F1 Experience – Sample Paper

F1 experience involves an indoor kart racing center that focus on provision of exhilarating rush of adrenaline and excitement. Exhilarating and excitement is assured by high speed of the European-style go-karts. In this case, F1 experience operation is subdivided according to the age of the customer and thus there exist youth and adults racing leagues. The racings primarily focus on tourist and the locals of the town; this is facilitated by racing sessions together with rentals facility. F1 experience hopes to generate business within the local community through trade show attendances, conventioneers and tourists within the city. Corporate outings and events will only be sold to well established business and organization around Indianapolis and metropolitan surrounding area.

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Critical issues

Marketing problems

F1 experience face marketing problem in that there exist stable karting business within the city. In this case, more money is required to be invested on advertisement in attempt to sensitize people the uniqueness of F1 experience over other existing karting business within the city. More investment on advertisement arises since the stability of existing business and popularity has history of existence since1994. Additionally, the entrepreneur must incorporate professionals in running of the business in attempt to convince clients the business was thriving in the market. In this case, market research in search of information in other countries where the business has thrived has incurred a lot of money (Caprer). Moreover, more time has been used in marketing of the new business. This may affect the business by the management driving attention to marketing rather than to other factors leading to destabilization of the business.

Management problems

Criticality of management arises since karting in USA has not thrived much in the market. In this consideration, the entrepreneur experience in the business is limited complicating the management of the business. In addition, information regarding karting is minimal and management may incur a lot of cost as they gather information on managerial skill pertaining to the business. In this case, despite the founder being in the business for a long period his employees lack the experience needed to assist him in ensuring the success of the business. Notably, the culture of the society determines the success of the business and in this case the society has not integrated into this business. In this case, the management has to invest much on customer maintenance in order to ensure business success.

Financial problems

This arises since the business stability is yet to be ascertained and in this case a lot of money has to be invested during initial stages to enhance it stability. In this case, high capital is needed to ensure the business is unique and modern in order compete effectively in the market by increasing of customers. Financial problem also arise since money is entrusted to a different person who collects from the customer. Therefore, accountability of the money depends on cashiers and the accountants of the business. Additionally, high charges limit the customers leading to low business turn over and loss as reflected in financial statements.

Analyzing of the critical issues in this business is through use of secondary materials regarding karting business in USA. Adoption of quantitative methodology which relies on statistical data will assist in conclusion deductions. This statistical data can be well reflected from the financial records and customer’s entrance records to analyze the whole business functions. In this case, employees of the business will have solid information to assist in realization of the critical issues of the business. In order to overcome the highlighted critical issues the entrepreneur should focus on upholding better services as compared to other karting business (Crockenberg). Dealing with, marketing issue the entrepreneur can overcome the expensive advertisement by improving the services where other business has not capitalized on to ensure popularity of the business. In cases of management he should incorporate few employees from well-established business in karting or indulge on various workshops relating to karting. Moreover, understanding the culture of the society would enhance simplicity in management since the business adopts culture favoring techniques.   In matters of finances problems an entrepreneur can manage through dealing with the essential services and indulge in improvement as the business prosper. This will reduce the amount of capital and reflect profit during the initial stages.  Ploughed profit will enhance the expansion of the business in attempt to be competitive in the market and at per with competitors. On issues of accountability of funds the entrepreneur can involve external auditor in order to curb impropriation off business fund. Budgeting is vital in ensuring business activities follow a defined mode of expenditure thus, controlling the amount assigned to departments within the business.

 

References

Caprer, Vasile Dan. “Exporting culture : the impact of multinational corporations on local employees’ experience of cultural identity .” (2007).

Crockenberg, Susan C. The Effects of early social-emotional and relationship experience on the development of young orphanage children . Boston: Wiley-Blackwell, 2008.

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