Respond to the following questions:
Review the results of your first Entrepreneurship interview. Post the insights gained during the interview.
250-300 words in APA format. Below is what I have to respond to.
Considering the following questions and answers with my interviewee, I learned some insightful advice regarding effectively establishing a start-up and how to maintain good business. I found especially applicable the obstacles in getting a business going, such as hiring, acquiring a building and start-up capital. Consider that, “[y]our business will only succeed if you can offer the customers in your market something more, better, and/or different from what the competition is doing,” (Mariotti & Glackin, 2016, p. 105). This goes along with what interviewee Brian Staub suggested to, “[f]ind a niche in the market so you’re not competing with other businesses doing the same thing and always trying to cut your price,” (B. Staub, personal communication, January 10th, 2018). Psalm 9:10 reveals, “And those who know your name put their trust in you, for you, O Lord, have not forsaken those who seek you,” (ESV). With this in mind, my interviewee relayed how his faith has played a role in his success through praying and not worrying about the future, to essentially let God lead one’s decisions.
Bear in mind that, “the choice of competitive strategy of a start-up will depend on the particular circumstances surrounding an entrepreneur that precipitate the start-up decision,” (Block, Kohn, Miller, & Ullrich, 2015, p. 38). This leads into examining “necessity start-ups” which focus more on a cost leadership strategy rather than a differentiation strategy. These start-ups tend to be less successful since they experience a “lower growth potential in the long run…and they are more vulnerable to changes in customer tastes and competition from producers in developing countries,” (Block, et al. 2015, p. 49). With this in mind, it is important to thoroughly examine what sets a company apart from others and develop a solid differentiation strategy.
- Why did you want to start your own business/purchase a franchise?
Realizing to make more money you need to be your own boss.
- How did you get started?
Built a following of clients and decided it was time to do it myself.
- What were the biggest obstacles you had to overcome to get your business going?
Start-up capital and location. Proper building. Hiring staff.
- What lessons have you learned upon establishing your company?
Difficulty finding quality staff is ongoing. Keep your overhead as low as possible.
- How has your faith played a role in your success?
Pray and stop worrying about the future. Let God lead your decisions.
- Where and how do you see yourself in five or ten years from now?
Because of divorce and having to give away the equity I had built up from being self-employed, I will still be working.
- What advice can you give to others so that they too can become successful business owners in their own right?
Find a niche in the market so you’re not competing with other businesses doing the same thing and always trying to cut your price.
- What tools or knowledge would be critical for students wanting to start a business? Start a business that does not require a large amount of start-up cost and keep your overhead low.
- Would you be willing to share your story with other students in the future?
Block, J. H., Kohn, K., Miller, D., & Ullrich, K. (2015). Necessity entrepreneurship and competitive strategy. Small Business Economics, 44(1), 37-54. http://dx.doi.org.ezproxy.regent.edu:2048/10.1007/…
Mariotti, S., & Glackin, C. (2016). Entrepreneurship: Starting and Operating a Small Business (4th ed.). United States: Pearson Education, Inc.