Bob’s Burger Shack
After meeting with my COMM 101 group and deciding upon a business plan that could work, a burger shack, I started to think if it would in the real world. I did a little more research into the statistics of starting a small business, let alone a fast food restaurant. A survey was taken of a number of small businesses that had all started in 1992. 10 years later in 2002 there was less than a third of those businesses still operational, and that is still 10 years ago.The business plan that we had chosen was quite straightforward and looked like a successful business plan, but after doing more research there is a lot more work that needs to be done for a business to be a success. For example in my own business plan, there is a serious lack of a point of difference. I also believe that is a serious problem in the real world, where people believe that they can compete with major multinational companies because they believe there product is better or just on par. The economies of scale are a huge factor and I believe is one of the largest areas of failure amongst many other things.
http://smallbiztrends.com/2008/04/startup-failure-rates.html