A Chain Of Coffee Shops "D&N Café": Reflections On The Business Plan

                  D&N Café: Reflections on the Business Plan Name Institution Affiliation                    
D&N Café: Reflections on the Business Plan Summary of Selected Business Idea Our group settled on setting up a chain of coffee shops as the primary business idea. The group members decided that such outlets would be set up close to various Chinese universities. To arrive at this decision, the group members put into consideration several factors such as market size, China’s taxation system, capital, labor force and competition among others (Tucker, 2016). After consultation with the other group members, we decided to name our company ‘D&N café’. D&N café provides a unique experience to its customers. As indicated by the research study conducted by some of the group members, most dormitories in Chinese universities are usually noisy and overcrowded and this may interfere with their private study, especially during the night. Therefore, we decided to capitalize on this and introduce cafeterias that are both quiet and offer high-quality services. Secondly, most of the cafes in China such as Starbuck and Costa, who are the main competitors do not operate on a 24-hour system. As such, establishing cafés that offer overnight services will provide the student with an opportunity study at night in a conducive environment. Establishing a business in China has two main benefits. First, China is one of the most populous countries in the world and this presents a potentially large customer base for our product and services. Further as indicated by our initial research, the student population forms one of the main consumers of our products and services. Thus, establishing café business in China and near the universities is reasonable because of a readily available market. Second, students in China have few options as far as comfortable and a quiet environment is concerned. As such, establishing coffee cafés with study centers guarantee the success of our business in China. The study centers with essential devices such as WIFI will offer an alternative environment from what they are used to. The primary weakness of this business plan is the amount of the funds that will be used to run this business. Setting up a business with the above-mentioned standards will require large amounts of money. The only way to compensate for these huge amounts is introducing high charges for the services and products offered. While the students form the large percentage of the entire market of our products and services, most of them depend on parents for upkeep and they may not be willing to pay high prices.  The process of Idea Initiation Idea initiation was a thorough and lengthy process that involved team members conducting a comprehensive research study on whether China offers a suitable environment for a new business. Some of the things we looked at included the political, economic, environmental, technological, legal and social-cultural factors. These PESTLE elements are crucial because they determine whether the business will thrive in a particular environment or not (Tucker, 2016).    We applied brainstorming strategy to come up with the most feasible business plan. The entire process took approximately one week, where the team members had to dedicate their time every day to discuss the most promising business opportunities that could be exploited. In some instances, non-team members were invited to give their opinions about various business ideas. Members came up with several business ideas, which were thoroughly scrutinized by both team and non-team members. Some prominent businesspersons were also invited to give their views on various business ideas and their feasibility. Following several studies, discussions, suggestions, and consultations, team members decided to establish D&N café in China. Through this process, I had an opportunity to learn about how to start new business both domestically and in the foreign countries. For instance, I discovered that coming up with a viable idea is a complicated process that needs collaboration between people from different backgrounds. Different individuals have different ideas that may be utilized in the formulation of a business plan. Having a large pool of ideas presents an individual or a particular group with an opportunity to choose the best business idea that is most likely to thrive. Even when one decides to establish a personal business it is advisable to welcome ideas from other people because this will help individual consider several factors before implementing a particular idea. Research asserts that many startup businesses fail and only a few of them withstand the competition from larger companies to ...