Free Entrepreneur Essay Sample
The attributes of entrepreneurs play a significant role in exploring opportunities in diverse areas of enterprise. In addition entrepreneurs have the ability to transform a business venture that poses viable to greater height through deployment of appropriate techniques, cope with competition as well as meet the ever changing demands of customers in the globe. Evaluation of a business entity that has experienced tremendous growth due to formulation of development conscious strategies based on entrepreneur skills is crucial in supporting the notion. Considering Revolve Company that was established more than half a decade ago, detailed information can be gathered from the proprietor, James Hover through comprehensive interview.
Interviewer: What is the size of your business venture?
James Hover: The Revolver Company is a middle sized business entity dealing with cosmetic products. The products of the company are produced to meet the ever changing needs of customers’ preferences in the current competitive world. Though the company is not among the major producers in the industry, Revolve Company has managed to secure substantial portion of the market.
Interviewer: How many employees have has your company employed and what are their reams of employment?
James Hover: Being the chairman of board of the company I acknowledge the contributions of our workforce of more that 800 employee. The employees’ terms of employment involves both contract as well as permanent terms. For motivational purposes the company is committed in promoting an organizational culture that safeguards the core values of the company and enhance organizational cohesion.
Interviewer: which are the company’s core values especially in profit maximization?
James Hover: Notably, the company has been growing since its commencement and through expansion programs revenue generation is expected to increase further. As a conscious entrepreneur I believe fundamental objective of a company is to register high profit margins. From my perspective, if a business entity fails to formulate strategic plans that are not in line with demands of the customers, the company faces inadequate management capability. To my knowledge profit margins for the company have been increasing at a steady rate in last three years.
Interviewer: How long did it take you to make a profit?
James Hover: The initial stages of the company were characterized with intense financial constrains. For instance the first year of the company’s existence, the company made neither profit nor loss. In the second year the company incurred a profit margin of fifteen percent. However, after three years of existence the company experienced a major challenge and registered a loss of seven percent.
Interviewer: How many years have you been in business?
James Hover: The Company has existed for the last six years. Based on proper strategic planning as well as changing with customer preferences growth has been steady.
Interviewer: What is the main product or service that you sell?
James Hover: The Company has vast products that are produced to meet diverse demands of customers in the cosmetic industry. Notably, cosmetics are produced enhance beauty; on this perspective beauty is relative. This creates an apt basis to produce products that meet demands of customers in the industry based on beauty description in respective individuals. Basically, the company’s products involve facial creams, lotions, lip creams as well as hair jelly.
Interviewer: Which are the company’s targeted market as well as core values in production?
James Hover: The products are produced for both local markets as well as regional markets. Based on meticulous product development coupled with high sense of quality to meet the customers’ preferences our main products have dominated the local markets. In addition, the company is in fore front in embracing innovation in cosmetic products as well as reflecting health aspects of their products in the society.
Interviewer: Who was your first client?
James Hover: The first clients of the company were institutions. Initially the company had not deployed a specialized mode of production on cosmetics but had other products like toiletry products. On this basis the company was affiliated with institutions in supplying toiletry products especially the cleaning materials and chemicals. Due to the high demands of products cleaning products were produced in large quantity but later the prices of raw material rose culminating high pricing system.
Interviewer: Who are your customers?
James Hover: Currently, the company considers institutions, beauty business entities as well as individuals as the core customers of the company. This is due to the fact that cosmetics products are produced to meet diverse needs from a corporate or an individual perspective.
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Part 2: Owner profile
Interviewer: Do you enjoy working for yourself? Why?
James Hover: I acknowledge that self employment poses to be one of greatest things in my life. I had a passion of owning a business empire since my youth, establishment of Revolve business entity was like a dream come true.
Interviewer: What are two advantages of owning your own business?
James Hover: From a personal perspective, the beneficial aspects of owing a business entity can be evaluated from various perspectives. The fundamental advantage of owning a business entity is based on the notion of being one’s boss. Notably, one is entitled to all privileges of the business as well as autonomy to make decisions highlights direct contributions to the business entity (Kumar, 2008). Also, owning a business entity according entails the capacity of a proprietor to create employment in the society. In my capacity I argue that through creation of jobs in the society the economy status of parties involved is raised and eventually state economy.
Interviewer: What are two disadvantages of owning your own business?
James Hover: Apparently owning a business entity has its inadequacies associated with a particular business entity. I believe that in case an entity experiences losses the proprietor faces the financial constrains alone. Also, personal opinions in meeting demands of customers are immaterial. This is due to the fact that business development is based on meeting customer preferences.
Interviewer: How did you prepare for your business?
James Hover: Business activities at my company were based on meticulous formulation of business strategies based on market survey as well as beach marking. The information gathered was crucial is establishing apt platform to prepare business strategies that would transform the business to greater heights (Kao, 2009).
Interviewer: Did you receive specific training or a degree and how do you promote technological innovations in your company?
James Hover: I am a qualified chemical engineer who has covered cosmetic production extensively. In the current era of technological development, technological innovations are influencing business structures globally. On this basis the company is in fore front of training our employees to reflect technology development as well as accomplish product development objectives.
Part 3: Analysis
Notably, the interview was comprehensive and revealed crucial information regarding the fundamental factors based on owners as well as business profile perspective. From the revelations of James Hover, Revolve Company experienced challenges in the initial stages of the company. However, based on formulation and implementation of development conscious policies that improved its products as well as reputation in the society the company experienced tremendous growth in market share and profit margins. From personal perspective the company development is based capacity of the proprietor to coordinate operations of the company in line with both organizational objectives and customers’ preferences. Notably, the capacity of James Hover to identify opportunity in cosmetics industry coupled with his skills in chemical engineering in manufacture of the products not only portrays correlation between the two profiles but also show utilization of skills in establishment of a business empire. Based on the skills of the proprietor of Revolve Company coupled the established business structure as well as diligences in operations, I was not surprised by the scope of development of the company in past few years.