Dr. Carl Proehl
September 28, 2013
For a successful entrepreneur conducting a highly detailed feasibility study prior to entering into a new venture cannot be stressed enough. A feasibility study is an analysis of a proposed venture that includes extensive investigation and research which is used to support the viability of the venture. The amount of time and research that goes into a feasibility study can save an entrepreneur from making big financial mistake. Feasibility studies can also provide an entrepreneur with important information allowing for the anticipation of future problems along with appropriate corrective actions. This process will be demonstrated by examining my own feasibility study. This study is planned around a small scale startup utilizing minimal capital for what I believe is necessary for this venture to be successful. While using my cash on hand I am more interested in attempting to seek out venture capital, partners, and investors rather than committing to a small business loan. The product of interest is an establishment similar to Dave & Buster’s which will be located in Biloxi, Mississippi. Both new and retro arcade games, along with various types of vending game machines, will offer fun experiences. Food and alcohol will be sold in a restaurant style atmosphere. Arcades serving alcohol are limited to Chucky Cheese and two bowling alleys in this area. In 2005, Hurricane Katrina destroyed the few establishments offering a similar atmosphere. Hurricane Katrina appears to have caused unnatural development of the Gulf Coast area. The closest Dave & Buster’s is eight hours away from Biloxi, Mississippi. Biloxi is a casino town located on the Gulf Coast. The next nearest establishment that is similar is in located in New Orleans, Louisiana over an hour away, the establishment is called Barcadia. Target customers will change with the particular time and day. The establishment will be more geared towards adults, but maintain a family friendly atmosphere during lunch and dinner hours. Late at night target customers will be casino and night life crowds looking for food and fun things to do to occupy their time. Dave & Buster's was able to successfully establish a name brand. Considering the fact that they do not franchise, I think that opportunities still exist, especially in the Biloxi area. In fiscal year 2011 Dave & Buster’s stores had an average annual revenue of $9.8 million (Katje, 2012). Arcades serving alcohol are limited to Chucky Cheese and two bowling alleys in the Mississippi Gulf Coast Area. Prior to the Hurricane casinos on the Gulf Coast were only allowed to have gambling areas located on barges that sit on the beach side of the main highway. The casino’s lost their barges on the beach side of the highway during Hurricane Katrina, but maintained their hotel facilities which are located on land, most of which on the opposite side of the highway from the beach. The state approved casinos to relocate onto land in order to better accommodate them (Solis, 2005). This forced all casinos located in this area to remove their arcades and make room for new casino areas within the hotels. Getting more in depth into the company’s description, the specific name of the establishment is currently being left open for consideration, this is for several reasons. It is common knowledge that in the state of Mississippi a doing-business-as name, also referred to as a DBA, is not required unless your organization is a corporation. Any limited liability company will do, and there are no specific requirements, other than the obvious necessity to trademark whatever is later decided upon. Currently I am seeking investors and partners interested in my venture. Leaving the name open will allow for a little more flexibility. The food and beverage industry in...
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