Following the American Psychological Association's Guidelines

Entrepreneur:
Following the American Psychological Association’s Guidelines
Abstract
People these days have little to no time to accommodate personal tasks such as cooking and some do not incline themselves to do it. Outside dining has become an important and time saving practice for a lot of individuals that entrepreneurs were compelled to enter the food industry. Engaging business in the food industry entails a great deal of profit; however, its maintenance and management are not easy. Factors such as the type of food service to offer, target market, lifestyle of the people at the location of the business, personality and preference of the of the entrepreneurs, and the economic status or buying capacity of the consumers must all be taken into account by the entrepreneur before entering the food industry.
Keywords: outside dining, food industry, entrepreneurs
Eating is and will always be a necessity. Intake of food enables people to get through the day and perform their tasks efficiently; however, due to busier and highly demanding schedules, most people do not have the luxury of time to cook. Eating out is the norm in today’s fast-paced society and has become a significant social and business occasion (Yong, & Muharratul, 2012), thus, more entrepreneurs are inclined to engage in the food industry.
Venturing into the food industry is no easy task. The food industry is considered to be one of the most challenging and high risk “spaces” to enter as a business (Canotal, 2016). According to Paul Mangiamele, president and CEO of Bennigan’s, the food industry is a wonderful, great, satisfying and lucrative business, but one has to be knowledgeable of all its moving parts in order to get a better chance of success (Entrepreneur Staff, 2012). Therefore, scrupulous planning, and extensive studies have to be conducted prior to starting this kind of business.
At present, there are multiple types of food businesses available. Different varieties of food are now sold in carts, stalls, cafeterias, fast-food restaurants, and fine-dining restaurant with the last three remaining as the more patronized options when it comes to the preference of the consumers in buying their meals; therefore, most entrepreneurs are more inclined in engaging in these types of food services.
In order to decide what type of food service to offer, several factors are to be accounted for. The first factor is the target market wherein there are different categories depending on age generation: Generation Y (born between 1980 and 2000), also referred to as the “millennial generation” have the tendency to order fast-food or any quick service delicacies, Generation X (ages above 40 years old), known to have strong family values, favors fast-food and cafeterias, Baby Boomers, mostly workin...