Questions from the case study Essay Example | Topics and Well Written Essays - 1500 words

Questions from the case study - Essay Example An article from the U.S. Small Business Administration website states there are four things a person should evaluate when thinking of setting up a business, namely: identifying one’s interests; considering one’s skills; thinking of the conditions (location, time commitment, etc.) of the business, and quantifying one’s investment. (Buying an Existing Business 2013) Anna missed taking into consideration the last two of these requirements. She failed to anticipate the reaction from the existing clientele and employees, the marketing strategies to boost her sales, and the financial responsibilities that came with being a business owner. Upon acquiring the business, Anna encountered problems with how to market her new business. She wanted to revamp the old-fashioned style the existing business was marketing. She had to let the community and potential customers know that the new shop had a different vision from the old one. Hand in hand with this, however, was the prob lem of satisfying existing clientele and employees who were not familiar with her more modern styles and may disagree with the path she wanted the business to go onto. Another problem she faced was making sure she had enough money to sustain her new endeavor. Unlike expenses she used to incur as a stylist, Anna now had to balance a bigger financial statement in order to keep her business. Reference: Buying an Existing Business, 2013. Available from http://www.sba.gov/content/buying-existing-business Case one: Question #2 Different entrepreneurs and business analysts will share various characteristics of a successful business person. Nevertheless, some of these traits will be mentioned repeatedly by each business expert either from observation or personal experience. Larry Levy, author of the Characteristics of a Successful Entrepreneur and founder of Larry and Carol Levy Institute for Entrepreneurial Practice at the Kellogg School of Management, lists the top characteristics of an e ntrepreneur as passionate, willing to live with fear, risk and occasional failure and able to learn from his or her mistakes. (Hall 2012) Meanwhile, Action Coach, supposedly the best business coaching firm, states that successful entrepreneurs must be, among others, dedicated, unafraid of risk or success, optimistic, passionate about learning and confidence. (Action Coach) Anna manifested all the above-mentioned characteristics which greatly influenced the success of her business. Anna was a risk-taker. She had bought an old business with a product totally opposite that what she had in mind. She was not afraid to take on the demands of overhauling an existing business, one where she wanted to change the product itself. She was already aware that the previous owner was having economic problems but she still decided to buy the salon. Anna was dedicated and confident. Because of her determination, she took the initiative of meeting with business and management professionals to help her . She also encouraged her own team to work with the specialists and brainstorm on how to market her vision. She did not keep a closed mind to their guidance and suggestions. Her passion for fashion motivated her to define her label and come up with marketing strategies to appeal to clients. Aside from this, she listened to the advice of her specialist team on how to manage her finances. This is very important because money is always a very sensitive issue for business owners. Anna was