Partnership Agreement

Name of the Business: Food and Buffet to the max.

The purpose of joining our businesses would be to attract more customers in our restaurant/Buffet. This merge will benefit both our businesses by having two things at one place. During regular hours it will be a restaurant, and at lunch time it turns into a buffet.

This business agreement Is for a year. If all goes well with this merge then we will further the agreement to 10 years.

Both partners of this business are General.

Since we are both general partners we will split the costs equal. Employees will be paid every two weeks if they are under 18, and every week if they are over 18. All employees get paid minimum wage, unless you have worked there for a good amount of time.

We will split the profits and losses equally.

For our salaries, any money that is left over after paying employee and equipment fees, we split 50/50.

If a partner happens to die then the other partner will have complete control of the business until further notice. They then will have the option to find another partner to help run the business.

The way we will handle business disagreement will be by working at it until its beneficial for both partners.

Both partners are responsible for keeping up with their part of the work. I Troy will handle the Buffet and Max will take care of the restaurant.

Market Research Analysis

Market Research analysis

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Market Research Survey

http://www.kwiksurveys.com/?s=OIJENO_104eeada

The purpose of this survery is get information on what people want from my resturant. I will look over this information thouroughly to see what my customers look for at my resturant. I will improve based on this information. So please take my survery and answer accordingly.

The role of market research is to find out who are your customers and what your customers want. When your doing your customers research you can record things that you see or hear from other people. If your running a electronics business you don't want to stock up on what people don't buy at all because they would have no reason to come to your store. Or if you hear people come up to the desk asking if you have a certain product but you don't have it in supply and its at a high demand then maybe you should order more of that item and cut down on some other item that is not selling atlot at that moment. Another example where market research would come in is what times your customers like to shop. You may want to have certain deals on certain days and maybe more customers will come on that particular day. Almost all aspects on what is sold in a store or resturant is based off the companys market research.

Chapter 3 Reflection

What I learned in this chapter is more things about being an entrepreneur. Ive learned that you don't need to start your own business to be an entrepreneur. You can buy franchise's from other company's and run that particular resturant or store. Doing this will be alot easier since the employees are already trained equipment is already there. I've also learned about the different entrepreneurial trends, such as internet, home-based. Some of the other things Ive leraned from this chapter is about Mc Donalds. Ive discovered that Ray Kroc bought Mc Donalds from the McDonalds brothers for $2.7mil. When he bought them out Mc Donalds blew up they had 800+ stores around that time, today their are more than 30,000 resturants serving 50 million people in 119 countries. I also leraned about how people buy the franchises and whats their roles after they buy the franchise.

http://www.bloomberg.com/video/74720473/

The video that we watched in class today discussed buying a franchise. It showed us a variety of companies owners that discuss what they did how and they are very succesfull. They also showed us the people that lend franchise's money so that their business can further on. This leese will have to be repaid in time. Some of the other people in this video is Reginald Heard who is the president and CEO of Bankers capital one.

Find a Franchise

The name of the Franchise is Pizza Hut. The people that launched this business were two brothers Frank and Dan Carley borrowed $600 from their mother bought secondary equipment and a small building, and the first pizza hut opened in 1958. This Business was invented because they had an idea of opening a pizza parlor. The services they provide is food, some of the foods they serve is pizza, pasta, and wings. They those this business because their family and them were inspired to open this pizza parlor. Currently to this day their are 11,213 franchises. Pizza hut today is one of the hottest pizza places out their, alot of people prefere them over other pizza companies some do not.

Chapter 3 Diagram

       I have chosen the Internet Business because I belive that alot of people are doing it or tryig to get in to it. People would like this type of business because it will be easier and less travel to go to work because it will be on the internet. This type of business is also good and bad. The reasons why this would be bad is because people have the potential to hack almost everything. If you have your credit card information saved online people can obtain if not secured properly. Their are scammers out their that are good at what they do. This type of business is good because it's basically no travel required, which means you save on gas. Some of the other benefits would be that you can promote ads on other peoples website. By doing this you can get some type of publicity on the internet, so you can sell whatever you are selling or the services that you are providing.

Characteristics of Successful Entrepreneurs

The most important chracteristics that I have chosen would have to be being Persistent. I chose this because if you not persistent you won't last as an entrepreneur. If you don't finish your work or work without a purpose you will fall. You need to be able to do what is best for your business to be a succesfull entrepreneur. You must do quality work, because if you do junky work then you will be running a junky business.

Entrepreneurial Survey

    On this survey i received a 72. The reason i got this score is because i feel that i have strong skills in certain areas and not in the others. Some of the areas that i got a 5 in were, I am willing to accept both financial and career risks when necessary. What this means is that if i get bankrupt it's on me and no one else. Or if i get off to a good start and start to make a profit that is also on me. Some of the other things that i got a 5 in were, I beilve that my abilities and skills are better than my co-workers. I beilve this because I think it is a mentally thing i beilve that i can do things better than anyone i would work with so that i can impress people. The last 5 that I have would be I have a good network of freinds, professionals, and business aquantances. I agree with this because i do have a big network of freinds, some of the older freinds I have started some type of business. So if I ever needed a freind to come and help me out If i did start a business I wouldn't be doing it all alone, or family could help as well.
    Some of the areas that i got a1 in were, I don't need all the fringe benefits provided by conventional employment. I disagree with this because you will need benefits who ever you are. You never know when sickness is going to hit you and medical bills are not cheap. Other categories were, One or both parents were entreprenuers. None of my parents were entrepreneurs, they both have had jobs my dad works for a union and my mom is a nurse at a nursing home. But my dad does do side jobs because he is an electrician. He would go to peoples houses and do lightfixtures or minor plumbing work etc.

The reward of Entrepreneurship is being your own boss. You can choose what times you want to come in for work, you can hire and fire emplyees for your business. Some of the other benefits of Entrepreneurship is that you run the job no one else is telling you what to do. You have the freedom of your own schedule.

Note Cards(gettin to the money)

Reflection on Chapter 1

I have learned alot from chapter 1. Some of the things that i have learned is about entrepreneualship. Ive learned how the economy can effect your business how employees can effect your business. Ive also learned about how different things can lead to your businesses success or downfall. If you don't have a plan with your business then your work is just going to fall apart. Setting up a good infrastructure will be your best bet for your business. Once you have a firm infrastructure then you can build opon it. Theses five key components would be the opportunity, resources, organization, infrastructure and entrepreneur. With these key components and worthy employees you can have one of the best businesses out there.

The entreprenual process

Gettin to the Money

Directions: The objective of the game is to roll a dice, Once you roll the dice pick a card from the deck. The only numbers that you can land on are 1 and 2.

The objective of the game is to get to the top. To work your way to entrepreneurship you must answer work your way through a obstacle of questions. You need to be able to answer the questions, if you answer the questions incorrect something bad happens to your chances of getting to the top. If you answer 3 questions wrong, your chances of closer gets farther away (must move back a space). The bonus boxes are things that may happen to your business due to the effect of the economy on your way to entrepreneurship  it may be good or bad depending on what card is pulled.

Business Logo

The Logo represents the image of my business.
I chose this logo because I thought it would be the best image to promote my business.
The purpose and design for my logo is that it shows food and so that people will know that we sell food.

Start Your Own Business

Troy Lawrence

August, 8^th, 2011

Entrepreneurial Ventures

Troy Lawrence

Start Your Own Business

If I could start any business I would open a restaurant. I open a restaurant so I can make and sell different type of foods. I think this would be a good investment because if you have the money and the cooking skills it can be of profit. The reason that I would like to start this business is because I find it fun/interesting to cook for people. I would have a lot of different things on the menu. We would also have takeout if people don’t want to stay and eat. If my business became up and running I would name it the Troy’s Buffet. There’s not really much meaning behind my name except it’s a buffet and it has my name in it. The food that will be on in the stands will probably be things like, chicken, steak, rice, a station for vegetables, ice cream, hot dogs, fish, and snacks. There will also be a stand for little kids. These products are related to my business because this is what people will be eating at my restaurant. This restaurant is probably going to be located college park. The significance about this location is that there’s going to be black people and they WILL be hungry. More detail about this restaurant is that it will be a little classy, not very. It is a buffet and will carry a different variety of foods.