Answer to Question #204863 in Management for Ateca

Question

Roy Micky wants to open a new Nakamal (Kava Bar) in Port Vila. He knows he is entering a highly competitive market, but is determined to give it a go as it is something his family have always wanted.

There are 96 other Nakamals in Port Vila that Roy will have to compete with. In addition to this, he does not have an established presence in the market. These are just 2 of his concerns. The other 5 are required to come from you.

1) List and justify (from an operations perspective) 5 key things that he should consider in setting up his business

Answer 1

He should identify his skills.

Audit the Market Demand of Your Idea.

He should check for availability of resources.

He should work on a financial plan.

He should be ready to face failure.