CANDIDATE NAME: Denzel Malique Buckman
SUBJECT: PRINCIPLES OF BUSINESS
YEAR OF EXAMINATION: 2017
TABLE OF CONTENTS
ROLE OF THE ENTREPRENEUR
USE OF TECHNOLOGY
TYPES OF PRODUCTION
LEVEL OF PRODUCTION
QUALITY CONTROL MEASURES
POTENTIAL FOR INTERNAL/EXTERNAL GROTH
This School Based Assignment (S.B.A) would not have been finished with out the help of
fellow mutual community members who took time, to help complete this assignment.
I would like to thank Ms. Simon in assisting, when in need of help. Also to
my parents who understood what I was doing and further helped me out. I would
like to thank God and fellow business students who shared information and lastly again
special thanks to Mr. Simon in helping to choose a Sole Trader business. Thank you!
DESCRIPTION OF BUSINESS
LFC Fast Food Restaurant, will be operated as a sole proprietorship. In Trinidad
and Tobago, a sole trader must, by law obtain all forms, name search and name
reservation, collect the name reservation document, complete registration process
and collect the registration certificate, the business will engage in providing
speculator meals. Opening hours will be from 9:00 am - 10:00 pm, Monday to
Saturday. “EAT GOOD AT LFC.”
JUSTIFICATION OF LOCATION
We will be located on Santa Cruz main road of Cantaro Village opposite the Gas
station and DETOUR MALL of Trinidad and Tobago.
Reasons for choosing this location are:
It is close to working institutions and families can access the location easier
due to reasons of being closed to a mall and gas station
Large amount of land space which provides a good amount of space for a
fast a parking and drive thru space for customers.
It is situated in a populated area; hence more customers are more likely to
stop at the fast food restaurant for a meal or snack.
There will be no need for high transportation cost in getting the
material to the fast food restaurant because the material is produce
SELECTION OF LABOUR
The production staff will have to be skilled workers who are both knowledgeable
and trained about the job which requires a lot of expertise and skills, also the
supervisor who will inspect the goods for quality control. The other staff members
will be semi-skilled, there not required to have the expertise, apprenticeship and
skills associated with the production to be qualified for the job. This labor is
needed for the production of quality products and proper usage of the machines as
safety is of uttermost concern to avoid accidents.
FUNCTION POSITION TYPE OF
1 In charge of
2 To prepare
3 To cash the
4 To server
1 To ensure
safety of the
2 To ensure
clean at all
SOURCE OF CAPITAL
Is capital is continually changing in quantity. LFC plans to accomplish this daily
from the operations of the business also with-in delivery tips, from the selling and
delivering of food.
These are the durable (long-term) assets of a business which are used
over a long period of time and are tied up in permanent use.
For example: Land, building, machinery
ROLE OF THE ENTREPRENEUR
An entrepreneur is a person who undertakes his or her risk involved in establishing
and running a new business. Entrepreneur is characterized by the role they play in
Planning and developing new ideas.
Accessing funds to operate the business.
Looking for ways to improve the production of goods and services.
USE OF TECHNOLOGY
The business will: Use a appropriate food preparation and storage technology,
including freezers and refrigerators, stoves and microwaves cooking a mechanical
food preparation equipment.
Making payments via debit/credit card, without the use of cash
mobile internet access, cellular phone and text messaging to
communicate with delivery staff.
THE TECHNOLOGYWILL PRODUCE THESE BENEFITS:
Food preparation and storage technology will reduce staff time needed in
food preparation as well as improving food safety and product quality
Communication technology will allow us to keep track of deliveries,
identify delays and take appropriate corrective actions.
TYPES OF PRODUCTION
The business will be considered Tertiary production. This is where the
business will offer services. The business will provide services such as
delivery of the food which is being provided.
LEVELS OF PRODUCTION
The level of production this business will engage in is Domestic Production. This
will be predominantly when everything that is produced is local (in our country).
This particular level of production that will be carried out by the business, also
doesn’t involve any imports or exports from or to foreign countries.
Quality control is the process of ensuring that a company’s products meet the
standards that the firm has set, or the legal requirements.
QUALITY LOW CONTROLMEASURES WE PRACTICE ARE:
The evaluation of work of the employees to ensure if the tasks are being
done correctly. The manger will observe his/her employees and make
reports on what can be improved on for future task to be completed
Ensuring proper sanitation and safety of the working conditions is another
quality control measure that will be undertaken by the manager. This will
be done by implementing instructions and regulations for employees to
follow which in most cases will get daily objectives of the business done
Proper food storage and stocking. Employs will ensure this task with help
from the manager, assisting them on where the following items should be
Purchasing fruits and vegetables from the local market suppliers. This is
how we formulate a backward linkage. The linkage will allow us to source
fresh produce, to minimize delivery time. This will provide a close
relationship with our suppliers to ensure product quality.
For this forthcoming business, there will be a great infrastructural expansion
within the next five to ten years. Future purchase more machinery, office
equipment and employers.
This forthcoming business intends to have different branches through out the
whole of Trinidad within the next eight to ten years. Our intensions are to make
our restaurant company well known through Trinidad alone.
All business need inherit certain government regulations. First, the manager will
register the business with the Registrar of Companies in order to show that it is a
legal operating entity. This will enhance the image of the entity in that customers
can feel safe while conducting business with SPECTACULAR MEALS.
LFC as it will not be an illegal entity. Secondly, the business will
obtain a Tax Registration Number (TRN), in order to pay taxes on time and in the
correct proportion as it is stipulated by the government that all legal operating
entity in the country should pay taxes. In doing this, the business will have a good
reputation both in the eyes of the government and its customers. The managers also
need to obtain a license in order to offer the goods it has conceptualized. Failure to
abide these regulations will result in the business facing serious penalties and
business or law suits against customers due to damage of their clothes.
A problem or situation that requires a person or organization to choose
between alternatives that must be evaluated as a perfect decision or not.
Ethical issues which are related to production in the business are transactions
between the organization and the environment that leads to pollution, global
warming, increase in water toxicity and diminishing natural resources. This will
affect the business positively. It helps the business to stay in line with how we deal
with our waste. The way in which the business disposes it’s waste could cause
pollution and global warming which is harmful to our environment.
Dr. Alan Whitcomb: Essential Principles of Business for CSEC 3rd Edition
Pearson Education Limited (2006)