Entrepreneurial Interview Assignment

Royal Paan

Thursday, November 11th, 2021

Fatima Shafique (1108435)

Prince Khan

BADM 3110 (02)

Introduction

Entrepreneurs are people who take risks and challenge themselves by combining

creativity, authenticity, and hard work to earn a living. The concept of an entrepreneur is often

misunderstood by many as many believe that it is simply an individual who accepts a risk to earn

a profit, but in reality, it involves more. Rather than just being driven by greed for profit, an

entrepreneur is someone whose way of life and events have lead them to build their own

environment where they are able to grow, creating their own principles and to be able to see

them become real. Through the critical reflection of an interview, we will gain insight into the

beliefs and personality of an entrepreneur.

Muhammad Yasin is the entrepreneur I opted to interview, and his business is called

"Royal Paan," and it is based in Toronto. On Friday, October 15th, 2021, I met with Mr. Yasin. I

had felt well prepared for the interview because I had gone through the assignment specifications

numerous times and already had a basic idea of what Mr. Yasin's business is all about. I had also

researched Royal Paan's webpage in order to be better prepared for the meeting and to determine

any additional questions I might have. I came 15 minutes early for the meeting, dressed

professionally and with a decent set of questions ready.

Decision of Becoming an Entrepreneur

Mr. Yasin wanted to become an entrepreneur since his close relatives in his hometown

ran a service that was comparable to his business, Royal Paan. His expertise and skills motivated

him to establish his own business, and he was convinced that he would succeed. He felt

extremely confident in his ability to come up with creative ways to serve customers. He chose

this business since it was in the service industry, which was near to his personal ambition.
 Entrepreneurs are motivated by their passion. They typically like what they do, which

encourages them to devote time to their work. Mr. Yasin was very enthusiastic about developing

a business which would allow him to feel more at home and it provided him the chance to do

what he enjoys most, provide exceptional service to people. Mr. Yasin's dedication to his goal is

what keeps him going.

Recognizing opportunities and generating ideas

The idea of stating his own business came to Mr. Yasin when he moved to Canada and

realized that there are not many places here where he can go and enjoy some delicious South

Asian street food and desserts. Mr. Yasin felt that this would be a great opportunity for him to

start something that could let the people enjoy the taste of the South Asian food in Canada that

they would find back home. For this reason Mr. Yasin came up with a business strategy to help

him with this. A business strategy not only aids in the start-up of a company, but it also enables

us to examine our financing choices, make important business decisions, and comprehend the

industry and market.

Feasibility analysis

Mr. Yasin’s original thoughts of starting his own business were that will this make people

excited? To find the answer to that question Mr. Yasin asked his family, friends, close relatives

any possible person he could think of that would they be excited to see a South Asian Sweets,

street food place open? After asking many people and doing research Mr. Yasin decided to go on

with his idea and start his very own business named Royal Paan.

The Business Model and Core Strategies

Mr. Yasin’s venture resembles a franchise business model.

Core Strategy

 Business Mission

o Royal Paan's objective is to give the greatest hospitality services while

guaranteeing client happiness. Royal Paan mainly focuses on their clients'

demands and desires, which they accomplish via their highly upskilled

professional personnel.

 Target Market

o The South Asian population had only few places to enjoy the desserts,

milkshakes, or street food that they could savor back home, so Mr. Yasin

then decided to start his business named Royal Paan to target the South

Asian community.

 Product/Market Scope

o The product/market scope for Royal Paan is paan, milkshakes, Falooda

and street food that were unavailable in Canada in their authentic forms at

the time of opening.

o Royal Paan was able to provide its customers with authentic paan,

milkshakes, falooda and street food that were previously not available in

Canada in their true form and taste.

Resources

 Core Competency

o Customer experience is one of Royal Paan's main competences. Their core

business plan is geared to providing quality services, atmosphere, and a

 range of foods and beverages. Royal Paan's employees are all educated to

handle a wide range of consumers.

 Key Assets

o The infrastructure, human resources, and the supply chain are the key

assets of Royal Paan. The equipment used to cook, the furniture of the

place, and other kitchen objects are all included in the infrastructure.

Furthermore, the equipment and infrastructure are in charge of

establishing a trustworthy environment that attracts possible customers.

Human resources, in contrast, are very vital for the activities at the hotel.

The cooks and other workers make up the human resource department.

The firm cannot provide exceptional customer service if it does not have

an adequate human resource department. Additionally, the cooking

products are also in charge of providing outstanding customer service.

Any food industry is vulnerable if it lacks the three basic assets mentioned

above.

Financials

 Revenue Streams

o The revenue streams for Royal Paan are sales of paan, falooda, milkshakes

and street food, delivery charges and catering.

 Cost Structure

o Labor – labor accounts for a substantial portion of the cost structure for

operations.

o Leased space
 o Ingredients

o Equipment

o Marketing and advertising

Operations

 Channels

o Royal Paan's major sales channels are walk-in and online buyers.

o Delivery is also another channel of Royal Paan

 Key Partners

o Restaurant manager

o Food suppliers

o Equipment suppliers

o The advertising group

o Delivery service providers

Marketing strategies

Mr. Yasin’s business Royal Paan is targeted towards the South Asian community. Royal

Paan serves South Asian food items such as paan, falooda, milkshakes and street food that are

not available in Canada in their original forms like they would be in South Asia. Royal Paan

promotes and attracts customers by making its webpage visually appealing by using the right

colors that would attract customers. Royal Paan’s exterior also reveals the tone and style of the

restaurant which is South Asian style. Once the customer enters the cashier or someone greets

the customer. Then once the customer is seated at their table they can see the menu and then

enjoy their delicious food.

Critical factors & challenges

Target marketing, quality of service, and quality of the food are the three most important

variables in foodservice sector success. A method of raising attention for a service or product

among a specified set of people is known as target marketing. Food quality and service are just

as essential as target marketing towards a group of people. Mr. Yasin's restaurant, Royal Paan,

caters to the South Asian population, and his food and service are of the highest quality.

Mr. Yasin's toughest issue had been that he understood what he had been in for when it came

to getting the first guests in the door. Mr. Yasin was also aware that there'd be a significant

learning experience. All was new to him, from getting licenses to kitchen inspections to

recruiting personnel and cooks. Many people questioned his ability to succeed, but with belief in

his skills, Mr. Yasin disregarded them and continued on to accomplish remarkable success.

Future goals and insights

Financial objectives are among the most effective and efficient objectives a company

may have. Mr. Yasin's objective for his company is to stay profitable. Profitability necessitates a

combination among profit and investments and investments are required to evaluate market

developments and grow the firm.

Mr. Yasin's other objective is to deliver high-quality cuisine and hospitality. The quality

of a restaurant's cuisine and service delivery will determine whether the business succeeds or

fails. A restaurant's foundation and how it influences its economics and branding goals have a

certain amount of connection.

Conclusion
The owner of the Toronto based business Royal Paan Mr. Yasin started as an unexperienced

entrepreneur and now he has flourished his business into the business it is today. His biggest

problem is the same that we all face, attracting costumer. Mr. Yasin is passionate about assisting

people.
Appendix

Some questions asked at the interview:

1. What was your motivation for starting your very own business venture?

2. Was there something particular that motivated you into entrepreneurship?

3. What were some barriers to entry in the food industry and how did you approach them?

4. Did you write a business plan before starting the business?

5. Describe some brand elements that make up your brand.

6. What are some future goals or vision for your business?