Assignment Number BMGN-N480 Entrepreneurship & Business Semester/Year Spring Assignment Small Business interview Section # Learning Outcomes Covered LO1,2,3,4 Day of the week you attend the class Name of the Business Bliders Clothing Store Instructions: Interviews must be done on an individual basis You must include the name and phone number of the person you interviewed Business name must be on your cover page Include your name, date, name of the course, and day of the week you attend Do not turn in your assignment without the cover page You must turn in your assignment on the day it is due or face the consequences of losing 5% of your total grade for the assignment Your turned in assignment must be typed Student signature: ___________________________ Date: _____________________ Student Name: ______________________________ Student ID: _________________ Small Business Interview Questions Name of Business: _Bliders Clothing Store_ Name of Owner: ___Synthia Cane____ Name of Manager: ____Synthia Cane__ Name of Entrepreneur: __Synthia Cane___ Contact Number: _____+____________ 1.
Why are you in business? After finishing my degree in business management, I realized that there are many people in the job market who are looking for employment in the business field.
Many students have done either accounting, a degree business management, or a bachelor in business commerce. All these people have flooded the job market. It is for this reason that I decided to venture into entrepreneurship by starting my own business (Cane, 2014). 2. Why are you in this type of business? I am in this type of business because it generates a lot of profits mainly, because there is no peak or low season. In every season, people, especially women buy clothes. Women are usually known to always want to move with the trend in the fashion industry.
3. What is your background? Education, Work Experience, Etc. I have a background in business management where I attained a degree in business management and did my internships in the human resource department and accounts department of two reputable companies. 4. Please describe your business. My business is dealing with clothing for ladies and caters for people who are around eighteen years and above. The main aim of this business has been to always move with the trend in the fashion industry in order to satisfy the customers. 5.
How long have you been in business? In this business? In other businesses? I have been in this business for ten years. 6. What type of business form do you have? E. g., sole proprietorship, partnership, or corporation? This business is a sole proprietorship where I am the sole owner of the business. 7. What are the advantages of this form of business ownership? The advantages of this form of business is that the owner is able to make all the decisions and therefore the decision making process is faster. There is also the privacy of confidential information and also it was possible to start the business using a small start up capital. 8.
What are the disadvantages you are facing being in this type of business form? This type of business faces a number of challenges mainly because there is a limitation on the amount of money that can be raised as capital. This also makes it difficult for the business to expand. There is also unlimited liability for the debts of the business because the owner cannot be distinguished from the business.
In case of debt, the owner will pay from his own pocket if needed. 9. How did you get started in this business? I started this business by taking a small business loan from the bank, which I was to pay for a period of one year. This was a risk, but every business faces risks. 10. How did you get the background and skills necessary to run this type of business? I have always had an interest in what is trending in the fashion industry, which has given me the necessary skills to run this type of business.
My habit of window shopping in different stores also gave me an idea of customers’ tastes and preferences and also gave ideas of the best prices to sell different kinds of clothing. 11. How do the social, economic, environmental, technological, legal and political environments impact your business? The social factors affect the demand of products in this store. It is crucial for this business to look what is accepted in the society in order to increase demand. Economic factors affect the rate at which the business can grow because the effects of interest rates on the cost of capital.
Environment factors do not affect the business because the business has clothing for every season. Technology has affected the business positively because now it is possible to reach more customers through facebook. The legal factors in this country include; consumer law, employment laws, health and safety law, and discrimination law that help the business transact its activities ethically. Finally, political factors do not affect the business because this country is stable and healthy for businesses.
12. Do you know who your competitors are? In this business it is crucial to know what competitors are doing and for this reason I have done my market research and I know who my competitors are and what they are doing. 13. How do you market your business? How are people aware of your business? Marketing is done through the internet through the business Facebook because presently, many people get information through the internet. I also use my customers to market because once they are satisfied, they recommend the store to their friends and families. 14.
Where do you see your business in the next year? In the next five years? The next ten years? I see this business expanding its customer base in the next year, which will continue in the next five years. I see the business expanding to other areas in the next ten years. 15. Do you plan to compete in the global market place? If yes, how? If no, why not? I plan to compete globally through the internet which I have already started. This is by marketing the products online and doing online sales.
Customers will then receive their items through shipments and postage. 16. How has technology, such as computers and the internet, impacted on how you conduct business? Technology like the computers and the internet has had positive benefits to this business because of the ability to reach many customers. 17. Why is your business located at this site or this area? I chose this location because it is easily accessible to customers, many people pass by the store and even if they had not planned, they tend to be attracted by what they see through the window. 18.
Whom do you seek advice from for your business? When I started this venture, my mentor was my father whose gave me ideas of what to do to succeed in business. He is also a business person and he has a lot of experience on how to make a business successful. 19. What do you do with your profits? Profits from the business goes towards the expansion process and some I use to re-stock the store. 20. Do you have a business plan to operate your business?
If not, why not? I have a business plan which I was able developed before the start of the business. It is crucial to note that most banks require business plans in order to give loans. Business plans show how viable the venture is and will help the business maintain its core objective. 21. Does your business have a stated mission statement, the reason that this business exists? The business has a stated mission statement which is, “To satisfy customers’ needs” 22. Do you have employees? How many? Yes, I have ten employees. 23. Why do your customers select you over your competitors? My customers select me over my competitors because of how we treat them in the store.
We normally make sure that we are friendly to all customers and that we assist them to get what will satisfy them. We are also patient with them when they are in the store so that once they make the purchases, they are sure that they have bought what they need. 24. Who are your customers? E.g. demographics, social class, age group, etc. The business targets people from the medium to high social class who are from the age group of 18 years.
The store caters for womens clothing only. 25. Are there any ethical concerns that your type of business must deal with? Ethical concerns in dealing with this type of business include trust and integrity. It is crucial for this kind of business to do its affairs with commitment and honesty in treating its customers fairly. Customers like to be associated with businesses that have a high level of trust. 26. How do you overcome these ethical problems? I overcome this problem by training employees on the importance of maintaining integrity and trust while dealing with customers.
They need to give honest opinions to customers as they try on dresses so that they are satisfied with their purchases. 27. What is your management style? I practice a democratic management style where I also hear suggestions from employees on how to improve the services that we provide to customers. 28. What are the biggest issues you have for running this business? The biggest issue in running this business is that I have to always be available to be able to run the day to day activities of the business. 29.
What is the future for this type of business? The future of this business depends on my determination, if I am very determined, it can grow and become a chain of stores. On the other hand, without determination the business will die. 30. If something happens to you, what will happen to your business? Being a sole proprietorship, the business will most likely die. What did you learn from this interview? This interview shows that people can succeed in life even if they do not get white color jobs.
University and college education aim at giving people the tool to fulfill their goals in life. This interview also shows that to be able to succeed in businesses, people need to develop business plans which will help them avoid any deviation from their goals. There is also the need to look at the advantages and challenges of the type of business an individual wants to start so that they are prepared to handle the challenges. One crucial thing that has come out from the interview is that customers determine the success of any business.
Customer satisfaction should be the main aim of any business. If customers are satisfied, they will be loyal to the business and refer other potential customers to the business. Bibliography Cane, S., 2014. Bliders Clothing Store [Interview] (04 03 2014).