Business strategy consult. Perform a business strategy consultation. List the business’s goals and how the organization measures performance relative to their goals. With the help of the busines
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Interview one
Businesses come a long way to reach a point that they are considered auspicious. At times to know where a person has come with their business, it is appropriate to engage them in an interview. I was wondering why some businesses thrive very well will other do not, and I, therefore, decided to interview one businessman who does very well, and that which does poorly according to me and the four main lessons that I have learned is;
Business requires determination, and the returns they give their owners motivate not all.
Business is for those who are passionate, know what they want and are skilled
Before deciding the best business to venture in the type of business, source of capital, and ready market are some of the vital factors one must consider.
Business needs many innovations to make it thrive.
In my attempt to understand all that business owners go through before making profits, I decided to interview Joel Perkins. He has a thriving insurance company. He is a bachelor degree holder in business and management. I wanted to know more about his insurance company, and so I asked him the questions as he answered me.
Welcome, please tell me more about you and your business?
I am a humble, determined, and dedicated businessman. I began my company ten years ago. I studied insurance, and after being employed in Jubilee insurance for two years, I opted to start my own, and that is how it came to exist. It has been a long journey, but I am managing. It was not easy to convince people to be insured by my firm. It is called Perkins Associate Insurance Company.
Your company is considered one of the best what makes it be so and are you contented with that?
Who said so? I have never thought of that, and I keep on seeking the best ways to improve it because it is all about competition. In other words, I am not contented with the point it has reached. I aim to do much so that it can be the best worldwide. I do not think it is the nest or one of the best now.
What are your plans for the company?
Just as I have stated, we are an enterprise that believes in giving the best, and that best has not been attained. I envision my company to be one of the best in the future once it can be recognized worldwide.
Is that what keeps you awake all night? Alternatively, you barely stay awake?
As a business man, you can afford to sleep. I hardly sleep. I burn the midnight oil evaluating my company’s progress. I also spend that moment trying to come up with ideas that would help my company be better.
I think the avenues of making the business thrive is always left for the workers. How come then you develop them yourself?
Indeed I pay my worker to bring a change in the company, but as the owner, I cannot sit down and wait for them to decide everything. I let them discuss then receive their decisions, evaluate them, and adopt them if they are concrete.
How do you handle workers’ turn over and ethical issues in the company?
Workers turnovers is an issue that is experienced everywhere. How a person handles it is what matters. In my company, what helps me is the system that we have. Apart from the human resource management department, that organizes all issues of worker with have an automated system that gives us an outline of the workers retiring from the company for their replacements to be planned for early enough.
If today your budget for the company would increase by 10%, what would you do?
I am a person who believes that money begets money; therefore if my budget increased by any value, I would go for it believing that it will bring me an equivalent return. I would not hesitate to go for it. Again I would seek avenues to make money get me the desired returns.
What would you do if it decreases by 10%?
It all depends. If the decrease is worthwhile at the same level of return, I would be happy, but if the budget decreases proportionally, I will seek avenues of making my profit increase.
Could you please describe one ethical dilemma you have ever encountered in your firm?
One ethical dilemma I have ever encountered in handling ethical issues in the firm. I have a mixture of workers from different ethnical backgrounds. It makes them feel that they are not appreciated when they see that they are not recognized. I always involve them in formulating codes of conduct that governs their conduct.
What traits do you look for in people at different stages of their career?
People are never the same. I expect to see people developing and changing in character. I always look for obedient, hardworking, and determined workers who can bring a change in my firm.
What is your major challenge?
How to improve and get into new markets is my major challenge now. The factors to be considered also differs, making it difficult to take advantage of the new market. Competition is also stiff making me have sleepless nights because if I hesitate someone serious would bypass my firm.
What opportunity do you have?
It is always said that the best opportunity for every person in the room for improvement. I have much space and a chance to improve and expand my firm. I want it to get worldwide. I have the capital and opportunity to do that o I think that is the best chance I have.
What advice do you have for those wishing to start their businesses as we end it?
Just believe in yourself, have a passion for that you want to do and go for it. As you move on, new ideas will come up that will make you improve in your enterprise. Identify your customers and aim at giving them the best to cope in the market.
Interview two
My desire to know how other people whose businesses do not thrive propelled me to interview Jane Brookes. She is a business graduate with a bachelor’s degree in commerce finance option. Jane is a businesswoman and an entrepreneur who opt for electronic sales. She owns an electronic shop in Dubai. Even though her shop is not doing very well, she keeps on hoping that it will pick up. From the interview we had in her shop, I have noted that she is passionate and optimistic that her shop will start giving her returns soon.
The main points that I have learnt from the interview is that:
One must be aware of the market and the competitors around them while starting a business enterprise.
No business is born as a multi-national enterprise, all starts slowly and grows to big ones based on the policies innovations being used by the management.
Mentors and advisors are at times vital in helping people to establish businesses, they are vital in identifying strengths, skills and opportunities that the enterprise can make use of despite the kind of market and competitors surrounding the new firm.
It is always advisable that people identify their members and develop a comprehensive business plan before setting up the business.
What propelled you to start this business and in this market that is flooded with the same business?
So many people have asked me that. I never opt for this business. I aspired to start a business of my own, but before I could figure out which business to venture in, God opened the door for me to do this. I inherited this shop from my sister, who died three years ago. She had a passion for electronics and so decided to invest in this. I only took over to improve it.
Are you happy with it now that you only inherited it from your sister?
Of course, I love it. I have come to realize that it is like any other business enterprise. I believe I am going to improve it to make it thrive or competitive like other big electronic shops around here.
Had you not inherit this business enterprise from your sister, do you think if you had obtained the capital to start your own business, you would have ventured in this, or you would have opted for something else?
I think business is all about making profits. I think my sister started this because it was profitable during her time. I am passionate about banking and would have opted for a money lending enterprise being that people are always looking for a way to help people get money and pay me interest.
I have noted that here in Dubai there are several electronic shops, how do you cope because I feel there is stiff competition here?
There is no place that there is no competition. Those who fear competition are cowards. I must look for ways to make be fit in the markets. One must be unique and innovative to fit here, and that is what has made me continue until now.
What makes your shop unique and distinctive from others?
The type of service I render y few clients makes my shop unique. The few whom I have interacted with come back and say that the nature of service I gave them has propelled them to return. Again, the chance I give them to bargain for the products they want to purchase is fantastic.
How many workers do you here or you work alone? How do you handle them?
My shop is not that big. I have five workers two work in the store, one as a guide in the shop the remaining two are the cashiers. The only rule here is to use your common sense, and that is what drives them. They do not disturb me we get along well.
What on earth keep you up at night?
Stock, evaluation, and how to keep my business better are what keeps me awake as much as business matters are a concern. I hope to make the business better, and this I can achieve by not planning or sleeping early.
If your budget increases by 10%, what would you do?
I would seek for ways to attain the extra cash for the business then invest it in the business believing that all is not lost.
What of if your budget decreased by10%?
I would seek to appreciate as it would give me time to see how I can improve the performance of the company without investing much.
Have you ever encountered any ethical dilemma in your company?
Not really. I believe ethical issues and dilemma comes when you have so many workers around. My company has only five who have the same ethical background.
What traits do you look for in people at various stages of their career?
I am a woman of integrity. I need people I can rely on and trust I, therefore, look for upright, honest, hardworking, obedient, and determined people. If I need replacement, those are some of the traits I look for in the applicants
Have you ever experienced a loss in your business? If so, how did you handle it?
Almost all businesses have their challenges. I have encountered a loss that almost threw me out of business, but I survived it. It is aid what does not kill you makes you stronger. I am stronger now. I overcame it by being motivated by the workers and my husband.
What is the best starting point for those wishing to start their businesses?
Identify your market, have a passion for it, and never give up. You only need to be determined as your time of thriving will just come depending on how you handle your first clients. They are the ones to promote your business.
