean space, air conditioning Providing good food that no other restaurant offers More options or dishes in the menu Weaknesses: Weaknesses are negative angles or inadequacies in capabilities or current assets of the association which limit its viability. This is the best way to improve the company if you build on its weaknesses. Less space in the dining room Some menu items are not available. This is not an appropriate way to track records. What will you do to maximize your strengths and minimize your weaknesses? the strength of the restaurant, I will focus more on certain points. First of all, you need to update the customer service to achieve better results by taking a customer survey or asking them questions while they are in the restaurant, for example, do you like the food, how it was, what do you think of the staff and customer service etc. In addition, it is necessary to offer more home delivery options and accept online orders, presenting more options in the food menu than other restaurants. It is necessary to offer more weekday deals, such as a lunch buffet as well as deals on food and children's toys, this can help build customer loyalty for the restaurant. Need to organize charity events, again this will help build customer loyalty. Other restaurants' prices are high, so the prices must be too low in my restaurant to attract more customers and everyone can afford the food. And to maximize my weaknesses, I need more space in the dining room. Customer service would be the top priority and every food should be available on time, so that customers can enjoy the food or any food on the menu. Also, there needs to be a proper way to maintain all the records like quantity of food required, wastage, profit, loss, employee records. I will try to provide more training to staff, this will improve customer service. And the restaurant will offer more accommodations for people or customers with disabilities. A takeaway system will be available, soso customers can enjoy the food at home and online ordering service will be available. Funds will be available. Effectively define wants based on what the consequences might be so everyone understands the effect on customer loyalty. No one can run a business with customers, if you don't respect your customers then competitors can direct customer interactions towards them. Offering a portion of your restaurant's products, such as a portion of salad dressings or prepared goods, that individuals can purchase and take home is an opportunity.Part B: Analyzing a Successful BusinessCostco and its subsidiaries began operating in 1983 in Seattle, Washington. It is engaged in the operation of member warehouses in the United States, Canada, United Kingdom, Mexico, Japan, Australia and Spain. The company has performed well in recent quarters as it enjoys strong demand from U.S. and international customers, although the strengthening U.S. dollar has tempered international results. Notable categories include fresh food, which saw low double-digit growth in the first fiscal quarter of 2015 (ended November 23, 2014), food and miscellaneous (high single digits), and produce hard (single digits in the middle). The drop in gas prices had a mixed effect on results. Gas represents more than 10% of COST's total sales, and the company offers some of the lowest average gas prices in the country. But with gas prices falling, many customers aren't as concerned about finding the best deal. Highlights The company offers exceptionally low prices on for all intents and purposes every store or service offered in its stores and on its site. Costco has rapid inventory turnover coupled with high transaction capacity, which contributes to higher revenue. High transaction capacity promises high revenues regardless of low supply costs. High transaction capacity adds to high work efficiency. Greater work efficiency is achieved through the minimization of variable expenses. Variable expenses decrease when capacities are higher. At the moment, it is not focusing its efforts on increasing costs, but rather on maintaining recognition among its individuals as an "assessment specialist" or reliably giving the most targeted costs . These bring customers back to the warehouse because they have the confidence that they are actually getting the best price on a wide range of items. The organization has a healthy financial position and also gives excessive income to the customers. The company becomes the majority among its customers and the number of customers also increases. Weaknesses Costco's main shortcoming is participation in the distribution center club's retail action plan. This model incentivizes customers to shop at Costco stores, while limiting the total number of customers. Non-parts shoppers may feel boring at Costco stores. The association is limited to the restricted group of products and companies. Customers can go to different stores like Walmart, which has a wider range of inventory and companies. The association must try to attract a younger clientele, which is a business clientele that is more savvy on the Web. We examine this open door in more detail below. Costco sells many products under the Kirkland private label. This depends entirely on the economics of the US and Canadian procedures. The company mustfacing extreme competition in the market and the execution of part of the industry as a whole is also disrupted. Opportunities Lately, the administration has found a way to attract younger customers to its stores. These customers, aged 19 to 34, are expected to drive longer-term transactions and profits at Costco. The association attracts these customers in different ways. The company has the opportunity to enter new markets, for example by advertising in developing Asian countries. Costco has the opportunity to expand the reach of its Internet shopping sites. The organization has an incredible opportunity to tap into the global market and can expand its business in growing economies. The organization currently offers online administrations in the United States, Canada, United Kingdom, Australia, Mexico, Taiwan, South Korea, Japan, and Spain. The organization also has the opportunity to expand the range of its products and services to improve the appeal of Costco stores to a more diverse population of shoppers. The organization has also used advancements, including Living Social, which are expected to attract a younger demographic. It also offers more natural foods, which will also appeal to a younger, more health-conscious customer. The organization should successfully begin advertising efforts and should begin implementing customer-focused administrations to become increasingly visible. ThreatsWork relationships are not great in Canada, this needs to be fixed to increase sales and provide good customer service. Many other private stores have now started to complement the other wholesale stores as best they can. The adoption of new listings at retail gun storage centers weakens Costco's ability to gain traction in foreign markets. In overseas markets, new registration supply center clubs are opening. While they're not particularly picky about Costco, some online retailers like Amazon (AMZN) offer a range of easy, high-quality items with delivery choices that are hard to beat. Organizations like this have now established the scale and fulfillment forms, so Costco needs to think about how to use e-commerce and move forward in this space to better deal with these behemoths of business, primarily in the event that they choose to fight all the most directly with Costco in the food business.Part C: Business OwnershipDescribe the advantages and disadvantages of each of the following forms of business ownership in relation to your idea Business:o Sole ProprietorshipSole proprietorship is one of the simplest ways of business through which you can easily operate the business. In this, the person who owns the business is responsible for the det. The sole proprietorship is the most common form of business due to its simplicity of setup. Advantages: The manager enjoys all the advantages: - As a manager, he has all the basic control over the entire company. They do not need to answer to shareholders or the board of directors on the management of the company. No exceptional tax collection: - A sole proprietorship does not have to pay corporate tax. They only have to pay their income tax which is essentially based on their personal income. Simplicity of disintegration: - The sole proprietorship is the person who is responsible for managing the schedule. They can also close the business at any time. There is no time limit for any type of business activity.Secrecy: - All business secrets maintained by the sole proprietorship. Disadvantages: Only one person is responsible for all losses. A Sole Proprietor One who decides the majority of choices without any help in a business might be worried about this liability. One person should assume all responsibilities. Partnership: A partnership is an unmerged business that is formed between two or more individuals. In a partnership, your financial assets are joined with those of your business partners and invested in the business. Advantages: Easy to solve financial problems or start a new business. Losses and profits divided into two or more partners. Partners share responsibility for managing and operating the business. To make better decisions, partnership will be helpful. Disadvantages: Sometimes profit sharing can create a problem. For example, one person invests more money and the other gives more time, then it will be difficult to share the profits. Your partner doesn't have to be loyal to you or the company. Sometimes partners have different ideas to manage. a business, this can lead to a breakdown in communication and the impact will be detrimental to the business. Incorporation, including a sole proprietorship A corporation, also known as a limited liability company, is a legal entity separate from its members. of incorporation Management has good technical skills to communicate. Ownership or ownership names can easily be transferred to another person. Easy to raise capital from investors or capital sources. Shareholders are not responsible of debt.Tax rates are lower than individual tax rates.Disadvantages of incorporationNeed a lot of money to incorporate the business.More expensiveMore rules and regulations, to run business in any jurisdiction or province.Franchise: Franchises come in all sizes, including McDonald's, the world's largest foodservice retailer, with 33,000 restaurants in 119 countries and more than 1,400 in Canada employing more than 80,000 people. Canadians. Chances are, you deal almost daily with one of the more than 700 franchise systems in Canada. When you have lunch at Tim Horton's or Pizza 73, use the services of an Expedia Cruise Center, get your car repaired at Midas or Mr. Lube, or purchase affordable candles or wo more, in each case you do business with a franchised company.Advantages of franchises; Easy to raise startup funds. Advantages of advertising, the franchisor can help with advertising to promote or expand the business. This will help in choosing the brand name, which is very well known among the customers to advertise the product. Good team and management training is provided by the franchisor. Disadvantages of franchises; Fewer product sources or to only serve limited products. Loss of freedom to control management or less control over franchisees than over company employees. Some franchises require franchisees to only purchase from the franchisor, so you can tell, the restrictions on purchasing something. Specialized forms – cooperatives and joint ventures: -Cooperatives: -Cooperatives are defined as an independent group of individuals voluntarily collaborating in pursuit of social, cultural and economic objectives. A cooperative is equally owned and managed by all members, and control is formed democratically. Cooperatives are fundamentally autonomous and rely heavily on.