Good Example Of Essay On Past Experience And Why She Decided To Open Her Own Business.

Homework Assignment – 2

I decided to interview Marry Williams because of her inspiring personality and success of her bakery shop in a short span of time. William started her bakery shop three years back, and in very short time, her shop is very well known in my area.

William completed her master degree in hospitality management and worked for four years in a three star hotel. Since her young age, she had a passion for baking which encouraged her to open a bakery shop. William said that while working in a hotel, she realized that her potential is not completely realized. She felt that she has potential that is going unutilized. During that time, William met with her paternal uncle who was successfully running a catering business for past twenty years. William’s uncle told her that world is full of opportunities; she just need to understand her potential and area of passion. Williams’ meeting with her uncle was a turning point in her career.

Why do business owners take risk?

William decided to open her own bakery shop not just to earn money but to utilize her experience and work for her area of interest. William in her interview mentioned that she was ready to take the risk, but she conducted her own research in order to minimize the risk. William prepared a list of all bakery shops operating in the area along with their offerings. She also analyzed target market served by those bakeries. Her analysis revealed that majority of the bakeries was targeting low to middle class customers. William quickly decided to fill the gap and designed a plan to open bakery shop targeting upper-middle and elite class of customers. She also decided to offer her services in arranging small gatherings, birthday parties, and other occasions.
Their need for resources to get started (capital, idea, IT, budget, ect.), assistance from the SBA, small business management, business plan, and/or start-up source of funding
William decided to fund the project partially by her savings, and partly by the loan taken with the help of Small Business Administration. William mentioned that initially it was not possible for her to purchase a commercial location due to high cost, hence she decided to take the shop on rent. Initially, William decided to go with few human resources (2 members), and extended her help in baking process besides overall management of the shop. Before starting business, William conducted market research in order to understand gaps, opportunities, and competition present in the market, and to develop tentative marketing plan.

What were your expectations, what expectations were fulfilled and what not?

William said that she was not expecting any profit from the business during first year of operation. However, she was sure that business will become profitable during second year of operation. She achieved desired profit, brand recognition and loyal customer base as expected.

Attributes of entrepreneurs

William believes that an entrepreneur should always be honest, fair, caring, and value driven person; he or she should be able to effectively manage the team. She said that it’s her team who is working hard to deliver customer satisfaction and make customer delighted. William shares a healthy relationship with her staff members. She said that if you care for your staff, they will also care for you and business. Only a happy worker can delight customers, hence keeping staff happy is always her priority. William is now happy the way her shop is performing. She has loyal customers and employees. William mentioned that it is important for a new entrepreneur to identify the gaps existing in the market, and strengths and weaknesses of his or her own business and also of competitors. In competitive business environment it is important for entrepreneurs to offer something different or extra to the customers.

How entrepreneurs resolve problems?

Both way communication and close & healthy relationship with the employees helps William in resolving problems. William believes in resolving workers’ problems quickly before they spread and de-motivate all her employees. William initially adopted authoritative style which her away from developing close relation with her staff members. However, she realized her mistake and change the way she used to deal with her employees. William now treats her employees not as a worker but as business partner, and wish if she had done the same when she begin operation of her shop.