Many entrepreneurs go out of business because something went wrong in their partnership or sometimes a corporation. In our business, we will try to beat out that option of having to close down. Our restaurant, B.Y.O.F Seafood and Grill is different which puts us ahead of the competitor already. By forming a partnership our business will work, we will have a successful restaurant and beat out other competitors through creative ideas or join them in a merger.
The business that our group has created was relatively easy, we all had ideas that fit together nicely. We decide to create a partnership and stay one because it just seemed like a better idea to us. For now, a partnership is fine, we don’t know whether or not our business will remain open. So first, we will be a partnership and if we go national or maybe even multinational then we will probably become a corporation. We definitely have an advantage over a lot of business that is that we are original. It is not usual to hear or see places like ours where you catch your own fish to eat. By using our originality, we could set up different deal to be more appealing to our costumers. Being original does not take all the competition away, we could still be beat out by other seafood restaurants around us or the customers might not like how our restaurant is ran. If they where to beat us out or have to close down because we have no traffic, we could probably join them in a horizontal merger, which both of our businesses would benefit from. By doing that the efficiency that we would be able to get things done would be amazing and our financial capital would probably good as well as easy to rise.
In conclusion, our business was easy to make, we formed a partnership with maybe looking to become a corporation later if all goes well. As I said above, with originality on our side we have something over all the over business which will help us in the long run. If we do become a corporation or merge, it might be a...