Malinda wants to start a restaurant in her city of about 50,000 people. There are already 325 restaurants in this city. Malinda's reasons include that she is a good cook who enjoys working in the kitchen and she wants to involve her three children aged 9 to 15 in the venture. She has not decided what types of foods she will offer.If Malinda launches this business, do you think it will succeed? Why or why not? What advice would you give her?
What will be an ideal response?
Students may argue either position. The business can succeed if Malinda refines her idea to identify an under-served market. Whatever she offers must appeal to enough customers to provide sufficient revenues to sustain the business and earn a profit for Malinda. State and federal child labor laws will likely bar her younger children from working in the restaurant, however.
There is a huge difference between cooking at home and cooking for customers. Malinda may become weary of "working in the kitchen" when she has to do it 10-12 hours per day for perhaps six days per week, particularly when she cannot have her younger children with her. Without a clearly defined entrepreneurial opportunity, the venture may fail.
Advice: Malinda should research the local market to determine who her customers might be and what they want to eat before launching her business. She should identify whether the idea is economically feasible and whether she can create value for her customers.
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