Background of an Entrepreneur Interviewed
I will discuss an entrepreneurial conversation I had last week with Mr. Smith, the owner of a local bakery chain. With significant popularity in my community, this thriving enterprise has been in operation for ten years and is presently the top bakery in the area. The business offers a range of goods and services, including baking, delivery, and personalized orders for special occasions.
On April 2, 2023, the interview was conducted through the Zoom platform. Mr. Smith is a 39-year-old Chinese American from Texas who holds a degree in business management from Stanford University. He worked in human resources for corporations like Amazon for ten years before launching the company with his sister. In hopes of establishing his new firm utilizing the contacts he gained via the business partnership, he quit his job as Operations Manager at Amazon in 2013.
I chose to speak with Mr. Smith in this interview for several reasons. First, since Mr. Smith started his company in my neighborhood, I have closely watched him as a businessman. I think we both seem to be interested in business and HR management. After having a successful career as an HR specialist, Mr. Smith is now thriving as an entrepreneur. Within the scope of entrepreneurship, I examined various subjects, including problem-solving, securing capital for a firm, and collaborating with others.
Regarding entrepreneurial intentions, Mr. Smith considered various topics, including problem-solving, securing funding for a firm, and collaborating with others to establish a successful partnership. Through my conversation with Mr. Smith, it has become clear that he assumes entrepreneurship is about identifying gaps or issues in a community and developing solutions that help others resolve these issues. This was Mr. Smith’s primary motivation before starting the venture. Hence, for him, entrepreneurship is more about resolving community difficulties and challenges than it is about accumulating wealth or generating income.
The opportunity to earn money arises when others accept the answers one provides. According to Mr. Smith, an entrepreneur must thus be able to recognize and comprehend the difficulties that society faces in various sectors. This may be achieved by scrutinizing, assessing, and pinpointing the shortcomings of the present solutions. It may also be achieved by examining areas that have not been thoroughly explored in the community and developing new, tech-based solutions that simplify customers’ lives.
For new business owners, securing funding is often a challenging task, and Mr. Smith’s venture was no exception. Most business owners anticipate receiving venture financing from angel investors. Yet, Mr. Smith claims that a very tiny proportion of business owners obtain such assistance. The best method to fund a company, he says, is to accumulate personal resources and get help from relatives and close friends – a strategy that he followed. A loan from a bank is a different option, but if a firm is struggling, it is also hazardous.
HR management is another crucial aspect of business, as Mr. Smith stressed. Entrepreneurs or someone who wishes to start a company must often interact with others. The ideal way to recruit individuals for leadership roles is known by workers, suppliers, consumers, or financiers (Hayes, 2023). This demands specific leadership abilities, which will be a strong talent in entrepreneurship.
Value Proposition
Several companies, such as Uber, have become internationally prominent due to their ability to attract investor interest and garner market attention. Mr. Smith said that the success of these firms’ new business models suggests that it is simpler for them to obtain finance, as they have “nothing” to lose, since Uber does not own a single vehicle. Mr. Smith was advised to create a new business plan, including a fundamental analysis (such as a feasibility report, SWOT analysis, and Porter’s Five Forces analysis). This allowed him to identify a target market and essential services (bakery and leisure).
Our community regularly appeals to such services, and there are not many rivals, which justifies the value and significance of Mr. Smith’s venture. Mr. Smith, on the other hand, said that one of the main issues he faced was access to data. Internal management concerns, such as long-term planning, which many firms neglect to address in their strategic plans, are the primary factors in the demise of most businesses. Thus, strong and trustworthy candidates for management positions were crucial for the company. After addressing this aspect, the company established a robust communication system that enabled it to collect feedback from customers regularly, ultimately benefiting the business.
Success Evaluation
The business’s administration and operation heavily depend on the company’s sustainability. Mr. Smith’s company relies on the leadership abilities of executives who can gain influence due to environmental changes if it wants to flourish and grow in the future. Therefore, Mr. Smith says that management was to ensure that only qualified individuals take over the company within the given scope. Technological innovation has compelled several firms to enhance operations, modify their cultures, and reorganize their business processes to remain competitive. Technological advancements have also impacted businesses’ HR programs, which indicate long-term development and growth.
Regarding leadership, I also discovered that networking was crucial for Mr. Smith because he was trying to establish an advanced chain. Connecting with many individuals in the area of expertise created a wealth of job achievement prospects. Relationship-building with other essential stakeholders and industry leaders also benefits from networking in Mr. Smith’s company.
Giving specific individuals advising authority because of their ties in their area of expertise is crucial for establishing credibility. All these aspects make Mr. Smith’s venture extremely successful and profitable, with numerous prospects for further development. The only recommendation is to move toward digitalization – for instance, an app for customers can be created.
Meaningful Lessons
The provided analysis focuses on the interview I recently had with Mr. Smith, a successful entrepreneur who runs the bakery chain in my community. I have gained several valuable insights into the framework of HR management, leadership, funding, and the essentials of launching a business. The interview was productive, as Mr. Smith provided detailed answers to my inquiries and demonstrated the greatest extent of openness, credibility, and friendliness. The extensive list of questions I gathered, along with the knowledge I gained from Mr. Smith, made the interview process extremely beneficial. This interview covered family businesses, entrepreneurship, and human resources.
I was able to comprehend the nuances of all the key topics discussed in the interview, thanks to Mr. Smith’s excellent cooperation and generosity in sharing the material he provided. Surprising things happened in several parts of the interview. Regarding entrepreneurship, the challenge of obtaining finance for a company startled me the most. Due in large part to the investment received from venture capitalists, I have seen many firms expand extremely rapidly. This was a significant experience, as I expanded my knowledge base and identified new opportunities for my personal and professional development as an entrepreneur.
Reference List
Hayes, A. (2023) Human resource planning (HRP) meaning, process, and examples. Investopedia. Web.