Importance of Business

Chris has an Hospitality management background so he wants to open up a restaurant. Chris called Erica because he knows she has experience with culinary arts. He tells her that he wants her to be a partner in opening a restaurant. They meet up and discuss ideas for starting up their new business venture. They discuss style of restaurant, the customers they want to attract, Finance, location and speaking with an expert. They meet up with an expert and she enlightens them with more ideas to think about such as business structure and the mission and vision for their new business venture. The key factors in consideration for starting up the restaurant is finance, establishing the roles, making a partnership agreement and the mission and vision for the restaurant. Finance is a factor because you have to afford all the expenses for starting a new business. Establishing the roles will keep Chris and Erica focus on their responsibilities with the restaurant. The mission and vision will help keep Chris and Erica on the type of service and quality they want the restaurant to represent.

From the videos concerning Chris and Erica’s vision for their restaurant business, I believe that they have come up with some bright ideas for opening their own business; even though there are a few other things that were mentioned in the videos that they need to further discuss when making their plans. However, it is a well-known factor that missions and visions are very essential when starting up a business. Missions and visions help the business owners set priorities, build unity and give direction to the people involved in the business. So far Chris and Erica have determined that they will have a partnership type of business to share the profits. Chris mentioned that they will later discuss the roles and responsibilities that would need to be shared between the two of them. Determining the roles and responsibilities is vital to a partnership type of business because one person