Case Study #5

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CASE STUDY 5

Name

Course

Date

What advice would you expect Heidi to give potential entrepreneurs who experience failures in starting their business

Any successful business you see or know about, had a lot of failures when it began. Failures are not bad when starting a business they are always there. The way they are handled is what matters. Let take an example of a young entrepreneur who wants to start a boutique. It wont be a walk in the park because there are several things that this entrepreneur hasnt been exposed to in business that he or she will be learning in his journey through the business. Examples of failures that most entrepreneurs face are a problem in the cash flow system where there might need to purchase stock and there is no cash. There is a problem with hiring employees. Most young entrepreneurs also face failure in time management. Finally, there are always failures in the marketing strategy all this will be learned appropriately not by giving up but by acquiring solutions on how to embrace the failures owning them up and getting appropriate solutions to them(Valor 2008, pg. 315).

What would you want to find out from Heidi if you were to meet her for a one on one interview

I would like to ask her about the steps that one need s to follow to become a successful entrepreneur. This is because most of the upcoming entrepreneurs face a lot of problems in matters that pertain to the kind of business that they may wat to start. We may find that one has started a business of selling clothes, even before the business picks, you 0find that he has moved to another one and another one. At the end of the time, he realizes that he has made nothing out of all this hoping form one business to another (Valor 2008, pg.317).

What do you think Heidi tells students that she talks to on the relationship between education and success

Being a graduate with a bachelors degree in business from the University of Colorado Boulder and a masters degree holder of healthcare administration from the University of Denver. Heidi majorly champions education and a lecture about the importance of education is always the major and import key in any discussion that she does. This is because education and success always go hand in hand. Where when you get the education you end acquiring knowledge and some professional skills. May scholars have also termed education to be the key to success in life

What problems do you think Heidi faces for the future Any solutions

There are some problems that Heidi might face the future these includes

She might be faced by the problem of lack of accountability and transparency

Solution to this

She should be able to measure all the factors in the business and she will finally improve with time. These factors may include both qualitative and quantitative factors.

She might be faced with the problem of the lack of sufficient capital to run the business.

Most entrepreneurs usually face this challenge but with the experience of some entrepreneurs, they usually overcome it in many ways.

Solution

Through the network that she has created in his business, she can get the capital through donations from friends or well-wishers. She can also get finance by getting loans from financial institutions. She can also get capital grants. And finally, she can get finance by using a funding company (Oshodin Idehen 2008, pg. 2).

There might be a problem with hiring new employees

Solution

She should hire well-qualified staff, and assign them the duties they are required to do by allocating to the fair working hours. She should also be able to give them reasonable salaries.

She might have a problem with marketing strategy

Solution

She should outsource the marketing sector to someone who is qualified and has the best knowledge on the type of market to capture. She should also give this marketer a budget and compel him or her to craft a plan on how to use the budget to realize maximum profits (Valor 2008, pg. 321).

What are the entrepreneurs USP you most admire and why

In my opinion, I would say I admire the USP of Malcolm Mclean. This is because he is a gentleman whose vision and tenacity which is compared to that of Thomas Edison had an impact on the world. This is noticed because everyday people all over the world can use something that Mclean invented. His invention was the cargo carry container that made it possible for goods to be easily transported all over the world through ships tracks airplanes and trains (Oshodin Idehen 2008, pg. 1).

References

Valor, C. (2008). Can consumers buy responsibly Analysis and solutions for market failures.Journal of consumer policy,31(3), 315-326.

Oshodin, O. G., Idehen, C. O. (2008). Implementation of the University of Benin Enterprenureship Training Programme Implications for curriculum Development.Global Journal of Educational Research,7(1-2).

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