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Case Study: Dawn Lafreeda, Restaurant Franchise Owner

Dawn LaFreeda owns a restaurant franchise business. She took risks when starting her business in her 20s by investing her own money and facing potential financial losses. She also had to deal with environmental factors outside her control and changes to policies and regulations. However, she responded to failures along the way by learning from feedback and continuing to pursue her business goals.

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Jia Wong
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204 views3 pages

Case Study: Dawn Lafreeda, Restaurant Franchise Owner

Dawn LaFreeda owns a restaurant franchise business. She took risks when starting her business in her 20s by investing her own money and facing potential financial losses. She also had to deal with environmental factors outside her control and changes to policies and regulations. However, she responded to failures along the way by learning from feedback and continuing to pursue her business goals.

Uploaded by

Jia Wong
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Case Study: Dawn LaFReeda, Restaurant Franchise Owner

1. Dawn LaFreeda says, “When you’re 23, you’re not afraid to take risks.” What
sorts of risks do you think entrepreneurs face when they are first starting out?
What risks do you think you would take when trying to get your business off the
ground?

There are various risks always present especially when starting a


business. First thing in line is financial risk. Entrepreneurs have to risk money
either from their own savings, from investors, and in the form of loans since funds
are needed in order to establish their business. Apart from it, there is no certainty
that the money put will be successfully raise an income or will face bankruptcy
and investors will get nothing. There is also a risk of running out of finances
which also means that there is no means to run the enterprise as well.
Another risk is the environmental risk that cannot be controlled even with
good business plan. Phenomenon such as typhoons, earthquakes, tornadoes,
and such more would left a negative impact as it could affect the operation of the
business -might be on its infrastructure, resources, and its customers as well.
Political Risk is also a risk that might face by entrepreneurs as there would
be changes that might occur within country’s policies, business laws, or
investment regulations. For instance, especially when starting a business, there
are a lot of requirements such as business permits, tax certificate, and such more
that are needed to comply in order to legally establish the business. Hence, if
there are changes on legal requirements, the entrepreneurs who are complying
on these would likely be affected. Moreover, included in the political risk is the
events that are outside of government controls such as war, labor strike, and
terrorism.
With these being said, I also considered these as the risks also that I
might encounter when trying to get my business off the ground. It is because I
also need to risk money in order to start my enterprise; I also live in a tropical
country that encounter environmental phenomenon that cannot be controlled;
and lastly, as I live in a country that are govern with laws, I need to abide with
these and as well as face the changes in terms of its decisions, conditions, and
events that would possibly occur.
Other than these, I also determine another risk which is technology risk.
Given to the fact that in today’s era wherein new technologies that are constantly
emerging, there is a need to invest heavily in new systems and processes,
especially for new companies, in order to be competitive as well. But since it is
also constantly changing, there are risks in terms of what technology is
appropriate to invest with.
2. Think of the last time you decided for “Go for it” only to fail or be rejected? How
did you respond to your temporary failure or rejection? After reading Dawn’s
story, how might you respond differently in the future?
In our entrepreneurship subject way back when I am still in senior high
school, we have our business proposal (which is by group) for the bazaar that we
will be going to participate. But before this, we undergo a lot of discussions about
the business, along with the product that we are going to sell. After settling
everything, we decided to “go for it.”
Unfortunately, our proposed business was rejected due to some reasons
that we haven’t considered also. We felt discouraged because of this, but it does
not make us stop in participating in the said event. We respond to the temporary
rejection we encounter by finding another way in order to improve our product.
We take the suggestions and advice from the panels of the business proposal
and serve as a basis for our product. At this time, we also ensure to take into
considerations the possible loopholes and risk that we might face.
With these being said, after reading Dawn’s story, I would still continue to
pursue in establishing my business despite of the rejections and failures that I
encountered. I believe that there are many chances and opportunities that is
waiting for me. Additionally, I would likely to take into considerations the people
that have been suggesting to me in terms on how to improve and get back on the
downfall that I may face in my business. As being stated in the text, “tremendous
successes were not without serious setbacks along the way,” this signifies that
success after hardships. Hence, we should not give up on these times and this is
what I would certainly do in responding to the failure or rejection in the future.
3. Imagine you are a business owner similar to Dawn LaFreeda. What product
and/or services your business provide?

If I am a business owner, I would like to enter the food industry. This is


due to the reason that food is the basic need of the people and they could not
live without it. There would always be a consumer for this industry as others
constantly purchase and consumes food in order to survive and might as well
satisfy their hunger and cravings.
Particularly, the product in my mind right now is empanada. I think of
selling bite-sized empanadas, with many varieties. I have observed that the said
product is somehow outdated for which mostly sold in the market are usually
desserts and sweet pastries. From it, I would like to revive the essence of
empanada while offering a new and unordinary taste of it. I could say that having
it in bite-sized and with different flavors is my edge in this type of business.
Moreover, I believe that there are people who are not fond with sweets. Hence,
they would likely be my target customers.

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