The paper “ Bob Hayes - Entrepreneur Interview about the Demographic Issues Related with Target Market That Entrepreneur Should Know” is an exciting variant of an article on management. The following is a summary of the interview on Bob Hayes, one of the partners of the Bob Hayes Hotel Networks that specializes in event and conference organization and management in the hospitality industry. This summary will give an insight into key findings from the interview with respect to specific subheadings. DemographicsFrom the interview, it was identified that an entrepreneur should know the demographic issues related to his or her target market.
From the interview, it was found out that, the success of a business is based on its ability to satisfy the needs of the demographics Bob Hayes Hotel Network identified a niche in the market in conference organization and management after the two partners Jim Burke and Bob Hayes saw the need to integrate professionalism in conference organization. A comprehensive study on the needs, economic ability and changes expected in a specific demographic setting are necessary to any entrepreneur so as to enable him or her make informed decisions. MotivationMotivation is the element that keeps an entrepreneur moving.
From the interview, it was clear that motivation is a key aspect in the success of a business. Ideally, an entrepreneur should venture into a business which he or she believes in. Bob Hayes and Jim Burke believed in the conference organizing business; hence theory success. Bob Hayes is motivated by the growth which he saw in BHN. He is inspired by the thought of a bigger BHN, hence works towards ensuring that this is achieved. Business IdeaFrom the interview, it was seen that a business idea is the first step to becoming an entrepreneur.
Ideally, it can be noted that one should venture into a business which he or she sees potential in. In this way, he or she will be able to guide the business to success. In addition to this, a business idea should be transformed from the mind to a paper. A document enables an entrepreneur to point out key elements and objectives of a business. After this, the entrepreneurs work out on how the business objectives would be achieved (Bob Hayes 2012). ChallengesFrom the interview, it came out clearly that a business is prone to experience various challenges depending on the industry on which it operates.
according to Bob Hayes, business organizations should counter challenges by making informed decisions. BHN was faced with the challenge of organizing events in the light of terrorist attacks and threats which were threatening to lead to the cancelation of events (Bob Hayes 2012). However, the company was able to counter the problems by pooling the appropriate mechanisms to provide appropriate solutions to the challenge. PersonalityThe personality of an entrepreneur has a lot to do with the success of a business.
Bob Hayes believes that good leadership is crucial to an organization’ s success. As a result of this, he focuses on leading the organization’ s employees from the ground as opposed to the office. This has enhanced teamwork in the organization, hence the associated success.