gurarpan entrepreneurship (1)

8/8/2019 Gurarpan Entrepreneurship (1)

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Term paper of entrepreneurship

Submitted to:Neha bhardwaj

Submitted by:

Gurarpanjeet singh

B.com (p)RS3807A22

10804404


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CERTIFICATE

THIS IS TO ACKNOWLEDGE THAT

Gurarpanjeet singh

IS CERTIFIED IN

TERM PAPER OF ENTREPRENEURSHI[

AND HAS SUCCESSFULLYCOMPLETED ALL REQIREMENTS ANDCRITERIA

FOR SAIDCERTIFICATION THROUGH EXAMINATION ADMINISTERED BY:

Miss. Neha bhardwaj

Signature of:

Miss. Neha bhardwaj

Acknowledgement

A TERM PAPER as this would not have been written without the significant inputs and

efforts of many people. I would thus like to thank Miss. Neha bhardwajfor her guidance

and help during the course of the making of this term paper. Without his support this

paper would have not been made.

I would also like to thank again Miss. Neha bhardwaj.for helping with the correct format

of the term paper. It is his contribution that has led to a clear and more readable form of

this manuscript. Though full care has been taken, I welcome any suggestions regarding the

work.

THANKING YOU!


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Novemeber, 2010Contact: gurarpan mundi

Executive DirectorVenture catering co.Sector 19ChandigarhTelephone 0172-220463FAX (0172) 768-1419Website: www.venture.ocmE-mail: [email protected]


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1.Executive Summary

venture Catering, LLC., a wholly sole proprietorship catering services companyVenture Catering offers an inspired menu with a variety of delicious, high quality food selectionsfor meetings, events and social gatherings and provides full service catering with staffing forpassed foods and buffet service.Venture Catering has a select number of high performing graduates from GONELLAs culinaryarts training program, Project Venture, to prepare and serve its offerings

The two primary market segments are individuals hosting social events and businesscustomers catering lunches and meetings in their workplace. Social catering customers individuals that contract for private events, usually serviced intheir home. Business catering customers local companies and institutions that use catering servicesprimarily for breakfasts, lunches, and meetings..Venture Catering estimates that the total market size for social catering customers in the select

neighborhoods is 5,672 events per year. . Venture Caterings goalis to secure repeat business for regular meetings. IT has committed to using Venture Cateringexclusively for its catering needs and will generate over $20,000 in annual sales to provide lunch

for workshops and meetings just from its Professional Development and Resource Center.Venture Catering is uniquely positioned to succeed within these markets. Venture Cateringsprimary research confirmed national data that consumers are likely to switch brands, when priceand quality are equal, to help support a cause. In a market survey conducted with patrons of alocal green market, 59% of respondents indicated that knowing the business employed youngpeople would very favorably impact their decision to hire a caterer. Venture Catering hasinvested in the right management to ensure good quality and student workforce to providecomparable pricing.


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Venture Catering offers high quality catering services to individuals and businesses in

INDIA .Venture Catering has developed a marketing plan that includes creating promotional materials,organizing visibility events, and establishing strategic alliances with businesses in the catering

industry such as party rental facilities, liquor stores and party planners. Venture Catering will bereferred customers through the preferred provider lists of organizations with rental venues.. Venturing Catering has been established as a limited liability corporation with an AdvisoryBoard consisting of five members who bring a wealth of experience in the catering industry,business,financial services, youth development and social services. Venture Catering has hired abusinessmanager, who has vast experience in working with youth and a background in catering.Venture Catering is a double bottom line business, focused on ensuring a supportive workenvironment for the youth involved in the program. Excess income from Venture Catering willbe used to provide security and cash flow. The social outcomes of Venture Catering arenumerous and far reaching. A select group of youth will be hired as Apprentice Chefs and willenhance their culinary abilities; learn first hand how to operate a business; and gain job readiness

skills transferable to diverse business environments. Some will go on to pursue careers inculinary arts. Others will support themselves while they attend college or culinary school. Allwill gain solid work experience and be better prepared to compete in the job market.Start-up costs for the business are estimated at 103,813. With realistic expectations about growthof the business, Venture Catering will service an average of 2.4 events per week during its firstyear and grow to 4.8 events per week by year 5. Following this growth schedule, VentureCatering will break even in year 3 and become cash positive in year 4.

Key Financial Milestones

Sell social catering events with 30 high-end cocktail parties with an average of 75 guests at

an average price of 280 and 12 dinners with an average price of 400 per person with 40guests in year one; and, Sell business catering events with 63 brunch/meetings per year at an average per personprice of 150 for 20 people and 20 lunches at 125 per person with 25 people in year one.Over 6O meetings are already committed.


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II. Description of the Business

. Venture Catering offers an inspired menu with a variety of delicious, high quality food

selections for meetings, events and social gatherings..Venture Catering Social Outcomes:The social outcomes of the proposed catering business are numerous and multi-faceted; Youth will be retained in part-time employment in catering business; Youth will gain professionalism and "soft-skills" that can transfer to future employment; Youth will build enhanced culinary and service skills; Youth will be positioned to pursue higher/continuing education; Youth will develop money management skills and take steps toward financial independence; Youth will be prepared to conduct a job search; and,.

Customer Satisfaction Survey Results

89% rated overall impression of Venture Catering as excellent. Other 11% rated it very good; 55% rated Venture Catering as better than other caterers they had used; 22% rated Venture Catering as significantly better than other caterers; 22% rated Venture Catering as comparable to other caterers; 67% said event planning was excellent. 33% said it was very good; 89% rated taste & presentation excellent. 11% rated taste & presentation very good; 89% rated the service by the youth staff excellent. 11% rated service very good; 100% would use Venture Catering again; and, 100% would recommend Venture Catering to a friend.

Product and services

Passed Hors D Oeuvres

Smoked Chicken QuesadillasRed snapper Cakes with Lime RemouladeWild Mushroom Filo PastriesButternut Squash Dumplings with Coconut Curry Glaze


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Caramelized Scallops in Chive Crepes with Basil CreamSpice Rubbed Seared ShrimpVietnamese Summer Rolls with Peanut Dipping SauceRoasted Cremini Mushrooms with Herbed Chevre and Toasted Pine NutsSpicy Shrimp Maki Rolls

California RollsVegetable Nori MakiOlive and Artichoke Bruschetta With Tomato ConcasseMini Crab Cakes with Cajun MayonaisseFresh Mozzarella, Grape Tomato and Basil Skewers

Stationery PlattersBread Crudite Basket with Rosemary White Bean Hummus or Olive Artichoke PestoVegetable Crudite Basket with Caramelized Leek and Shallot DipAssorted Imported and Local Cheeses Garnished with Seasonal Fruits and NutsSmoked Salmon with Capers and Crme Fraiche on Brown BreadGuacamole, Fresh Tomato Salsa and Chips

SoupCream of Wild MushroomVera Cruz Chicken and RiceCurried Butternut SquashSpicy Corn ChowderBrooklyn BouillabaisseItalian Clam and Mussel StewGazpacho with (or without) ShrimpChilled Cantelope and PeachChilled Leek and Fingerling Potato

SandwichesRoasted Vegetables, Fresh Mozzarella and Pesto on Sun-dried Tomato WrapCoconut Curried Chicken or Tuna Salad on Multi-Grain BreadSmoked Turkey and Avocado with Honey Mustard on BaguettePortobello Mushroom Burger with Goat cheese and Tomato on Ciabatta RollMediterranean Shrimp Salad on Olive BreadRosemary White Bean Hummus on PitaSeared Chicken Breast with Cilantro Pesto on Pullman

Green SaladsRoasted Pears, Toasted Walnuts and Goat cheese on a Bed of Baby Greens with Shallot SherryVinaigretteRoasted Beets, Pickled Red Onions, and May Tag Blue Cheese on a bed of Frisee with BalsamicVinaigretteBlood Orange, Red Onion, Avocado on Mixed GreensHarvest Apples, Shaved Cheddar, Toasted Walnuts, Dried Cranberries on Mesclun withArugula, Tomato and Toasted Pine Nuts in Basil Infused Olive Oil VinaigretteRoasted Corn, Avocado and Garden Vegetables on Mixed Greens with Dijon VinaigretteWilted Spinach Salad with Homemade Croutons and Warm, Garlicky Olive OilSmoked New Potato and Roasted Corn and Red Peppers with (or without) Grilled ChickenFrench Lentils Marinated in Twelve Indian Spices


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Curried Couscous with Mint, Slivered Almonds, Currants, Garbanzo Beans and FetaSalade Nicoise with Fresh Grilled TunaPasta PestoPurple Cabbage SlawBeet and Apple Salad with Horseradish Vinaigrette

Black Bean, Roasted Corn and Red PepperPanzanella, Ripe Tomatoes, Basil, Black Olives with Garlic CroutonsChicken WaldorfCoconut Curried Chicken or Tuna with Currants and Toasted CashewsSeared Scallops on a Bed of Tender Greens with Sherry VinaigretteMediterranean Shrimp with Citrus VinaigretteChilled Soba Noodles with Sesame Peanut Sauce

EntreesSeared Salmon with Fingerling Potatoes and Roasted Brussel SproutsChicken Jeweled with Green Olives, Capers, and Dried FruitFlash Cooked Ginger Beef

Seafood RisottoCremini, Porcini and Shitake Mushroom RisottoHunter ChickenBarbeque Chicken Cakes with Green Apple RisottoCrab Cakes with Cajun MayonaisseBarbeque Shrimp CakesChicken or Eggplant ParmesanSmoked Chicken and Roasted Asparagus Lasagna with Fresh MozzarellaSpinach Lasagna with Bechemal and Tomato SaucesSeared Spice Rubbed Salmon with Honey Barbeque Glaze

Vegetables and Side DishesJalapeno Corn BreadMaple Glazed Sweet PotatoesGarlic GreensRed, White and Blue Roasted PotatoesFresh Corn on the Cob with Cayenne Lime ButterSpinach Filo Tart with Caramelized Onion and FetaCreamy or Baked PolentaCreamed Spinach with Freshly Grated NutmegMacaroni Baked with Three CheesesRoasted Asparagus and Cremini MushroomsMore Vegetables and Side Dishes

Sauteed Asparagus with a Balsamic Reduction and Toasted Pine NutsRatatouilleWild Mushroom RisottoBaked Stuffed Peppers with Mint, Couscous and FetaHaricot Vert with Sauteed ShitakesDesserts

Decadent Chocolate Cake with Raspberry Preserves and Deep Chocolate GanacheCarrot Cake with Cream Cheese Frosting


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Sour Cream Coffee CakeMaple Mascarpone CheesecakeAngel Food Cake with Toasted Coconut IcingStrawberry ShortcakeCoconut Bread Pudding

French Apple Tart with Apricot GlazeLemon Curd or Chocolate Mousse Pate A ChouxMocha BrowniesCinnamon Filo Nests with Lemon Curd or Chocolate MousseAssorted CookiesSeasonal Fruit Skewers

Breakfast or Brunch Items

Wild Mushroom FrittataRed, Yellow and Orange Pepper and Leek Quiche

Quiche LorraineBanana Walnut, Lemon Poppy Seed, Cranberry Orange Pecan, Blueberry, Carrot, Corn, JalapenoCorn, Maple Sweet Potato Muffins or Quick BreadsAssorted RugelahSour Cream Coffee CakeApple Cranberry Walnut CakeIrish Soda BreadButtermilk BiscuitsChocolate Chip, Cranberry, or Currant SconesBagels and Nova with Tomato and Scallion Cream Cheese

Vision:

1.To be the number one catering services company in next ten years.

2.To expand the business and our services in every corner of the india

3.To make tie ups in abroad also and to open our subsidiary there also .

4. To provide customer satisfaction

5.To provide better quality products and services at low rates.


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III. Industry and Market Analysis

Industry

The Restaurant industry is a thriving industry that has been steadily growing for the past 30years. According to the 2003 Restaurant Industry Forecast, between 1970 and 2003, therestaurant industry will post a compound annual growth rate of 7.2%. On a typical day in 2003,the restaurant industry should post average sales of nearly $1.2 billion and sales were forecastto advance 4.5% in 2003 to equal 4% of the Indian . gross domestic product. The restaurantindustry provides work for more than 9% of those employed in the india. However,the supply of workers age 16 to 24, the primary pool for restaurant employees, has beendeclining. To solve the problem, companies are hiring more retirees and immigrants, and areincreasinglymaking use of automation The catering industry comprises establishments primarilyengaged in providing single event-based food services. Banquet halls with catering staff areincluded in this industry.The catering industry is experiencing strong growth: According to the trade journal Specialty Food News off-premise catering is the secondbiggest growth sector in the food industry, second only to home meal replacement. According to the National Catering industry, the number of catering companies iscurrently 46,000 to 65,000 caterers nationally with estimated start up costs of 85,000.

Venture Catering Customer Segments

Within the catering industry, Venture Catering has developed products that will appeal to twocustomer segments and allow the business to maximize its social outcomes.

Social catering customers individuals that contract for cocktail parties and buffet dinnersfor private events, usually serviced in their home.

Business catering customers private companies and nonprofits that use catering servicesprimarily for breakfasts, lunches, and meetings.

Market Potential

Social catering customers contract catering services to fill a variety of needs, including holidaygatherings, showers, birthday parties, cocktail parties and business-related social events. Amonghouseholds earning over 150,000 annually in these targeted neighborhoods, Venture Cateringestimates that 10% utilize catering services 2 3 times per year and an additional 25% utilizecatering services once per year. In addition, Venture Catering estimates that the market of socialcatering customers includes 5% of households within the 75,000 - 150,000 income range. These


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customers might contract for a special event such as a bar mitzvah but would not be repeatcatering customers. Using these estimates and assuming that Venture Catering services eventsonly withinthe five target zips, the total market size for social catering customers is 5,672 eventsper year.

Business Meeting and Lunch Catering

The second market for Venture Catering is customers seeking food service for meetings andlunch delivery primarily in a business setting. These customers are seeking convenience andreliability and are attracted to gourmet quality that cannot be found through typical take-outrestaurants. Venture Caterings experience with 19 pilot business meetings led to thedevelopment of a menu for small events such as board, departmental or staff meetings. Theseevents can be breakfasts, lunches ormeeting refreshments.Corporate lunches offer a reliable source of revenue and provide steady work for the business.As opposed to the social catering market, which is more seasonal in nature, corporate lunchesoften lead to other catering jobs for parties and events with higher profit margins. Since many

companies have regular meeting schedules, business lunches can be a reliable source of repeatbusiness. Thesecatering orders are often made by the same person providing opportunities tobuild relationships and future business. The goal of Venture Catering is to establish contractswith a few companies providing regular repeat business. At other large companies, cateringbudgets and decisions are diffused among different departments making it difficult to assess themarket.The quality of food and service are the primary factors in decision making for bothsegments.Convenience and flexibility were also important considerations for the focus groupmembers. Mostconsumers felt that there are many options for excellent food and the socialpurpose would motivatethem to hire Venture Catering. If all else were comparable, a majority offocus group participantsindicated a willingness to pay market prices or even more because of thesocial purpose. The focusgroup further confirmed that other customers would also be willing to

pay market rates.Market SurveyVenture Catering conducted a market survey to explore thedemand for catering. The surveylooked at the demand for catering, types of events, factors forselecting a caterer, and impact of thesocial purpose on decision to purchase services. A surveywas distributed to patrons at a localgreen market and a total of 80 surveys were completed overtwo Saturdays. The market researchsurvey results indicated that 41% of the respondents hadused a caterer during the past for at leastone social event. Taste and price were the mostimportant reasons for selecting a caterer.In response to being asked how knowing the businessemployed and trained young peoplewould affect a potential customers choice to use VentureCatering, 59% indicated that it wouldimpact the decision very favorably. Results confirmedthat the features of Venture Catering, weconsider our competitive advantage, are important topotential customers. 62% indicated thatflexibility of menu was highly important. Survey results

are included in the supporting documents.

Catering Competition

The competitive environment for catering is highly fragmented with over 200 cateringestablishments within a three-mile radius of Venture Catering. These companies represent avariety of catering services, from banquet halls to corner delis. While proximity is an importantfactor, strong recommendations from friends is the deciding factor in caterer selection. Most


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catering clients tend to contract for repeat business with a handful of recommended caterers.Customers evaluate the quality of the food first and foremost. Then they weigh factors such asprice, convenience, flexibility, and reliability depending on the type of event. Venture Cateringstands out among the competition Venture Catering coordinates full service not available throughlocal restaurants and gourmet shops. This requires the customer to spend additional time

coordinating services. Venture Catering will be more convenient for these customers. VentureCaterings customized menu options, flexible customer service and convenience is a priority forsocial catering customers as these events reflect highly on the host. Businesses are looking forease, the convenience of delivery and set-up, and more upscale options than deli fare. After foodquality, price and reliability are the primary factors for these customers.

Competitive Advantage

Venture Catering is in a unique position to succeed with its inspired menu offering a variety ofdelicious, high quality food selections while providing entrepreneurial and culinary arts trainingto disadvantaged youth. Venture Caterings key competitive advantages include:

Quality of food and customer service at competitive prices: The Business Manager andchefs bring a wealth of experience and expertise in creating delicious menu options and willensure that the youth produce high quality food and service.

Full service, affordable catering: Venture Catering offers a full range of front of thehouse services, at reasonable rates. Youth are trained to provide the highest qualityservice. Flexibility and customization of menu: The flexible nature of Venture Caterings menusand event preparation allows the customer to have input in a way that larger, more

established caterers and restaurants do not. Utilizing a youth labor force allows VentureCatering to maintain lower labor costs.

Social impact: Venture Catering will positively affects the lives of youth through asupportive workplace and training in culinary arts, customer service and entrepreneurship.The social mission allows customers to support a worthy cause while eating well.

Key Challenges

Maintaining consistency in product and business operations: If the head chef is out, theconsistency goes down. Chef must not need to oversee every detail. It is important to have

people in program involved enough so that they feel ownership of business and learn to runthe business themselves (i.e. management and accounting skills). Cross-training employeesexposes them to different skills and enables others to fill in.

Planning for growth: Investors want to fund social enterprises with experienced managersand experts in the field. To investors, people are the most important asset of your business.

Know who can work where: Employee selection is key to ensure students are suited for job.


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.

IV. Marketing Plan

ProductDuring the first year, Venture Catering created recipes and cost-out menus for four product lines:buffet dinners, cocktail parties, business lunches and food for meetings. Customers can choose acomprehensive menu with signature items offered consistently and seasonal items introduced tokeep the menu options fresh and exciting. Sample menus are located in the SupportingDocuments section.

PlaceVenture Catering is an off-premise catering company. Typically, social catering customers hostevents in a private residence or small event hall. Business and institutional customers tend tohold events on the workplace premises in locations such as conference rooms. The menus are

prepared at a commercial kitchen and then transported via a local car service with which VentureCatering has a preferred account, to the event or prepped at the kitchen and cooked or finishedoff at the event space. Venture Catering staff arrange and serve the food as directed by thecustomer.

PricingVenture Catering has two pricing strategies. The first is to offer a high-end catering service thatcombines top quality food with professional service. Offerings for this market include cocktailparties and dinners. The second pricing strategy is to offer a corporate catering menu, designedfor business consumers seeking lunches and food service for meetings. These menus offerdiverse menu items that are a step up from traditional deli sandwich fare

PromotionThe catering business is a very personal sales industry in which relationships are the key tocustomer acquisition. These relationships are vital because customers are looking to use acatering firm that has been recommended or is preferred by the event space or institution.During the first two years, Venture Catering will focus on building brand awareness, leading toproduct trial, through word of mouth and strategic partnerships. The Business Manager, inconjunction with the Business Development Manager, will conduct sales calls and manage thepromotional efforts. Venture Catering has a competitive advantage when it comes to attractingclientsVenture Catering developed positioning statements for its two target customer segments.

Business Customers:

Venture Catering is the brand of catering services offering convenient, reliable delivery ofdelicious lunches and refreshments for business meetings and gatherings at localcorporations and institutions while benefiting the community.

Social Customers:


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Venture Catering is the brand of catering services offering upscale food, flexibility andquality service to the community.

Marketing Pieces

Venture Catering is currently developing a marketing piece, with menu samplings, that can beusedin the mailings, tastings and house parties. Venture Catering has designed a logo, letterhead,business cards and is developing an informational package. The web site will be developed byJune. A marketing budget for these materials along with the cost of promotional events isincluded in the supporting documents.

Strategic Alliances

The catering business is driven by word of mouth and referrals. Therefore strategic alliances are

an important element of the business. Venture Catering has established several strategicrelationships and will continue to develop partnerships as a main part of its marketing efforts.

Research and Development

Venture Catering will experiment with new recipes to expand the menu, offer seasonal products,and provide customers with more choices. The Business Manager will test new recipes, train theyouth and pilot the new products to a small customer segment before adding it to the menu.Venture Catering will also research the feasibility of expanding to new product lines such as: Market items such as holiday baked goods, or homemade sauces and condiments that will

be prepared in response to pre-order sales; Selling pastries or desserts to local restaurants and coffee houses; Offer gourmet-cooking classes featuring chefs from prominent New York restaurants; Pre-made holiday meals such as Thanksgiving dinners with turkey and the trimmings orPassover Seders; Picnic baskets for concerts and events in Prospect Park; and, Compile and sell a cookbook of recipes from our classes and catering business


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V. Management Plan

Business Manager is responsible for day-to-day operations of Venture Catering. This includesscheduling, planning and staffing all events, developing the menu, implements marketing plan,hiring and managing the youth, and maintaining financial records. The Business Manager willreport to the Advisory Board. manager brings to Venture Catering a multi-dimensional

background in retail/wholesale and not for profit management, event production, culinary artsand working with youth. manager has over 15 years in not for profit management experience thatincludes program development, volunteer recruitment and training, fundraising and overseeingfunding programs. In addition, Pete has been active in producing concerts and events,entertainment services and catering managers experience includes: training youth; extensiveexperience organizing special events; bartending; program development; marketing; retail andwholesale sales experience; teaching culinary classes at Project Venturing and publishingculinary articles.Assistant Chef: This position will assist the business manager with the day-to-day operations ofVenture Catering. Assistant Chef will help with ordering, shop for specialty items, oversee youthin the kitchen, track kitchen inventory, and provide support to business manager.

Project Venture Chef: Andrea Martin brings more than a decade of experience as a professionalchef in both restaurants and catering businessesSpecialty Chefs: This is position will be filled by professionals in the field that bring specialtalents and experience to Venture Catering. Examples would include pastry chefs, culinaryeducators and teachers, cheese purveyors, sommeliers, event planners, food and decorativedesigners, and other food service related specialties. These positions will be filled on an asneeded basis to complement


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VI. Operations Plan

Staff Selection and Promotion

Employment in Venture Catering is limited to one year and is designed to be a stepping-stone tofuture employment. To ensure that the business will never be staffed entirely by new employees,a new group of trained Apprentice Chefs will cycle into the business three times a year. VentureCatering Apprentice Chefs will enter the business with high-level skills, having completed theculinary arts training. Project Venture Culinary Arts graduates a cadre and every four months anew team of youth will enter the business. Only the most successful graduates of the trainingwho have demonstrated good attendance, responsibility, motivation and skills will be hired byVenture Catering. A buddy system will pair each new youth with a more experienced worker,responsible for providing additional support to the new employee. In addition to being a boss, thebusiness manager will serve as a coach and mentor for the Apprentice Chefs. After the initialfirst year of employment, some Apprentice Chefs will have the opportunity to be promoted to

more senior level positions such as Assistant and Sous Chefs. Advancement opportunities willinspire entry-level workers to do their best and allow Venture Catering to retain skilled youthstaff for more than one year. In addition, these more senior chefs will set the tone forthe other youth to behave in a professional, mature manner.. The agency is committed to offeringas many youth as possible the opportunity to work with Venture Catering. The one-year termwill prevent complacency and force young people to prepare for subsequent employment. Highstaff turnover is already the industry standard for food service. The gradual staff cycles atVenture Catering is designed to provide opportunities for more young people whilethoughtfully managing staff transitions to minimize the impact on business operations.

Youth Employee Training

Venture Catering will conduct an employee orientation every four months, which builds on thetraining already acquired through Project Venture, as a new cycle of Apprentice Chefs join thebusiness. The orientation, which builds upon the training already received from Project Venture,will include the following topics:1. Introduction to Venture Catering:a. Business staff and types of catering workb. Part-time scheduling (driven by events) and one year employment commitment2. Detailed review of employee manual & kitchen norms3. Detailed review of youth employee job description4. How to fill out time sheets & other paperwork5. Orientation to kitchen

a. Proper use & care of all equipmentb. Where & how things are storedc. Systems for maintaining track of inventory6. Safety and sanitation7. Customer relationsa. Handling phone calls and delivering food to customersb. Service skills at events8. Front of the house skills


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a. Plating & presentation of foodb. Passing appetizers and talking about food with customersc. Bussing & clean up9. Knife Skills Practical Review10. Kitchen Math & Reading a Recipe Review

11. Professionalisma. Personal presentationb. Attendance & punctualityc. Positive attitude, hard work, and team workd. Problem solving and conflict resolution

Production Process

The Business Manager will work with each customer to develop a menu for the event. Foodproducts, rentals and other items will be purchased or arranged for the event. Catering has

already negotiated arrangements with suppliers. The Business Manager will develop aproduction and staffing schedule to prepare the menu. These catered meals will be produced bythe Apprentice Chefs with supervision in a commercial kitchen. Customers can choose either topick up small orders themselves, or the food will be transported by Venture Catering staff in acar service under our preferred customer arrangement. As with most caterers, some food itemswill be re-heated in the customers kitchen. Food will be plated and presented on site usingVenture Catering platters or other serving items. For larger events, Venture Catering may rentadditional service items. Venture Catering Apprentice Chefs will be available to provide waitstaffing when requested. Non perishable items will be stored in bulk and during slow periodsitems such as stocks and certain sauces will be prepared in advance and frozen for future use.

Supply Chain and Inventory Management

Products will be obtained through established relationships with vendors. The Business Manageralong with the Assistant Chef will be responsible for inventory management to ensure that thereare ample supplies for upcoming orders. The Business Manager will coordinate beverages, partyrentals, and ordering wine at a clients request. Venture Catering has relationships with severalrental companies that deliver and pick up china, glassware and other utensils. Venture Cateringhas determined reliable sources for the ingredients and equipment needed. These sourcesinclude: Park Slope Food Coop (fresh, organic, low-cost produce and other healthful ingredients); Horizon Meat and Seafood; Costco (wholesaler for bulk food and paper goods supplier); Arrow Metropolitan Linen (for catering uniforms);

Broadway Famous, Party Time, and Atlas Party Rentals (rent party supplies); and, Jetro (restaurant supply).Additional supplier relationships will be developed when Venture Catering is able to generateregularly placed orders that meet minimum order size requirements.

Kitchen Space, Facility Requirements and Equipment Needs


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Venture Catering has rental agreements with two restaurants and has been providing cateringservices from these locations. In the first year, Venture Catering will continue to rent kitchenspace at 800 per day. Venture Catering has been seeking a new space that will provide access toa fully equipped kitchen with ample workspace and storage for ingredients and prepared fooditems. A location near major transportation will make it easier for the youth to get to work.

Venture Catering has also developed a list of required kitchen equipment (pots, pans, knives,etc.) totaling approximately 70,000 included in the start-up budget.Capacity Analysis

Given the seasonality of the business, Venture Catering anticipates that the late fall and winterholiday season and the spring will be busy periods. Through Project Ventures extensive networkof contacts with neighborhood restaurants and chefs, Venture Catering has identified a number ofchefs and pastry chefs who can work with the catering business to accommodate the fluctuationsin demand for cateringProductivity Analysis

During the first year Venture Catering cost-out signature recipes and determined the length oftime each took to prepare. The amount of staff and hours required to prepare for an event is

calculated based on the recipes being prepared and the number of pieces of each unit beingserved. In addition, the staffing level for events with wait service was calculated. VentureCatering will continue to track staff and ingredient costs for each event using a project code foreach event to determine productivity and food costs.Economies of ScaleAs the Venture Catering expands or multiple jobs are secured, economies are expected primarilyin the cost of food. Venture Catering will be able to buy more in bulk, prepare sauces and otheritems in advance, and develop stronger relationships with its vendors thereby reducing the costof the product. As Venture Catering increases business with select vendors (such as rentalcompanies), we anticipate a reduction in unit costs.

Quality ControlTo assure quality control, the Apprentice Chefs will be supervised at all times by the BusinessManager or Assistant Chef during food production. No food will leave the premises without acareful inspection by a supervisor. At events, the Business Manager or Assistant Chef willoversee the set-up, presentation and clean up of the food served. To ensure the highest quality offood and service, the Business Manager will give feedback to the Apprentice Chefs at weeklymeetings and debriefing sessions after large events. A Customer Satisfaction Survey will bedistributed to all customers, after each catered event to obtain customer feedback. Results will beshared with the employees and integrated into future catering work. In addition, ApprenticeChefs will also be observed and given feedback on their customer service skills.

Fiscal OutsourcingVenture Catering will have its own separate checking account and general ledger. The

Business Manager will be responsible for customer billing and payment collection. VentureCatering will also prepare timesheets and expense reports for each event with staff and eventcosts. Finance department will manage all financial transactions for the business includingmaking deposits and paying bills. it will also oversee the tax forms and audits using the agencysexisting certified public accountant..

Management and Information Systems


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Venture Catering has evaluated a number of information systems and plans to purchaseExecuChef to track customer information, catering jobs and conduct marketing activities.Detailed customer information including sales history, menu and preferences will be created.

VII. Financial Plan

The venture catering has been started wid the capital of 10,00,000 Rs. Rs 5,00,000 has takenfrom bank as a loan at the rate 0f 6% per annum which is promised to be repaid within 2 years.The whole loan is used towards the establishment of business and nothing is used for privatepurposes Venture Catering is a double bottom line business, focused on ensuring a supportivework environment for the youth involved in the program and generating revenue .VentureCatering hits break even in year 3, and moves to 12% net margins in year 5, on revenues of304,940. ByYear 4, Venture Catering will be a fully self-sustaining business. With realisticexpectations about growth of the business, Venture Catering will service an average of two

events per week during its first year and grow to five events per week by year 5.

Revenue Assumptions

Venture Catering has 4 product offerings: Dinners with an average of 40 people at 100 rs per meal; Cocktail events with an average of 75 people at 70per person; Lunches with an average of 25 people at 40per meal; and, Meeting/Brunch with an average of 20 people at 15 per meal.Venture Catering is projecting 125 events in year 1, or 2.4 events per week, growing to 248events, or 4.8 events/week in year 5. The average revenue per meal is 50 in year 1, growing to

70 in year 5, based on mix of business moving toward more profitable cocktails and dinners. Inyear 3, a fee increase of 7% is built into the model. Service for events is provided on dinners andcocktails by youth servers and is billed at Rs 80per hour

Key Expense Assumptions

Staffing includes one full time Catering Business Manager at 48,000 per year; a portion of aBusiness Development Manager; Apprentice (student chefs) at 70.00 per hour; an Assistant Chefat 10.00 per hour and a Sous Chef at 15.00 per hour. Salaries increase of 2% per year for all staffpositions is included. Fringe benefits were calculated at 20% for full time staff and at 10% forpart time staff. Labor costs are based on number of hours of part-time (Apprentice Chef hours) to

prepare each event time the number of events per year. This drives annual work hours. VentureCatering will continue to use a rental kitchen forYear 1 at 200 per day times 3 days per week. Itwill lease an equipped kitchen for year 2 at 8,800 per month. Transportation will be done throughcurrently established relationships with car services and costs will be passed through to clients.

Key Financial Milestones

Secure 103,813 in start-up costs to purchase equipment, develop marketing materials and


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fund salary and material needs in the initial months; Sell social catering events with 30 high-end cocktail parties with an average of 75 guests atan average price of 28 and 12 dinners with an average price of 40 per person and 40guests in year one; and, Sell business catering events with 63 brunch meetings per year at an average per person

price of 15 for 20 people and 20 lunches at 25 per person and 25 people in year one.Over 60 meetings are already committed.

Start-Up Costs

Venture Catering needs 103,813 in investment capital, which includes tools and supplies, fourmonths of salaries, a full year of marketing costs, and four months of SG&A, plus some cashreserves. This will allow the organization to maintain itself with positive cash flow for threeyears as it moves into the black. A start-up budget is included in the supporting documents.Board of Directors has provided approval for launching Venture Catering.

Social Return on Investment

Retained Part-Time Employment in Catering Business: Hire and train 5-20 youth annually for part time employment in catering business; and At least 75% of the youth will complete one year of part-time employment annually.Gain a Sense of Professionalism and "Soft-Skills" That can Transfer to Future Employment: Apprentice Chefs will understand workplace culture and etiquette; Apprentice Chefs develop time management skills: punctuality, attendance and efficiency; Apprentice Chefs have enhanced communication and customer service skills; and, Apprentice Chefs become more able to work independently.Enhance Culinary and Service Skills: Apprentice Chefs will improve knife skills, kitchen organization, presentation/serving skills.Pursue Higher/Continuing Education: At least 40% of the Apprentice Chefs each year will make plans to attend college, culinaryinstitute or vocational training.Prepare to Conduct a Job Search: Apprentice Chefs will learn to write cover letters and update resume; Apprentice Chefs will receive professional reference from chef; and Apprentice Chefs will develop self-confidence needed to successfully interview foremployment. Develop Money Management Skills and Take Steps Toward FinancialIndependence: At least 75% of the Apprentice Chefs will open bank accounts


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VIII. Risk Assessment and Contingency Plan

Risks and Strategies for Mitigation

Venture Catering has taken steps to minimize the risks associated with opening a cateringbusiness.In addition, the staff has anticipated several potential issues and proposed mitigation strategies. Difficulty identifying a kitchen space Venture Catering continues to explore possiblepermanent kitchen options including leasing existing restaurant spaces but has had difficultyidentifying a facility within our budget limitations. Venture Catering has been able tocontinue taking catering jobs by paying a local restaurant per day to use its kitchen.However, this temporary arrangement makes the operation more difficult since it does not

provide for the storage of food and equipment.Strategy for mitigation: Venture Catering can mitigate the operational difficulties of atemporary facility through transportable storage units. In addition, Venture Catering isexploring a sharing a kitchen with another business to lower facilities costs for bothbusinesses. Compatible businesses such as bakeries or cake makers would complementrather than compete for business and would have different production schedules and timesin the kitchen. Low Sales - Venture Catering has conservatively estimated its sales projections and growthrates. These estimates are based on success of our marketing strategy, obtaining repeatcustomers, and securing food service contracts for regular meetings/events.Strategy for mitigation: it will closely monitor catering sales to ensure that projectionsare on track. If sales are low, costs will also go down since most expenses are variableincluding youth salaries, food costs and rent for the kitchen. In the first year, the kitchen willbe leased on a per diem basis depending on sales volume. Consistent Product Quality - Venture Catering may have difficulty in attaining these goals ifthere is inconsistency.Strategy for mitigation: Venture Catering has hired a highly skilled Business Manager whowill be supported by Assistant Chefs that can also supervise food production, presentationand service. Further, Venture Catering is hiring the most successful graduates from thetraining program. Efforts to cross train staff will also ensue that more than one person canperform the same job and provide consistency. High Employment Turnover Rates: it is committed to using Venture Catering as vehicleto train youth and, to increase these opportunities, will limit employment to one-year in theentry-level position.Strategies for mitigation: A high employee turnover rate is a standard in the food serviceindustry. Venture Catering provides a thoughtful process for providing youth with workexperience while retaining enough trained employees to run the business. Every fourmonths, 25% of its entry level workforce or 2-4 new employees (will vary as businessgrows) will join the business with a similar number moving on to new positions supportedby our job referral services. In addition, advancement opportunities will enable some youth


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employees to continue with Venture Catering providing further consistency..