DESCRIPTION OF THE BUSINESS
The name of the proposed business is Palmer’s Chocolate Delights. This business will be a sole trader business which will be owned and controlled by Mr. Renardo Palmer. The entrepreneur venture into this type of business because it is easy to manage and control and also because all the profits will generated to him as he is the sole proprietor. Chocolate based products are in high demand and as such Mr. Palmer thought that it would be more profitable to produce goods of that nature. The business specializes in a wide variety of chocolate based products such as doughnuts, cakes, milk, candy etc… The main objective will to be a profit but also to focus on providing employment and pleasing customers in the best way possible.
ROLE OF THE ENTREPRENEUR
An entrepreneur is an individual who organizes and operates a business or businesses taking on financial risk to do so. As an entrepreneur I will have the responsibility of ensuring this business venture gets off the ground with the limited resources I have available. In addition I will have to spend a number of hours working out details, finalizing the business plan meeting with loan officers, interviewing applicants and ironing out problems that may surface at times. In planning for this business I will have to decide on policies and procedures so that I can look ahead and determine the short and long term goals of the business. In organizing for the success of this venture I must ensure that goals will be fulfilled by ensuring that tasks will be clearly defined and adequate resources put in place for workers. I will also be responsible for motivating my employees, because at times discouragement may occur and steps will have to be taken to find ways of giving encouragement and being encouraged. Both financial (bonuses) and non-financial incentives (employee of the month) may be provided to help in motivating all concerns....
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