Critically explore the risks, challenges and key issues in relation to Essay - 1

Critically explore the risks, challenges and key issues in relation to offset up a new restaurant in Cardiff Bay in light of the current scotch climate in the UK 01312 - Essay ExampleResultantly, UK is considered as fruitful economy for agate linees due its supporting business environment. The country is also attracting FDI for numerous sectors including food and beverages (Institute of Foreign Economy, NDRC, 2014). Also, According to PWC (2015), Europe including UK attracted around 22 one million million million more tourists in 2014 than 2013.Cardiff Bay, the mining valley holds the status of world first industrialized city (Cardiff Caerdydd, N.d) and tenth largest UK city but remained underprivileged for centuries due to ignorance by authorities. With this scenario at yarn-dye, role of SMEs increase massively in Cardiff Bay as the economy is then dependent on small and medium enterprises. The put out two decades witnessed the adventurous growth events and developments in the Cardiff Bay region. As reported, from 1000 registered buildings 547 are of food businesses including bar, caf and restaurants in Cardiff Bay (Ruddick, 2012). Hence, role of hospitality industry is wide in SME in Cardiff Bay region. Hence, with these factors at affect the paper reviews the challenges and issues that starting a new venture of restaurant in Cardiff Bay will be faced with.Honig and Samuelsson, (2011) empirically researched the effectiveness of planning and discussed the factors and viability of planning to enter in a business. Different factors in Cardiff Bay contribute in the importance of business planning. The potential population growth and changing modus vivendi are promising measures for services business industry in the region (Cardiff Caerdydd, N.d). Cardiff Bay attracts around 18 million visitors a year till 2012. Though, the region still needs huge reforms but critics confound positive anticipations. The lack in connectivity, infrastructure and funding measu res, increasing unemployment rates and strong ethnic value that cannot be easily changed all also factors that must be considered before developing business