The paper "What an Entrepreneur Must Learn to Be Successful" is a great example of a case study on business. The single most important lesson that an entrepreneur must learn to be successful is that the customer is always right. Customers are the most important stakeholder group for a business because they are directly responsible for the sales the company generates. Providing superb customer service and complying with the demands of the customer will ensure success in the marketplace. Whenever a customer has a complaint a company should do everything possible to ensure the customer is satisfied.
Firms with excellent customer service have higher customer retention rates. Each customer of a company is equally as important and they deserve to be treated with respect. Organizations that do not focus on the customer are more likely to fail. Technology such as the internet should be used to facilitate relations with customers. Entrepreneurs must focus on serving the needs of the customers. The use of product innovation is important to achieve success and increase market share. The innovate idea I have for a business is to start a food truck pizzeria using customized ovens capable of reaching degrees 1000F to cook Neapolitan pizza.
Neapolitan pizza is an Italian gourmet pizza recipe that is cook between 800 and 1000 degrees Fahrenheit. Due to the high temperatures neapolitan pizza is cooked in three minutes or less. The food truck is going to be optimized to fit three ovens. The operation will have the capacity of serving 36 freshly baked pizzas per hour. I think that this product would be successful because it would be a niche product within the fast food industry.
Less than 1% of all pizzerias in the United States cook neapolitan pizza. The product prize would compete directly with the industry. For instance a personal pizza and a soda would cost $5. The speed in which the pizza is ready is a competitive advantage that differentiates my product from the competition. Starting the business as a mobile food truck reduces overhead and fixed costs. It also allows the owner the ability to easily move if a location is not meeting sales expectations. The internet and social media websites such as Facebook and Twitter would be use to advertise the company. There are many challenges that this business will encounter that must be overcome.
Recruiting the right employees is a challenge that is critical towards the success of the business. This potential problem can be overcome by hiring a professional HR recruiting agency to hire the employees. After the employees are selected the company will provide lots of training to the workers to improve their skills and capabilities. Another challenge the company might face is not having sufficient capital to achieve growth.
A strategy to raise capital is by selling a portion of the equity of the firm. A third challenge for the company is increasing its customer base. The firm will use various advertising strategies to attract customers such as billboards, online marketing, mobile campaigns, word of mouth, and ads in the written press.