Description of business Essay

This enterpriser go out be opening a new handicraft which allow operate as a sole trader. The name of this vocation is CJs Seafood joint.CJs Seafood joint will operate under the logo Come amaze a mouthful of flavor. Operating as a sole trader would mean that the entrepreneur would make all the descions himself but would also have to bunk the responsibilities for himself.The main aim of the byplay is to have every customer who comes comes through our doors impressed by CJs and will be excited to come again,also to give and maintain a surrounding that is comprehensive and exceptional in its attention to every detail of operation.The entrepreneur also wishes to provide a friendly, cooperative and recognise environment which encourages longterm, satisfying, growth economic consumption.To keep the concept fresh,exciting and on the cutting edge of the hospitality industry.The backing will be opened on weekdays 800 am to 1030pm,weekends,900 am to 1130 pm also on public holidays. CJs is opened to a variety of different persons and age groups.It would be coveinienient to persons who are on the job(p) long hours and so does not have the time to prepare a proper meal or even a family who is still looking for somewhere nice and beautiful to have dinner.CJs will also serve an as accommodation for catering at dinners,weddings and any former(a) events.Justification of locationCJs seafood joint will be loctated in Kingston at Anns Bay near the sea.The business will do exceptionally well at this location because of its proximity from the sea.Being located near the sea would mean that the raw materials needed for the running of the business would cost little money to transport the raw materials to the business.Also the business will have a dependable source of material this means there will never be a scarcity in production.Secondly, beach scenery would also serve as an attr fulfil for twain local and international customers,especially the tourist from which f oreign rallying would be gained which means more profits for the business.A beautiful beach scenery would provide a relaxed and calm environment which would entise the customers into returning again and having a divinity reputation would mean more customers thus more profits.Selection of appropriate labourFor this business to be ran success well(p)y,the entrepreneur will need to employ both skilled and skilled workers.The skilled workers in this business will consist ofTwo Chefs and one executive chef.These persons will be incharge of the preparation and meal readiness of all the sophisticated menus and introducing new ideas which will motivate the customers in returning.2 Bartenders.These persons would be incharge of making refresging beverages and liquors according to the customers preference.The business will also need 5 Cashiers.They will be incharge of the money made on a daily basis and will play a part in the monitoring of the businesss financial transactions and data.In t his business the unskilled are just as important as the skilled workers as they play a vital role in the successful running of the business.The skilled will consist of10 Janitors.They will be incharge of the proper maintenance and sanitation of the set forth which will give the business a good reputation for its emmaculate maintenance . 4 waiters and 4 waitresses. They will be responsible for satisfying the customers requirements and should try to recreate all of them with no animosity and should be patient in dealing with their problems. 10 fishermen.They will be responsible for going out to sea and ensuring that the sea animals needed by the business is always on time and of good quality. Sources of fixed and working capitalThe business will need both working and fixed capital.The two sources of fixed capital to be used by the business are A loan of US $300,000 from the National Commercial Bank, to be secured with a mortgage on the entrepreneurs home,which would go towards the p urchasing of new equipementrenovating and upgrading the premisispurchasing of more delivery vehiclesThe second source will bepersonnal savings of the entrepreneur of US$10,000 from the Jamaica Mutual Bank which will be used to do the same as the things listed above. The two sources of working capital will be a loan from the bank and personal savings of the entrepreneur .This money will contribute towards paying salariespaying utility billspay rent on the expoundThe money borrowed from the bank will be repaid from the profits accumulated during a period of 10 years of successful business management. Role of entrepreneurThe entrepreneur is one who organizes the factors of production to create goods and services. The most suitable location, qualified workers, and the right equipment and machinery will ensure efficient production. It is therefore important for him to make the right decisions concerning the employment of the required resources for his business. He must also make decisio ns on systems and processes to be applied in the production process.An entrepreneur has many roles/responsibility, three of which are provisoPlanning is very important to every venture. It is more important to the entrepreneurs venture because of the uncertainty of success and less room to make mistake. The entrepreneurs focus is on the execution side and how to get the product to the market in the shortest amount of time so as to start earning revenue. runThis is where the entrepreneur starts putting all its business ideas into place .He analyzes his ideas and sees if they are going according to planned. ConceptualizingThis is where the entrepreneur gains an understanding of the business and what he hopes it will be, achievementThe action of making or manufacturing from components or raw materials, or the process of being so manufactured.There are three types of production.They includePrimary ProductionThis includes all kinds of unneededctive industries such as agriculture, min ing and fishing.Secondary ProductionThis includes manufacturing such as assembling, refining and construction (building) industries.Tertiary ProductionThis includes all kinds of service industries such as transportation, communication and tourism.The type of production used in the business is primary production.The fishes and other sea animals are extracted from the sea to be made in a spotless product to be enjoyed by thousands of customers.Levels of productionProduction is the action of making or manufacturing from components or raw materials, or the process of being so manufactured.There are three levels of production.These include SubsistenceThis is the lowest level of production. Subsistence productions refers to output from the production process that is just enough for the survival. This amount of production is therefore not capable to stand all needs and wants of a family, community or a country. For example, subsistence farming involves the production of crops to feed t he family and for survival. Wealth is not created as whatever is produced is consumed.Domestic ProductionDomestic production refers to production that is more than survival level. It provides output that is enough to satisfy domestic needs and wants. Excessis not available for export. However, production is adequate to supply local demand.Surplus or ExportThis level of production is adequate to supply local demand and for export. Large industries foundation produce man-sized quantities of output to satisfy local consumption and earn foreign exchange from export, for example, the sugar and banana industries.The type of production used by CJs Seafood union is domestic production.The business provides mostly for the local market.There is sufficient demand locally to absorb all the produce.Quality control measuresThe entrepreneur will make a daily report on the problems or difficulties face on a daily business and implement measures to correct them. The entrepreneur will also be resp onsible for inspecting the goods carried in on a daily basis to make sure that they are up to standard and are suitable for consumption.TechnologyIn todays world technology has become one of the fastest advancements.In CJs Seafood Joint it will play a vital part in its day to day running. Two types of technology used by the business are a refrigerator and a computer. The refrigerator is responsible for the preservation of foods and beverages.Without the refrigerators,items will start to them rottening resulting in a loss of money and customers due to a bad reputation of rotted foods The computers is most important as it contains all the businesss transactions and data.It provides order and allows information to be accessed easily,without the availability of computers everything will be chaotic.Potential for growthInternallyWe will be able to go our initial operation by 80% by our 7th year, however expanding would mean a larger premisis which would require us to go elsewhere for the business to be successful in all its different aspects.We would need to buy additional delivery vehicles also an addition of ten (10) members of staff to share the extra work load.The business would have to move to a similar locatiom,near the sea, so as to not make things difficult in the purchasing and transporting of foods ExternallyIf we can acquire a good record,we might be able to expand internationally,allowing us to open branches in different countries turning CJs into a multi-national business .The business would so make more money and foreign exchange,also more exposure for the business.LinkagesThe business turns raw materials into a delicious produce to be consumed by our customers. Having a backward gene linkage helps the business in that there is a reduced dependence on imported goods since local suppliers provide the raw materials for the producers.The linkage will allow the business to source fresh produce,to minimize delivery time and transport costs and to maintain a close relationship with the product suppliers to ensure product quality.Government RegulationsThe business must apply to the Commissioner of Taxes to be a registered taxpayer, the business will earn atleast at least JMD 2,000,000. The application for GCT alteration must be submitted within 21 days after taxable activity has started. A temporary GCT certificate will be issued to the company upon know of the application for GCT. Documents to be submitted are the following1. Completed application for TRN Number Organisations2. NIS number confirming that the company is not yet liable to National Insurance. 3. prove copy of Articles of Incorporation4. Authorisation letter if the TRN application is being made by a third party. The business will be affected by the health and safety regulations ,particulary with regard to oil spills.The entrepreneur must be familiar with all legal requirements for occupational health and safety,and must ensure full compliance.Ethical IssuesCJs will mak e the aspect of ethical issues priority as it relates to the development of the business. CJS Cuisine will endeavour to do its go around in not to be involved in ignoring health, safety and environmental standards. The business will ensure that all these aspects meet the necessary requirement in order to avoid instances such as food poisoning .we will aim to meet a good nutritional standard for all meals,with a balance of proteins and other requirements.