Coffee Shop
Feasibility Study Report
Anas Mamoun Kouki
(13) - 50645450
Hamad Saleh Al-Qadhi
(09) - 99073339
Hussein Fouad Nassrallah (10) - 97983183
Small Business 428
Executive Summery
The coffee shop is a simple familiar idea where you can enjoy your time with a
nice and unique taste of coffee from the marvelous farms in Colombia in South
America. The shop is a cozy relaxing place where people will differentiate the kind
of high quality of coffee beans. Coffee shop business is so familiar everywhere and
specially the Kuwaiti market and our project will be as one of these shops.
The Project will be different from what is available in the market due to the
unique type of coffee that will be supplied from the franchiser. The franchiser will
supply us with the inventory the whole year period. The cafe will have a menu
similar to what is available in the competitors' menus, hot and cold drinks. Also,
the cafe will offer some desserts like cup cakes, muffins, cookies, etc and some
light food like sandwiches and salads that are suitable for snack.
Starting the project, we surveyed 180 people from both genders and different
occupations. The survey was held using a questionnaire consists of 17 questions.
Our respondents were mainly university students and employees. We mainly
focused our questions on how much people are willing to pay and visit the shop
and what is their favorite coffee shop they used to buy from. In the process of
calculating the number of visitors and the market share we used the annual report
of the Ministry of Planning.
We used the numbers and figures we obtained from the survey to estimate the
sales by estimating price, number of visitors and the expected market share. For the
coming years, our sales is expected to increase by the inflation rate.
Moving to numbers and analysis, we used capital budgeting tools with some
other tools that help in making the decision. The figures we got is encouraging,
starting with a promising positive NPV with IRR and MIRR higher than the cost of
capital (WACC) we used. Moreover, the discounted payback period is less than the
project life we assumed as well as the profitability index is more than one. All
these indicators lead us to one decision that is to go ahead with the project.
*Note: All figures and numbers are calculated based on assumptions and inputs
that will be discussed later in the report.
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Table of Contents
Introduction........................................................................................................ 4
Survey................................................................................................................. 4
Sales Forecast .................................................................................................... 7
Assumption (Inputs) ........................................................................................... 8
Weighted Average Cost of Capital (WACC) .......................................................... 9
Operational Cash Flows & Capital budgeting tools ............................................. 9
Risk Analysis .................................................................................................... 10
Sensitivity analysis ................................................................................. 10
Scenario analysis .................................................................................... 12
Basic simulation ..................................................................................... 12
NPV Profiles ..................................................................................................... 13
Break- Even Analysis ........................................................................................ 14
Real Options .................................................................................................... 15
Delay option ........................................................................................... 15
Abandonment option ............................................................................. 16
Shutdown option .................................................................................... 16
Recommendation ............................................................................................. 17
Appendix 1 ....................................................................................................... 18
Appendix 2 ....................................................................................................... 23
Appendix 3 ....................................................................................................... 24
Appendix 4 ....................................................................................................... 25
Survey................................................................................................................. 4
Survey................................................................................................................. 4
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Introduction:
As we all know, the economy of any country is based on small businesses. It's
the best way to seek success at the beginning of your business life, moreover, it's
the way to fulfill aspiration as well as wants.
As we are young business students, we always approach to undertake attractive
opportunities that represent the corner stone of shinning life. We get the chance to
meet one of the inspiring investors who used to encourage youth people in business
field. He trusted us to start a feasibility study for a project that he is really
concerning about.
The idea of the project is not new in the local market, the idea of the project is
a traditional coffee shop like some well known coffee shops Star Bucks, Caribou,
Coffee Republic and more. The thing that will differentiate the project from what
are in the market is the new franchise that will be imported to Kuwait for the first
time from Colombia. What makes this franchise so special is the type of the coffee
beans they use.
The cafe will have a menu similar to what is available in the competitors'
menus, hot drinks and cold drinks. Also, the cafe will offer some desserts like cup
cakes, muffins, cookies, etc and some light food like sandwiches and salads that
are suitable for snack.
The idea of the project came from a real investor who want to open such a kind
of project. We have been asked by him to evaluate the feasibility of project in the
local market to decide whether to accept or reject.
Survey:
A survey was conducted with 180 people of different ages, gender and
occupations mainly students and employees. The survey was held through a
questionnaire consists of 17 questions (Appendix 1).
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Based on the survey, we concluded some information as following:
1. Gender:
The surveyed sample was consisting of 66% females and 34% males.
2. Age:
The respondents were aimed to be chosen from the age group between 20-40
years and the reason behind this is that we believe that this age group is the
main customer of our product.
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3. Income:
The income of our surveyed sample is mostly ranged between (200-400)KD
by approximately 63% of the sample. The reason is derived from the fact
that a large number of the respondents are college students.
4. Visiting and Spending:
Part of the questionnaire aimed to estimate the average number of visiting
per week and to know the amount each customer is willing to spend in each
visit. we noticed that the most frequent answer ( about 50% of the
respondents)that the respondents chose is 2-3 times per week with 2-4 KD to
be spent per visit ( 63% of the respondents).
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Sales Forecast:
The results derived from the survey were used in the estimation of the Sales and
the final results are summarized in following table:
Factor
Price
Visiting*
No. of customer*
Market Share
Yearly Sales
Expectation
2.89
2.48
601.22
1.34%
187,512
Rounding
3
2
601
 Price:
The price that we forecasted was calculated from the survey figures. We had
3 price categories in the survey 1-2KD, 2-4KD and 4-5KD, and as the first
step we calculated the average price of each of this categories' ranges. Then
we multiplied each of the price averages of each of the categories with its
weights that we have obtained from the survey and the result was rounded
up to 3 KD.
 Visiting:
We followed the same manner of price calculations to get the number of
visiting weekly. We got the number of 2 visits weekly per customer.
 Number of customers:
Before calculating the number of customers, we had to estimate our market
share if we entered the local market. The market shares of each of the
competitors of this business were estimated through our questionnaire. We
decided as one of the assumptions to determine our market share as the
average of the lowest three competitors we have (Gloria, Coffee Beans,
Columbus). The number we got was 1.34% of the market.
Moving on to calculate the number of customers and based on the fact that
we want to establish our shop in Hawalli governorate, we took the number
of the population in three main areas Hawalli, Salmiya and Jabriya - from
the annual report of Ministry of Planning - where we focused on the age
groups between 20-30 and 31-40 years that fit our assumption. We
multiplied the total number of each of this age groups by its weight from the
age table we have from the survey. As a final step, we multiplied the total by
the calculated market share and end up with around 601 customers per week.
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After getting all the required numbers, the forecasted yearly sales was
calculated as follows:
Yearly sales = Price × No. of customers per week × No. of visiting per week
× market share × 52week.
= 3 × 601 × 2 × 1.34% × 52 = 187,512 KD
Assumptions (Inputs):
Regarding the inputs, we gathered our information from the franchiser and from
a managers of one of the competitors. While for the rest of the inputs, the numbers
were estimated based on the current market situations and some consultants from
different fields.
1. The Location of the shop is intended to be in Al-Salmiya - Salem AlMubarak St. The intangible asset and the rent are estimated based on this
location.
2. The project uses MACRS 5 as the method to estimate the depreciation.
3. Decoration and Advertising expenses are estimated on average by The
Lobby Design Co. and XL Graphics Co.
4. Variable costs are estimated as 35% of the sales. (20% as franchise cost)
5. Required rate of return 30%. (Based on competitors)
6. Tax rate is 5%. ( Theoretically)
7. Interest rate is 5% from National Bank of Kuwait.
8. The inflation rate is 4.16%. (IMF website)
All the rest of the expenses are estimated from one of the competitor's manager
and some are modified according to the project needs.
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Weighted Average Cost of Capital (WACC):
The initial cost of the project is 158,000KD as estimated. We decided to fund
the project by 65,000KD as a debt and the rest will be funded by own. As a result,
the weight of debt will be around 41% and the weight of equity will be around
59%.This capital structure is based on our assumptions and needs.
Our cost of debt as previously mentioned is 5% as well as the tax rate is 5% and
the cost of equity is 30%, we come up with 19.61% weighted average cost of
capital.
We have to mention here that we didn't calculate the required rate of return
using CAPM because as mentioned the required rate of return in provided by one
of the competitors.
Operational Cash Flows & Capital budgeting tools:
After the estimation of the yearly sales, it's the time to estimate the operational
cash flows. The estimation was done for 5 years. At year 1, we took the calculated
yearly sales (187,512KD) and subtracted 35% of this amount as cost of goods sold
to get a profit margin of 121,883KD. After this, the sum of the expenses we have
for the first year (Salaries, Rent, Supplies Expense, Supplies Expense,
Miscellaneous expense, Depreciation) were subtracted from the profit margin to
come up with the operating income and then to calculate the net income after
deducting the tax (5%) from the operating income. Of course we have to add back
the depreciation to the net income to get the operational cash flow since
depreciation requires no cash payments.
In the next years, the growth rate that is applied on the yearly sales is the
inflation rate (4.16%). Before we calculate the remaining operational cash flows,
we had to increase the sales by this rate. Following the same manner we calculated
the cash flows for the coming five years.
2012
- 158,000
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2013
54,126
2014
59,423
2015
63,928
2016
68,847
2017
127,190
The Coffee Shop
Getting the cash flows is considered the hardest step because what comes after
this is the analysis of these cash flows to see how feasible the project is using
several tools and methodologies.
Starting with the capital budgeting tools, we can summarize what we calculated
in this table:
Project Analysis
NPV
IRR
MIRR
Payback
Discounted Payback
Profitability Index
Std.
CV
51,724.26
31.80%
26.58%
3.28 Years
4.00 Years
1.327
397.49
0.008
We can notice that the project is acceptable according to the NPV method
(positive figure) and according to IRR and MIRR it's also acceptable since both are
higher than the WACC.
Profitability index (PI) is also another factor that encourages to accept the
project since it higher than one (1.327). It means that we are expecting to get
1.327KD for each 1KD we put as initial cost taking in consideration time value of
money. Profitability Index is calculated as NPV of future cash flows divided by
initial cost.
Risk Analysis:
Three techniques were used to assess project risk: sensitivity analysis, scenario
analysis, and basic simulation.
1. Sensitivity analysis:
We did the sensitivity analysis following two methods:
 Normal sensitivity analysis:
By changing the WACC. We chose this factor to be changed
because part of the WACC ,that is the required rate of return, is
not calculated, instead it's taken from one of the competitors as
it's known to be in this type of business.
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NPV - Sensitivity analysis
250,000.00
200,000.00



150,000.00
100,000.00
NPV
50,000.00
0.00
0%
10%
20%
30%
40%
50%
60%
70%
(50,000.00)
(100,000.00)
 Sensitivity analysis using Gordon Model.
Performed through two dimensions analysis by changing the
WACC and the growth rate (3.92%) of the GPD of Kuwait.
The idea here to use Gordon Model formula to calculate the
terminal value at year 5 then to add it to the cash flow at year
5. The sensitivity under this approach is dependent on the
changing of two factors WACC and the growth rate.
0%
-
WACC
5%
10%
15%
20%
25%
30%
35%
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1%
-
2,152,102
904,094
500,205
305,257
192,651
120,443
70,818
2,675,300
1,000,619
534,834
321,399
201,334
125,562
74,036
Growth
2%
3,547,296
1,121,275
574,790
339,334
210,771
131,046
77,448
3%
4%
-
5,291,288
1,276,405
621,407
359,379
221,067
136,936
81,075
10,523,265 1,483,244
676,499
381,929
232,344
143,280
84,935
The Coffee Shop
5%
1,772,819
742,609
407,487
244,748
150,131
89,052
2. Scenario analysis:
We assumed three different cases under each, we changed more than
one assumption to create worse, base and best scenarios. The worse
and base case was given the probability of 25% to occur while the
base case was given 50% chance. Factors that was changed are shown
in the table:
Cases Assumption
Variables
Initial cost
No. of customers
Price per customer
No. of visitings
Market share
Variable costs as % of revenues
WACC
Inflation rate
Worse case
Base Case
Best case
158,000
500
2
1
1.00%
45%
19.61%
4.16%
158,000
601
3
2
1.34%
35%
19.61%
4.16%
158,000
700
4
3
2.00%
25%
19.61%
4.16%
Using these assumptions to calculate the cash flows under each
of these three scenarios, we used them to get the NPVs, IRRs
and MIRRs for the three scenarios as shown:
Cases
Worst Case
Base Case
Best Case
NPV
IRR
MIRR
Prob.
(116,513.48)
51,724.26
683,139.31
-3.09%
31.80%
161.95%
1.72%
26.58%
67.12%
25.00%
50.00%
25.00%
As a final step we calculated the expected NPV and the result was
promising since we got a positive number of 167,519KD.
3. Basic simulation:
The purpose behind the simulation is to examine the reality by
changing the most sensitive factor to get the ranges that the NPV will
change in between. We focused on the market share as the most
sensitive factor we have since there are lots of competitors and we can
consider that the market is saturated or in mature phase.
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The decision was to change the market share between 0.5% and 2.5%.
a model in the excel was created to calculate the NPV according to
random market shares that ranges between 0.5% and 2.5%. We
calculated 100 outcomes of NPVs and then we found descriptive
statistics like mean, median, mode, standard deviation and more. Also,
we performed confidence interval test using confidence level of 95%.
Confidence Level(95.0%)
Lower Bound
84,716.95
Upper Bound
147,498.42
NPV Profiles:
In doing the profiles for the project and since we have only one project, we
assumed a best case scenario different than the case used in the scenario analysis.
This new best case is being used as a project B. Of course by using different
WACCs, we did found different NPVs for each of the "projects" to draw the
profiles. The crossover rate is 58%.
Project A is the project under the base case.
NPV Profile
Project A
250,000.00
Project B
Cross-rate =0.58
200,000.00
150,000.00
100,000.00
50,000.00
0.00
0%
20%
40%
60%
80%
100%
(50,000.00)
(100,000.00)
(150,000.00)
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The Coffee Shop
Break- Even Analysis:
We did the break-even analysis following two methods:
 Accounting Break-even point:
The idea is simple and known. It's done to find the point at
which the costs will equal the revenue. We assumed different
number of customers and we calculated the revenue and the
fixed and variable costs belonging each. Of course the fixed
cost won't differ at any point.
The break-even number of customers is 33,718.
Break-Even Analysis
Sales
Fixed
Total Cost
BEU Approx. =33718
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
0
20000
40000
60000
80000
100000
120000
140000
No. of Customers
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The Coffee Shop
 Financial Break-even point:
This approach of calculating the break-even point uses this formula:
where:
The break-even number of customers is 53,483.
Real Options:
In this part we will discuss our rights to take some future actions that can take
several types. we will focus on three options delay option, abandonment option and
shutdown option.
 Delay option:
To examine whether to delay the project due to extensive advertising
campaign. We assumed that we want to delay the option for 1 year
from now to expand our advertising campaign and to extend the
period of the advertisement. The idea is to increase the number of
customers. As we supposed the number will increase to 700 customers
per week. We also assumed that the variable cost will decrease to 30%
instead of 35%. The logic behind this reduction is that we will spend
more time is studying the market and this will help in finding better
suppliers with less cost.
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In the process, we give 50% chance for the base case and 50% for the
delay option and the estimated cash flows for both cases is as shown
in (appendix 2). The NPV with option is about 55,000 KD more than
the NPV without the option by approximately 3,500KD (Option
value).
NPV without option
Npv with option
Option Value
51,724.26
55,310.78
3,586.52
 Abandonment option:
The assumption we took for to apply this option is that if the sales
don't reach 102,000 K.D we will abandon and sell the equipments for
its book value. We chose this amount is because it's the break-even
point that makes the total sales equal to total costs.
We used the worst case scenario to estimate the sales in order to take
this option. The sales was around 52,000KD at the first year which is
less than 102,000KD so we decided to abandon the project.
With this option, we saved a loss of about 61,000KD (option value)
because the losses decreased from about 91,000KD to 30,000KD.
(Appendix 3)
NPV without Option
NPV with Option
Value of the Option
(91,433.83)
(29,934.79)
61,499.05
 Shutdown option:
To examine the best year to sell the project at the best NPV. At the
beginning and before determining the shutdown year, we used the best
case scenario then we calculated the NPVs for each year including the
terminal value and we found the best year to sell is the third year.
We took two scenarios 50% probability for the base case and 50% for
the best case. The first scenario without option while the second with.
We noticed that we will gain more with the option by approximately
6,000KD, although we get high positive NPV in the first scenario.
(Appendix 4)
NPV without Option
NPV with Option
Value of the Option
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374,654.68
380,903.96
6,249.28
The Coffee Shop
Recommendation:
According to the results we obtained from:
 Tools of Capital Budgeting.
 Scenario Analysis.
 Basic simulation.
The decision is DEFINITELY accepted with the promising numbers we got
from all previous analysis.
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‫‪Appendix 1‬‬
‫استبيان ‪ -‬كوفي شوب‬
‫‪.1‬‬
‫النوع‪:‬‬
‫⃝ ذكر‬
‫⃝ أنثى‬
‫‪ .2‬الفئة العمرية‪ ⃝ :‬أقل من ‪02-22 ⃝ 22‬‬
‫⃝ ‪02-02‬‬
‫⃝ ‪ 02‬سنة و أكثر‬
‫‪ .0‬المهنه‪.............................. :‬‬
‫‪ .0‬الدخل الشهري ‪ ⃝ :‬اقل من ‪ 222‬د‪.‬ك‬
‫⃝‪ 022 - 222‬د‪.‬ك ⃝ أكثر من ‪ 022‬د‪.‬ك‬
‫‪ .5‬ما هو السبب الذي يدفعك لزيارة المقهى (يمكن اختيار أكثر من إجابة)‪:‬‬
‫⃝ للقراءة‬
‫⃝ معتاد على شرب القهوة‬
‫⃝ وقت الفراغ ⃝ للدراسة‬
‫⃝ مصاحبة األصدقاء ⃝‬
‫مصاحبة اهل‬
‫‪ .6‬ما هو المقهى المفضل إليك‪:‬‬
‫⃝ جلوريا جينز)‪) Gloria Jean's‬‬
‫⃝ ستاربكس )‪(Starbucks‬‬
‫⃝ ريببلك ) ‪( COFFEE‬‬
‫‪REPUBLIC‬‬
‫⃝ كوستا )‪(Costa Coffee‬‬
‫⃝ سكند كاب )‪)Second Cup‬‬
‫⃝ كاريبو (‪(Caribou‬‬
‫⃝ كوفي بينز )‪)The Coffee beans‬‬
‫⃝ كولمبوس ( '‪( COLUMBUS Cafe‬‬
‫⃝ أخرى‬
‫‪ .7‬ما هو المبلغ الذي تنفقه عادتا عند ذهابك الى احدى تلك المقاهي‪:‬‬
‫⃝ ‪ 2 : 1‬دينار‬
‫‪The Coffee Shop‬‬
‫⃝‬
‫‪ 0 : 2‬دينار‬
‫⃝‬
‫‪ 5 : 0‬دينار‬
‫⃝ أكثر‬
‫‪18 | P a g e‬‬
‫‪ .8‬آين تفضل آن يكون مكان المقهى‪:‬‬
‫⃝المجمعات‬
‫⃝ االماكن المفتوحة‬
‫⃝‬
‫المكاتب التجارية‬
‫⃝ أخرى‬
‫‪.........‬‬
‫‪ .9‬كم عدد الممرات التى تقوم فيها بشرب القهوة ‪:‬‬
‫⃝ مره‬
‫⃝ ‪ 0: 1‬مرات‬
‫⃝ ‪ 5: 0‬مرات‬
‫⃝ اكثرمن ‪ 5‬مرات ( اذكر العدد ‪) ..............‬‬
‫‪ .12‬ما هو متوسط عدد المرات التي تذهب في األسبوع‪:‬‬
‫⃝‪1‬‬
‫⃝‬
‫⃝ ‪3 - 2‬‬
‫⃝ ‪-‬‬
‫‪5 - 4‬‬
‫‪7‬‬
‫‪6‬‬
‫‪ .11‬ما نوع المشروبات التي تفضلها عند زيارتك للمقهى ‪:‬‬
‫⃝ الباردة‬
‫⃝ الساخنة‬
‫⃝ االثنان معا‬
‫‪ .12‬هل تستخدم اإلضافات (النكهات اإلضافية) عند طلبك أيا من المشروبات‪:‬‬
‫⃝ نعم‬
‫⃝ ال‬
‫⃝ أحيانا‬
‫‪ .10‬في حال زيارتك للمقهى لتناول وجبة ما هي الوجبة التي ستتناولها ؟ (يمكن اختيار أكثر من إجابة)‪:‬‬
‫⃝ وجبة الفطور‬
‫⃝ وجبة الغداء‬
‫‪The Coffee Shop‬‬
‫⃝ وجبة العشاء‬
‫⃝ وجبة خفيفة‬
‫‪19 | P a g e‬‬
‫‪ .10‬إذا تم زيادة قائمة أسعار المشروبات في المقهى الذي ترتاده دائما هل تمتنع عن الذهاب للمقهى المفضل إليك‪:‬‬
‫⃝ نعم‬
‫⃝ ال‬
‫‪ .15‬ما هي المشروبات التي تفضلها عند ذهابك للمقهى (يرجى وضع عالمة أمام ✓ االختيار المناسب)‪:‬‬
‫النكهات (اإلضافات الجانبية)‬
‫‪1‬‬
‫كافيه التيه‬
‫‪2‬‬
‫شوكوالت‬
‫‪0‬‬
‫اسبريسو‬
‫‪0‬‬
‫موكا‬
‫‪5‬‬
‫ماكتشينو‬
‫‪6‬‬
‫كراميل كوريتو‬
‫‪7‬‬
‫شيك‬
‫‪8‬‬
‫شاي (اسود)‬
‫‪9‬‬
‫شاي (اخضر)‬
‫نعم‬
‫ال‬
‫‪ 12‬شاي (باإلعشاب)‬
‫‪ 11‬قهوة مثلجة‬
‫‪ 12‬شاي مثلج‬
‫‪ 10‬عصائر‬
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‫‪20 | P a g e‬‬
‫‪.16‬قيم مصدر معلوماتك عن المقاهي في الكويت (ضع عالمة ✓ آمام المربع المناسب)‬
‫المستوى‬
‫ضعيف‬
‫المصادر‬
‫ممتاز‬
‫متوسط‬
‫‪.١‬اآلهل و اآلصدقاء‬
‫‪.٢‬مواقع االنترت‬
‫والتواصل االجتماعي‬
‫‪.٣‬المجالت والصحف‬
‫‪.٤‬محطات االذاعه‬
‫والتلفزيون‬
‫‪ .17‬ما هي العوامل التي تدفعك الختيار المقهى المفضل إليك (يرجى اختيار الرقم المناسب لدرجة الدافع)‬
‫غير دافع بتاتا‬
‫الر قم‬
‫دافع إلى حدا ما‬
‫جيد‬
‫العامل‬
‫‪1‬‬
‫قائمة األسعار‬
‫‪1‬‬
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‫‪3‬‬
‫‪4‬‬
‫‪5‬‬
‫‪2‬‬
‫الخدمة‬
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‫‪2‬‬
‫‪3‬‬
‫‪4‬‬
‫‪5‬‬
‫‪0‬‬
‫تنوع االختيارات‬
‫‪1‬‬
‫‪2‬‬
‫‪3‬‬
‫‪4‬‬
‫‪5‬‬
‫‪0‬‬
‫انتشار المقهى في الكويت‬
‫‪1‬‬
‫‪2‬‬
‫‪3‬‬
‫‪5‬‬
‫أوقات عمل المقهى (الساعات التي يفتح بها المقهى)‬
‫‪1‬‬
‫‪2‬‬
‫‪3‬‬
‫‪6‬‬
‫تنوع الحلويات‬
‫‪1‬‬
‫‪2‬‬
‫‪3‬‬
‫‪7‬‬
‫العروض الترويجية‬
‫‪1‬‬
‫‪2‬‬
‫‪3‬‬
‫‪8‬‬
‫سمعة المقهى‬
‫‪1‬‬
‫‪2‬‬
‫‪3‬‬
‫‪9‬‬
‫جودة القهوة‬
‫‪1‬‬
‫‪2‬‬
‫‪3‬‬
‫‪12‬‬
‫توفر خدمة السيارة‬
‫‪1‬‬
‫‪2‬‬
‫‪3‬‬
‫‪0‬‬
‫‪0‬‬
‫‪0‬‬
‫‪6‬‬
‫‪6‬‬
‫‪6‬‬
‫‪6‬‬
‫‪6‬‬
‫‪4‬‬
‫‪5‬‬
‫‪6‬‬
‫‪4‬‬
‫‪5‬‬
‫‪6‬‬
‫‪0‬‬
‫‪0‬‬
‫‪4‬‬
‫‪5‬‬
‫‪6‬‬
‫‪4‬‬
‫‪5‬‬
‫‪6‬‬
‫‪4‬‬
‫‪5‬‬
‫‪6‬‬
‫‪0‬‬
‫‪0‬‬
‫‪7‬‬
‫‪0‬‬
‫‪7‬‬
‫‪0‬‬
‫‪7‬‬
‫‪7‬‬
‫‪7‬‬
‫‪0‬‬
‫‪4‬‬
‫‪5‬‬
‫‪6‬‬
‫‪4‬‬
‫‪5‬‬
‫‪6‬‬
‫‪0‬‬
‫‪0‬‬
‫‪7‬‬
‫‪8‬‬
‫‪9‬‬
‫‪10‬‬
‫‪0‬‬
‫‪0‬‬
‫‪0‬‬
‫‪7‬‬
‫‪8‬‬
‫‪9‬‬
‫‪10‬‬
‫‪0‬‬
‫‪0‬‬
‫‪The Coffee Shop‬‬
‫دافع‬
‫‪7‬‬
‫‪0‬‬
‫‪7‬‬
‫‪0‬‬
‫‪7‬‬
‫‪0‬‬
‫‪0‬‬
‫‪0‬‬
‫‪8‬‬
‫‪0‬‬
‫‪8‬‬
‫‪0‬‬
‫‪8‬‬
‫‪0‬‬
‫‪8‬‬
‫‪0‬‬
‫‪8‬‬
‫‪0‬‬
‫‪8‬‬
‫‪0‬‬
‫‪8‬‬
‫‪0‬‬
‫‪8‬‬
‫‪0‬‬
‫‪0‬‬
‫‪0‬‬
‫‪9‬‬
‫‪0‬‬
‫‪9‬‬
‫‪0‬‬
‫‪9‬‬
‫‪0‬‬
‫‪9‬‬
‫‪0‬‬
‫‪9‬‬
‫‪0‬‬
‫‪9‬‬
‫‪0‬‬
‫‪9‬‬
‫‪0‬‬
‫‪9‬‬
‫‪0‬‬
‫‪0‬‬
‫‪0‬‬
‫‪10‬‬
‫‪0‬‬
‫‪10‬‬
‫‪0‬‬
‫‪10‬‬
‫‪0‬‬
‫‪10‬‬
‫‪0‬‬
‫‪10‬‬
‫‪0‬‬
‫‪10‬‬
‫‪0‬‬
‫‪10‬‬
‫‪0‬‬
‫‪10‬‬
‫‪0‬‬
‫‪21 | P a g e‬‬
‫‪11‬‬
‫أجواء المقهى (الموسيقى‪ ،‬األثاث‪ ،‬الديكورات ‪).....‬‬
‫‪1‬‬
‫‪2‬‬
‫‪3‬‬
‫‪12‬‬
‫الوجبات الخفيفة‬
‫‪1‬‬
‫‪2‬‬
‫‪3‬‬
‫‪10‬‬
‫موقع المقهى‬
‫‪1‬‬
‫‪2‬‬
‫‪3‬‬
‫‪4‬‬
‫‪5‬‬
‫‪6‬‬
‫‪4‬‬
‫‪5‬‬
‫‪6‬‬
‫‪4‬‬
‫‪5‬‬
‫‪6‬‬
‫‪0‬‬
‫‪0‬‬
‫‪0‬‬
‫‪0‬‬
‫‪7‬‬
‫‪7‬‬
‫‪0‬‬
‫‪7‬‬
‫‪0‬‬
‫‪8‬‬
‫‪0‬‬
‫‪8‬‬
‫‪0‬‬
‫‪8‬‬
‫‪0‬‬
‫‪9‬‬
‫‪0‬‬
‫‪9‬‬
‫‪0‬‬
‫‪9‬‬
‫‪0‬‬
‫‪10‬‬
‫‪0‬‬
‫‪10‬‬
‫‪0‬‬
‫‪10‬‬
‫‪0‬‬
‫شك ار على المشاركة‪,,,‬‬
‫‪The Coffee Shop‬‬
‫‪22 | P a g e‬‬
Appendix 2
 Real Options:
Delay Option
23 | P a g e
The Coffee Shop
Appendix 3
 Real Options:
Abandonment Option
24 | P a g e
The Coffee Shop
Appendix 4
 Real Options:
Shutdown Option
25 | P a g e
The Coffee Shop