Adam's Big Leap

Over the past five years or so, Adam has been working as Supervisor for King Burger and considers himself very fortunate to have landed in such a perfect job right out of the Hotel School. His commitment, determination, perseverance, intelligence, eye for details and excellent communication skills are well appreciated by his immediate boss, colleagues and subordinates. Yet, he believes that the present job does not allow him to fully unleash his potential and has therefore been contemplating the idea of getting into business for himself. After working directly with customers and managing a team, he believes he now possesses the right competencies required to make the big leap.

In his free time, Adam enjoys cooking and preparing delicious dishes for the family and his friends. What he really desires is to start a food business at his place. The venture consists of preparing traditional vegetarian and non-vegetarian curries and home-delivering them to families within a perimeter of one kilometre in the evening. Indeed, the neighbourhood is inhabited by small middle-income families who work long hours and rarely have adequate time to prepare their evening meal. Adam intends to use part of his savings, donations from his parents and a Booster Loan from the Development Bank of Mauritius to start his business.

Questions

a) What are the key personal characteristics required from Adam to succeed in the new venture?

b) You have been appointed by Adam as a business consultant. Could you advise him on the key steps to be taken prior to starting the venture?

c) Mobilising funds to start a new business is a not-so-easy task and having an appropriate business plan will surely help. Discuss the essential components of a business plan.