Coffee Shop Business as a Market and Business Opportunity

To be a successful entrepreneur… Companies engage in a real battle for market share, using different strategies to achieve their business objectives. In the diploma thesis, research was conducted before establishing a model company, including market research and analyses. Using financial projections and based on cash flow statements and income statements, the company's development success was assessed for a four-year period. It was found that the company has potential for establishment, but considerable effort and work would be needed for it to survive in the market.

Problem

To be a successful entrepreneur… Companies engage in a real battle for market share, using different strategies to achieve their business objectives. They decided to test their business idea 'Coffee Shop Business as a Market and Business Opportunity' in the diploma thesis.

They investigated the level of customer interest in coffee shop business given the existing competition and where their advantages lie, which could help them gain customer loyalty. They would offer excellent homemade pastries and good coffee, which is rare in the coffee shop and pastry shop market.

Solution and Method

In the diploma thesis, research was conducted before establishing a model company, including market research and analyses. They researched the market, customers, identified opportunities and barriers for the company, strengths and weaknesses, prepared a marketing plan, determined pricing policy, and prepared purchase and sales forecasts. They prepared a financial plan, balance sheet, income statement and performance indicators.

They found that the business idea has potential as an opportunity. Nowadays, an entrepreneurial career is becoming increasingly attractive to a wider number of people, regardless of age, gender or social class. People with ideas, those who feel constrained in their profession, or those driven by life circumstances, especially during high unemployment, consider this path.

Choosing the right market entry strategy is one of the key decisions for today's companies, determining the company's survival. Who are the customers, which segment to serve, which market to enter and with what product, price and quality – these are key questions every company must ask at the start of its operations. Customers are becoming increasingly demanding and harder to convince to purchase, especially in conditions of fierce competition.

Companies must be particularly inventive and find an appropriate strategy that will ensure their survival. The business idea of the company under consideration was tested in the fourth chapter with a business plan. The company was taken through a longer process with the plan.

A development vision was outlined, company development was planned, defining the company's policy and interest potentials. Through market research and analysis, factors influencing customer decisions were identified.

Results

Using financial projections and based on cash flow statements and income statements, the company's development success was assessed for a four-year period. It was found that the company has potential for establishment, but considerable effort and work would be needed for it to survive in the market. A new perspective was gained on the concept of entrepreneurship and the entrepreneur as an individual.

For entrepreneurs, every day is a new challenge and every day they continually strive for their company and their employees. During the preparation of the diploma thesis, extensive in-depth knowledge of entrepreneurship was acquired. To open a new company, an entrepreneur needs more than just a good idea and money.

They must master all knowledge from the industry in which they operate and must master their profession. Above all, they must have a vision fuelled by the desire to create and positive energy. In daily work, they must be emotionally intelligent, meaning they can put themselves in other people's shoes, understand their colleagues and place them in the right position.

It is essential to find an area in which one is good and an area that brings joy. They must enjoy their work; only then can they perform it easily every day and become successful.