Entrepreneurship (Research Paper Sample)

Table of Contents TOC \o "1-3" \h \z \u 1.Introduction PAGEREF _Toc73644285 \h 22.Marketing Feasibility PAGEREF _Toc73644286 \h 33.Organizational Feasibility PAGEREF _Toc73644287 \h 74.Basic Financial Requirements PAGEREF _Toc73644288 \h 105.Socio-Economic Impact PAGEREF _Toc73644289 \h 116.Conclusion PAGEREF _Toc73644290 \h 12References PAGEREF _Toc73644291 \h 13
1 Introduction
According to Pew Research, youngsters have surpassed gen x as the biggest surviving generation system. Youngsters are more sociable and active than past generations, preferring to meet up with friends for coffee in chic, public settings, which is boosting the growth of high-end cafes. According to the statistics, coffee is becoming more popular among people of all ages. Coffee is consumed more than 600 million cups each day in the United States, with annual retail sales exceeding $47 billion. As an outcome, Esspressit is concentrating on providing coffee shops with workstations as a substitute to typical coffee shops with only seats and tables for meals. Under the cover of a single proprietorship, this system will serve the working population and students in the United States (IBIS World, 2020). After 2021, the company will open its doors. We have $140,000 in cash on hand, so the first capital investment will be $170,000, and we will experience a loss that will gradually decrease as our coffee gets more well-known in the market.
We will need little money during the start-up period, but if we need more money for development, we'll be able to get it from a bank, the government, or through partnerships after the firm is up and running.
2 Marketing Feasibility
1 Business Environment Analysis & Customer Demographics
Coffee consumption has increased at a constant 2.5 percent per year in the United States during the previous decade (Buzby & Haley, 2007). This rate is only anticipated to increase on its current course, with a faster growth rate projected in the next years. Furthermore, the US has more than 157 million workforces. Most of them work 9 – 5 for a week and it is making their routines hectic.
Figure SEQ Figure \* ARABIC 1: (Source: National Coffee Association)
Esspressit is a collaborative endeavor that brings together key stakeholders such as coffee drinkers and workers to explore and construct the future of work and leisure, starting with coffee. The United States is a prosperous country with a large population of young professionals, making it an excellent marketplace for a coffee business like Esspressit Coffee Shop. Individuals in this neighborhood can spend and thus are inclined to buy on working leisure, premium coffees, and snacks.
Since this world's population is shifting toward work, the coffee industry has fully welcomed the debut of leisure. As a result, a spate of investors is rushing to the work and sit coffee company, demonstrating that there will be a huge need for leisure work-setting in our culture. The coffee business includes work and sitting activities, and enterprises in this industry serve their clients, who are mostly working individuals.
The coffee business has shown constant growth in the five years running up to 2020. The need for conventional work-setting alternatives was spurred by concerns about the future of the workforce (Morris, 2019). Additionally, the uncertainty of coffee consumption fluctuations throughout the world drove the coffee industry to seek alternatives.
During this period, increased worker awareness drove coffee shops to encourage workers to sit and work, which helped the industry directly. Research and development expenditures are high because the industry is still in its infancy.
2 Products Offered
With a work-and-sit service model, Esspressito will cater to the demands of all consumers. We will provide working individuals and students with a work environment in addition to coffee to draw the customer's desired attention. With a simple espresso machine, all espresso will be prepared black, and the chef will fulfill the customer's requests for what customers wish in their cup. There'll be coffee suggestions on the list to assist clients who are new to the world of coffee.
3 Competition Analysis & Competitive Advantage
When it pertains to sales volume and consumption, the cities of the United States are a pretty competitive market, with over two dozen different coffee shops in the city of 116,000 inhabitants. Starbucks and Panera Bread will be the major competitors, as both are chain restaurants with vast resources and well-known brands (Olshan, 2013). But, none of them is providing work and sit setting for the customers.
4 Pricing Strategy and Competitive Pricing
We want to concentrate on specialty coffees such as espresso, cappuccinos, and mochas, which have significantly better profit margins than normal coffee. We shall not utilize drop machines to charge a greater premium for normal coffee. However, every cup would be single-served using a coffee filter, ensuring that each cup is fresh and tasty at all times.
5 Advertising and Promotional Strategies
The majority of our advertising will be digital to cut costs and communicate with our target demographic. We plan to promote our products aggressively using the following strategies:
* Billboards on local campus billboards with posters
* Our cutting-edge website
* Promotions are announced every day on Facebook, Instagram, and Twitter
According to statistics, loyalty cards are extremely beneficial, and Esspressit will drive repeat business with a custom-designed rewards card.
6 SWOT Analysis
Strengths

Weakness

* Offering work and sit setting to the working individuals and students.
* Unique concept
* Owner Operated

* The startup cost is higher
* Less brand equity
* The brand is not renowned

Opportunities

Threats

* Ability to attract customers
* Ability to appeal to different markets as well
* Ability to expand
* Building brand equity

* Other cafes
* Uncertain market growth
* The rise in the cost of coffee beans

7 Market Research
Our target market will be younger generations and working individuals. Esspressit will be concentrating all its aspects of its business on the local millennial consumers as a consequence of the younger generation being called the biggest payers on coffee products outside the household. This included a huge proportion of web ads, such as those on Facebook, Instagram, Youtube, and other social media sites. Esspressit will also put a strong emphasis on staying in touch with clients by establishing an online presence on platforms like Facebook, Instagram, and Snapchat, as well as maintaining a coffee and coffee-related blog.
3 Organizational Feasibility
1 Organizational Structure & Chart
2 Job Description with Corresponding Salary Appreciation
* General Manager
Job Description: The General manager will be responsible for:

* Managing the coffee shop's day-to-day activities

* Bookkeeping, keeping records, and making deposits are all things that need to be done.

* Customers and staff have problems that need to be solved.

* Supervising the shop's cleanliness and upkeep

* Employee recruitment and training

* Changing the menu to keep the flow of customers going

* Keeping track of inventories, placing orders, and receiving deliveries

Salary: $8,000

* Assistant Manager
Job Description: The Assistant Manager will be responsible for:

* Establishing workflow protocols based on the General Manager's guidance and overseeing staff throughout day-to-day duties

* With escalating situations, giving customer support

* Managing a workplace's entire workflow

* Recruiting and training new waiters and baristas

* Establishing workflow protocols based on the General Manager's guidance and overseeing staff throughout day-to-day duties

Salary: $4,000

* Bookkeepers
Job Description: Bookkeepers will be responsible for:

* Payroll and payment of outside food and supply accounts are responsibilities; time cards are checked.

* Ensure that workers are documenting their hours according to their schedules and that financial reporting, general ledger entries, and record payments and adjustments are all completed every month.

* Payroll and payment of outside food and supply accounts are responsibilities; time cards are checked.

Salary: $3,600

* Kitchen Manager
Job Description: The kitchen manager will be responsible for:

* Responsible for the general operations of a coffee shop's kitchen, including ordering food, planning menus, and overseeing personnel to ensure the kitchen department operates smoothly and conforms with safety laws.

Salary: $4,000

* Servers/Waiters
Job Description: They will be responsible for:

* Serves food ...