Concepts of Entrepreneurship - Essay Sample

The food truck business is a revolution in the restaurant business. The entrepreneurs, in this case, take advantage of ease of access. The advantage that the company has to the community is its accessibility. There has always been a convenient way of viewing restaurants and how they deliver services. The food truck system is advanced since it is a portable restaurant. People can access it at any point as long as it makes a stop. Food plays an essential role in a human's biology, bringing the food to customers addresses their need to eat while saving them costs they would have incurred were they to use the popular restaurants. More importantly, the food is freshly made in the customer's presence. This counters any skeptical thoughts on the freshness of the product that the customers receive.

The food truck business pauses excellent advantages to the owners and their customers. The company is fundamentally meant to give the owners a profit. The entrepreneurs in the case study presented testimony on the benefits that they were making in their business venture. At first, the business experienced a loss. The returns were not as the entrepreneurs expected. This is normal for any business venture in the initial stages of its lifecycle. Customers, on the other hand, have the advantage of having their needs met. According to Maslow's hierarchy of needs (McGuire, 2011), a human being needs to fulfill their physiological requirements such as having food before proceeding to the other segments of human motivation.

The main risk is the competition and the fickle clientele. Food trucks are becoming a go-to entrepreneur venture. For this reason, all food trucks need to stay competitive. This fact leads the entrepreneur to result to selling products at lower prices since most products sold are almost the same. The clientele is always changing. It is not given for certain what an average number of people will purchase their products. How much profit is solely dependent on the response of the individuals in a specific geographic area at a particular time.

The entrepreneurs in this business have their heart and souls in what they do. This characteristic is what drives their business to success. They are not running the store just to make a profit; the food truck is their passion. Such a characteristic gives them the drive to move their business to greater lengths. One of the brothers quit their job in finance to push the food truck business. Such dedication shows that they live for their business. They would instead take loans and push the company than give up on the possibility that it will eventually be something great.

The type of entrepreneurship displayed is a small business entrepreneurship. The primary goal of this business is to make a profit and maintain a specific financial status. The company was not started to create millions or have global or sizeable local monopoly. The parents of the two entrepreneurs say that as long as their sons are making a profit, they have no problem supporting them in their plight to seek better living standards.

The nature of the job requires permanent financing. Products used to run the business are mostly perishables. For this reason, regular finances have to be put into purchases. Such a hustle requires a lot of support from other sources. In the case of these young entrepreneurs, a non-profit organization called ECDI. The organization helps them with a kitchenette, marketing their product, growing their presence on social media, food safety, and networking for locations. Banks also help with the funding.

References

ABC News. (2013, March 20th). Building a Food Truck Business from Ground Up.Retrieved from: https://www.youtube.com/watch?v=Ny9fh4aLBbE&pbjreload=10

McGuire, K. J. (2011). Maslow's hierarchy of needs. An introduction. Grin.