Business
Chapter 1, You make the call, page 33, Situation 2
This is a small company that was started by Baylor University alumni. They started a company that would be used to pay the bills of university students without having to do it manually. Their challenge right now is how they will initiate growth; whether by inviting outside investors or continue their current pace with their ownership still intact.
Question 1: One thing I like with the Simple Bills concept is that it meets the requirements of all the users. The renters are satisfied, the students are also satisfied and the inventors make money. The beauty is that all the stakeholders are well taken care of in their requirements. No one is complaining and business is undertaken smoothly.
Question 2: I would recommend for outside investors to be involved in the expansion of the business. This is because the growth of any organization will depend on the good will of investors and the availability of funds to expand the business. The reason I choose this option is that the expansion will be faster than with the two entrepreneurs. Another reason is that new ideas would be sought from the new investors who will join the company.
Chapter 1, You make the call, page 33, Situation 2
Question 3: I would recommend having an online platform to be developed so that online clients can be reached. This way, there will be a larger market reached to use the application. I would also recommend enhancing the application so that corporate clients can also be used. The online platform would be used by many universities, even international ones.
Question 4: If I seek to raise funds, I would seek corporations to be investors. This is because with them, there will be a limited number of owners. I will only require few corporations to get the required funds needed for expansion.
Chapter 1, Experiential Exercise, page 33, #1
Analyze your own education and experience as a qualification for entrepreneurship. Identify your greatest strengths and weaknesses.
My education has been in business management and this has helped me get enough concepts in the area of business. My education in the business requirements of starting an entrepreneurial venture has been handy in my quest to have good and sound business. My experience has also been a good tool that has helped me as an entrepreneur. In my experience in undertaking business consultation with many small businesses, I have learnt how to assess a business and the business requirements that are required in order to start a business. These have been handy in my desire to be an entrepreneur.
One of my greatest strengths in this is that of patience. This helps me learn more about the requirements and how to overcome business challenges. Another strength is that of keen-on-detail. I am able to read between lines and know a good business venture and a bad one. This has helped me to analyze a business in great detail.
Chapter 1, Experiential Exercise, page 33, #1
My greatest weakness is that of dwelling on challenges so much that I want to solve them on my own. Although it is taken by many people to be a strength, to me, it is a weakness because of the fact that I can as well delegate this task to be undertaken by others. I take too much time in trying to solve the problem at hand.
References
Fadarrean, E. (2011). Small business management: Launching and growing entrepreneurial ventures. New York: Cengage Learning.
