Busn 491 week 2 response 1

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.

While on a short visit to a couple of islands of the Philippines, I had the opportunity to interview an entrepreneur that started a microenterprise during the 1980’s and eventually transformed the business into a lifestyle business (Mariotti, S. and Glackin, C., 2016, pg. 22). During the interview several questions were asked from Lucia Patino (2018) the following questions and received the following responses.

  1. Why did you want to start your own business/purchase a franchise? I started a business to survive, because I was not able to finish my education and I was married at an early age. In addition, it was the easiest way to make money and to support my family. Furthermore, I am the Boss.
  1. How did you get started? In 1980, my parents provided a capital of 3000 pesos and encourage me and my husband to retail consumer products by peddling the items in the open air market.
  1. What were the biggest obstacles you had to overcome to get your business going? The biggest obstacle is being able to rise up early in the morning and be at the open air market prior to the arrivals of the customers. In addition, competing with well established and financially sound competitors who are selling the same or like items.
  1. What lessons have you learned upon establishing your company? I learned that earning money is not easy. If and when money is received, it must be spent wisely. In addition, net profits should be used in expanding the business to stay competitive.
  1. How has your faith played a role in your success? Our faith has played a big part in our success. We always pray and ask God for guidance.
  1. Where and how do you see yourself in five or ten years from now? In the next ten years, I can see further growth of our business and having our own commercial complex rather than renting a facility to retail our existing consumer products.
  1. What advice can you give to others so that they too can become successful business owners in their own right? Trust God, be persistent, work hard according to God’s plan, and most of all save money.
  1. What tools or knowledge would be critical for students wanting to start a business? Learn how to sacrifice family time and dedicate your energy towards the business and you will be successful.
  1. Would you be willing to share your story with other students in the future? Yes. It will be my pleasure.

References:

Mariotti, S. and Glackin, C., (2016). Entrepreneurship: Starting and Operating a Small Business. (4th ed.). New York, NY: Pearson

Patino, L., (2018). Owner and Operator of Luz Kitchenware and DK Merchandise, One-on-One interview of an entrepreneur. Butuan, Mindanao, Philippines.

Powell, C., (2018). Biography, Collin Powell. Retrieved from https://www.biography.com/people/colin-powell-9445…

 

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