Ice Delights Case
In business there are no guarantees for success. Skills, knowledge, great motivation and honest evaluation of ability to carry out and then manage the operations are just some of the requirements that determine the probability of the successful project. Success is never automatic and does not rely on luck. There are no ways to foresee or eliminate all of the risks that might affect successful operation of a new business. However detailed planning, thorough analysis and well-carried out organization create good potential for a new business. In the provided case study, we will assess the probability of success for Icedelights franchise in Florida. Analysis will be done through evaluation of each step in the decision making process, close study of a financial data and Business plan as well as the examination of risks in case of failure.
Mark, Paul and Eric are young second year students with limited to no relevant experience of how to run their own business, especially in the food retail industry. Their eagerness to run their own business is understandable; however, enthusiasm is often not enough without necessary knowledge, skills and abilities. From the very beginning when idea of starting up the business took hold, it was obvious that there was no clear picture of how the future business will look like. The market for operating was not defined, and the list of targeted industries was rather spread. The three knew, however, the size of the company they were looking for (was defined sales volume) as well as the level of commitment they were prepared to give (minimum). Such approach of determining the type and area of business has long proved to be out of date. Considering that none of the three had ever owned the business, they should first get a clear picture of what is really like to run a business. Some ideas could be gained rough talking to friends or colleagues in the university who already have their businesses. The next thing they should do is honest and
Mark, Paul and Eric are young second year students with limited to no relevant experience of how to run their own business, especially in the food retail industry. Their eagerness to run their own business is understandable; however, enthusiasm is often not enough without necessary knowledge, skills and abilities. From the very beginning when idea of starting up the business took hold, it was obvious that there was no clear picture of how the future business will look like. The market for operating was not defined, and the list of targeted industries was rather spread. The three knew, however, the size of the company they were looking for (was defined sales volume) as well as the level of commitment they were prepared to give (minimum). Such approach of determining the type and area of business has long proved to be out of date. Considering that none of the three had ever owned the business, they should first get a clear picture of what is really like to run a business. Some ideas could be gained rough talking to friends or colleagues in the university who already have their businesses. The next thing they should do is honest and