Evaluating a business: Food Truck Business
With the advent of technology the business world have received the most considerable transformation as the technology has completely changed the way of doing business. The risk associated with the business has been minimising with the effective use of technology and at the same time, technology has helped the people to do business with great efficiency. In this modern era of business, a business is good that is comes up with innovative idea and at the same time that understand the corporate social responsibility.
Considering this for the following assignment of evaluating business, the Food truck business that is becoming popular in Brazil is aimed to be evaluated through the various lenses including the corporate social responsibility as well as through the growth and popularity potential of the business. The aim of the writing is to find out, whether the business is a good idea or bad, or it is working in right way or there is need to take some measure to improve the business.
Evaluation of Food Truck Business in Brazil
Brazil is one of the most attractive places for the tourist as every year millions of tourist visit Brazil especially for its landscape beauty and to celebrate the annual carnival festival with the Brazilian people. One of the more interesting things about the Brazil is that it is situated alongside the river of Amazon which is the place of great mysteries and a home many rarest and precious species of animals and plants(Oetken, 2014).
Brazil is a fortunate land that has a stable political and economic position. Therefore, many multinational companies are attracting towards the Brazil as they consider it a potential place. Following this, Brazil is a culturally rich country and people love to go out and enjoy their lives and so Brazilian have developed good taste and they are famous as food lovers. Therefore, any business of food has great potential to grow in Brazil.
According to the Carlos and Cannon, it is claimed in an article “The impact of transnational “big food” companies on the South: a view from Brazil”that food industry is one of the largest industry in Brazil as people love to travel miles to enjoy good food. Therefore, by considering the food industry potential, there are many famous and well established restaurants and hotels are working in Brazil(Carlos & Cannon., 2010).
In another study at PLOS review it is stated that the food industry of Brazil is rich as people are prosperous and they love food, therefore, every food service providing company have great opportunity to grow in Brazil as well as people come to Brazil from all over the world, therefore, alongside the locals, the visitors are also consider as potential customers(Minussi, 2012).
As Brazilian people try new things and so the idea of food truck business in Brazil is becoming popular as it is believed that it has comparatively more chances to run a successful remote restaurant as compare to the restaurant which is situated at a specific location. Therefore, there are many companies in Brazil that are running food truck business. In the following writing it is proposed to discuss the salient features of the food truck business in Brazil(Carlos & Cannon., 2010).
One of the most concerning thing about the Food Truck business in Brazil is that in case if your business does not run successfully at one place, then still there is hope left to run it at some other place. Secondly, according to the a business analyst William, to run a food business in Brazil can never be a bad idea as there is great potential for food business not only among the locals who are food lovers but also the foreigners are a good source of generating revenue by offering them tasty Brazilian or worldwide cuisines(Minussi, 2012).
Among some of the very famous companies, the Comida do Sul Brazilian is one of the companies that are running its food truck business. According to the company director, the food truck is a great idea because through this way you do not need your potential customers to reach you but through this you can take your food to them and in case if you do not get positive response in one market, your business does not collapse but you still have hope to approach new market with new spirit(Williams, 2013).
To evaluate the business, it is planned to view it through various angles including financial, political, legal, technological and environmental aspects.
Political and economic condition for Food Truck business
In the analyses of the Brazilian economic condition, it is found that the current political condition of the Brazil is stable as the government is very progressive and it has introduced business friendly policies to boost the economy of the country. Brazil is free from regional crises or any kind of civil war, religious conflicts etc. The president of Brazil has been elected by the majority of the people therefore; government holds the support of the people(Polis & Kirk, 2013).
The strong political condition has resulted in the form of strong economic condition of the country and so most of the population is living a prosperous live and people used to go out to enjoy food. Therefore, by considering the economic and political condition of the country, the food truck is a very good business to run in Brazil. Moreover, Brazilian government is also developing business friendly policies for the foreign companies; therefore, foreign companies as well as tourists frequently travel to Brazil which is very positive sign for the business(Williams, 2013).
Social and Financial Aspects
Social circumstances are in the favour of food truck as Brazil is economically and political stable and majority of the people are living prosperous life as well as people have capability to pay high for good food and at the same time people are food lover, therefore, food truck have great potential in the society(BONATO, 2015).
In financial aspect, the food truck is a good business because it has very little business risk as compare to the other restaurants because in case, if the food truck business does not receive success at a specific place, then the truck restaurant could be moved to some other place to catch new potential target market(Brazil Gov, 2015).
Moreover, the resources that are required to this business are easily accessible in Brazil, however the truck investment would be an expensive thing but as compare to the own a property to run a restaurant, the idea of food truck is a better because it does not required as huge investment as for the property. Subsequently, for the movement of the truck, the roads are in good condition, therefore, it is possible for the food truck to move from one place to other. In this regards, food truck has the option to experience new market and capture new people every day(Brazil Gov, 2015).
In technological aspect, the food truck business is a very good idea to run in Brazil because technology is becoming popular in Brazil and people are getting awareness of advance technology and technology is easily available in Brazil. Subsequently, the technology that is required to run food truck business is available in the market that could be easily accessed therefore, in technological point of view, the Food Truck business seems to be a very good business(Oetken, 2014).
In environmental point of view, the truck food is somehow considered as a way to increase air pollution because truck emits carbon dioxide and other hazardous gasses. However on the other hand, the food truck does not stay at a specific place but it moves from place to place, therefore, it not as dangerous and as other restaurants that continuously pollutes the air of the specific area. However it is believed that it is not much environment friendly business because fuel is not only used to move truck from place to place but at the same time, fuel is required to cook food. Moreover, the generators or other sources that are used to produce lights in the evening time, also use fuel. However for cooking, if electricity will be used then it would be a good option for the Truck restaurant to make its business more environments friendly(BONATO, 2015).
The rules and regulations in Brazil are not difficult to meet because the purpose of these rules and regulations is to make sure the role of the business in the progress of the society and country. Subsequently, Brazilian government gives great relaxation to their people as the taxes has been reduced which have opened new ways of success for the business. In this regards, Food truck business is a good idea(Brazil Gov, 2015).
On the base of the aforementioned business
evaluation, it is found that to be successful in the rapidly growing business
world and to survive in the neck breaking competition, the innovative idea and
creative strategic business management is ultimately important. In this
regards, the Food truck is an innovative idea as it has reduce the risk of
business failure. Moreover, according to the political, Environmental, legal,
economic and technological condition of Brazil, the food truck business is
found as a very good business as it has great potential to run a business
successful in highly intense market. Overall, through this writing work, the
idea of truck food is found a very good business.
BONATO, G. (2015, February 24). Truck strike enters 7th day, crimps Brazil’s fuel, food supplies. Retrieved April 17, 2015, from http://uk.reuters.com/article/2015/02/24/brazil-soybeans-road-idUKL1N0VY0RF20150224
Brazil Gov. (2015). Doing Business in Brazil. Retrieved April 29, 2015, from http://export.gov/brazil/doingbusinessinbrazil/index.asp
Carlos, M., & Cannon., G. (2010). The impact of transnational “big food” companies on the South: a view from Brazi. PLoS, 100-152.
Minussi, R. C. (2012). Potential applications of laccase in the food industry. Trends in Food Science & Technology, 205-216.
Oetken, D. (2014). Operating a Food Truck Business in Louisville, Kentucky . Retrieved October 11, 2016, from https://www.greaterlouisville.com/uploadedFiles/GreaterLouisvillecom/GLI_Resources/content/How%20to%20Start%20A%20Food%20Truck%20Business.pdf
Polis, G. A., & Kirk. (2013). Winemiller. Food webs: integration of patterns & dynamics. Springer Science & Business Media, 206-224.
Williams, C. T. (2013). “LOCAL FOOD|| GLOBAL FOOD: DO WE HAVE WHAT IT TAKES TO REINVENT THE US FOOD SYSTEM?: A Hungry Industry on Rolling Regulations: A Look at Food Truck Regulations in Cities across the Brazil. Me. L. Rev, 705-823.