Respond to the following questions:
Review the results of your first Entrepreneurship interview. Post the insights gained during the interview.
Your response should be between 250-300 words and in APA format with at least 2 scholarly references.
Interview Questions for Entrepreneurial Interview
An entrepreneurial interview is an essential tool for networking and provision of information about the business and career of interest. Majority of the people currently are more willing to start their own business as opposed to working for other companies. What qualities are essential for promoting entrepreneurial skills? Are entrepreneurs born or made? Informational interviews are crucial tools in enhancing more information about what it takes to become the most successful entrepreneur. Therefore, the study will discuss the questions to consider asking entrepreneurs during an interview to determine their skills and knowledge on how they started their new business. The survey interviewed Mr. Jason, an entrepreneur.
Q: Why did you want to start your business/purchase a franchise?
A: Becoming a business owner enables a person to strive for new goals which motivate you in getting out of the current economic funk. It allows one to become the master of their destiny. Moreover, starting your own business gives you the freedom to manage your own time and energy.
Q: How did you get started?
A: I decided to start a business during my university education to fill the niche in the market and make extra capital. This experience was the basis of my knowledge on starting my own business.
Q: What were the most significant obstacles you had to overcome to get your business going?
A: The primary challenge of running the business is keeping up with technology and innovations such as moving from offline marketing to online marketing (Tidd et al., 2005). Another obstacle is finding adequate financing to fund the operational activities and working capital. Also, inadequate management skills make it hard in enhancing teambuilding essential for running the business efficiently.
Q: What lessons have you learned upon establishing your company?
A: In business, there is no failure but learned lessons. Each experience and challenges are viewed as an opportunity for learning and improving your knowledge and skills to avoid repetition of similar mistakes (Shepherd, 2003). Therefore, never stop learning. Another lesson is self-determination and trust in the personal effort is vital to the success of the business. Furthermore, no man is an island, always ask help to people you trust that can offer business advice and financial support.
Q: How has your faith played a role in your success?
A: Faith enables you not to give up when experiencing challenges. It encompasses different characteristics of success such as persistence, hop, hard work, and confidence among others. Through faith, you never quit on your dreams and purpose in achieving the goal in the business. It enables you not to allow any outliers to affect your position and track towards success.
Q: Where and how do you see yourself in five or ten years from now?
A: in the coming years I want to focus on increasing the market share of the business. The company may use both product and market diversification strategies. Also, the organization aims at opening up global branches in other countries to increase customer base to avoid market saturation. The firm also seeks to enhance innovations and improving quality of services and automation of the processes to increase efficiency and variety of products and services.
Q: What advice can you give to others so that they too can become successful business owners in their right?
A: Becoming successful business person requires faith and hard work. Always have a long-term mindset that strategically plans for the future success of the business. It implies that as an entrepreneur you should not make permanent decisions for temporary emotions. It is essential to wait until you levelheaded to make informed decisions. Always have positive thoughts that focus on success as opposed to being pessimistic. It will help you in generating the best ideas that will stir you in the right direction. Lastly, have the right attitude for starting a business.
Q: What tools or knowledge would be critical for students wanting to start a business?
A: Starting your own business requires critical thinking knowledge and skills. Logical thinking is useful in promoting smart decision-making process. A person can analyze the various perspectives and viewpoints and select the best alternative hence supporting informed strategic decisions. Also, the competitive spirit is essential for increasing the market share of the business. Financial knowledge is more important than having capital alone. It helps you in management and ability to efficiently organize the scarce resources to achieve efficiency.
Q: Would you be willing to share your story with other students in the future?
A: Yes. I believe in growing other innovative entrepreneurs to enhance competition which affects the quality of products. Students need the right knowledge to improve their business skills. Therefore, sharing with them may enlighten their mind and grow their business knowledge.
The study summarizes that entrepreneurs can be made. They can be taught skills essential to improve their entrepreneurial decisions. Majority of the people start businesses with the wrong mindset. Having the right reason for beginning business will ensure that the entrepreneur is committed towards its success. Technology is the major obstacle to the success of the company due to innovations and changes business processes that require automation. Capital to facilitate daily operation was also another challenge from the interview. Hard work ensures the success of the business. Moreover, it was evident from the discussion that sharing with other students about my business success helps in creating competitive advantage and better decision making.
Shepherd, D. A. (2003). Learning from business failure: Propositions of grief recovery for the self-employed. Academy of management Review, 28(2), 318-328.
Tidd, J., Bessant, J., & Pavitt, K. (2005). Managing innovation integrating technological, market and organizational change. John Wiley and Sons Ltd.