Interview with Entrepreneur Essay

Interview with Entrepreneur Essay.

1. Why did you start your own business?

Curt has always had a passion for engineering. When he was younger he work as a mechanical engineer through AMP. Then changed to metal engineering but decided he was tired of working for corporate office after 7 years and pursed his hobby into a career. Curt has always enjoyed boating and good seafood. For years before his founded business, he would enjoy being on the boat and catching good seafood which is when he wanted to bring fresh seafood to central Pennsylvania.

2. Is running your own business as hard as everyone says that it is? Yes and no. He’s states that there are pro’s and con’s to any situation especially in the business world. He views his pro’s would be to be able to set your own schedule and to him, he sees his “work” not so much as work but something that he enjoys and looks forward to waking up every day to.

Some of the con’s he listed were that it’s hard to have leave time away from his business. He solely owns 2 local businesses; one located on Eisenhower Blvd., Harrisburg and the other on the Carlisle Pike, Mechanicsburg, and an online business.

The online shop (www.ilovecrabs.com) is ran out of his Carlisle pike location where fed ex comes daily to deliver next day shipment to anyone within the 50 states. His business has been very successful. 3. Do you believe the efforts and rewards for owning your own business are worth the sacrifices? Yes, Curt believes that he is very happy with the outcome of where his business is today. He says that he might change a few things looking back but nothing too serious. He says the business world is about risk and sometimes things work very well and sometimes they fail but it’s always good to know when to back out and when to leap towards something. 4. Did you always see yourself as an entrepreneur, or that you would in time, owning your own business? To a certain extent he has always wanted more. Between 16-17 years old, he seemed to be great at buying and selling different things. Even working as an engineer for 7 years, he would buy and sell anything really that he could make a profit on.

5. How did you finance your initial startup costs for your small business? He saved some money working but he also went to the bank for part of it. His mother, Sharon Engle, helps with organizing his finances every Tuesday. 6. How do you market or advertise? What seems to have the most positive effect in bringing in profitable customers? Curt used to do the advertising himself but he has hired someone to do that for him to help take some load off. Most advertising is through their internet retail website (www.ilovecrabs.com), but their two local retail shops work with clipper magazine, or you could sign up with their crabsavers newsletter and save $10 off your first order and receive either text messages and or emails with coupons and special deals weekly.

They used to advertise with the newspaper and yellow pages but he claims it’s becoming a dying trade. He uses organic advertising online with google now too. He also states the radio is a way to have local customers aware that he is bringing this fresh seafood in daily but not so much for sales and promotions, he sticks to his coupons and surplus sales.Teaming up with Obrycki’s from Maryland, Harbour house crabs now provides the Obryck’s famous seasoning along with their personal blends of seasonings.

7. What’s your greatest entrepreneurial achievement?

That the business is still thriving after 15 years since being founded. His first retail shop boomed to the online business after about his first 2-3 years of opening. It became such a hit that in 2009 he opened his second retail shop and moved his online shop to process through the second shop due to size and area. 8. How do you identify business opportunities and what measures do you take to decide whether to invest into this opportunity? He says usually he will stick with his gut feeling but sometimes it’s a little more in depth then that he explains. After successfully launching his second store for 1 ½ years, he decided to partner up with Captain Bob’s restaurant. Unfortunately, it became a little too much to handle with the ordering of their products vs. what his small retail shop has to offer. So after 1 year, he gave back his part of the company to the owner of Captain Bob’s and still sells fresh crabs to the restaurant as they have always done before.

9. What’s the toughest feedback you’ve ever received and how did you learn or improve from it? “There will always be customers that you won’t be able to satisfy no matter how much you try to do for them in fixing the situation.” He said the first few negative comments he received was through his online website and was taken personally. Curt had taken this hard because he wasn’t able to satisfy the customers, which is his company’s main goal when providing this fresh food. 10. What makes your business stand out from your competitors? “We stand out in quality and customer service.”

He says, “We can’t control mother nature and there are certain variables that cause things to be difficult at times but when something happens, our team is encouraged to kill the customer with kindness but also with that have a strong backbone for the company, don’t let someone step all over you but be kind.”

11. How many hours do you work daily? How has this effected your personal or family life? Do you take time out to have fun? Well because Curt doesn’t have a partner, his phone is on him 24/7 and will answer from the time he wakes up until 10pm. He does have a home office and bases all his finances, strategies, and more at his home so it’s difficult sometimes to have to separate the two. He enjoys it to be near his family more but then again he walks away from a lot to take a business call. 12. What kind of culture exists in your organization?

The culture that goes with my products are anyone who enjoys fresh seafood, someone or even a group wanting to get together to crack open some crabs and enjoy quality food with quality time given. Bringing friends and families together. 13. In one word, characterize your life as an entrepreneur. Challenging.

14. Who has been your greatest inspiration and why?

His grandfather because in 1934 during the great depression era, his grandfather opened up a small business selling Engle equipment, originally type-writers. The business took off so well that Curt’s father and uncle took it over when his grandfather passed. Eventually Toshiba bought the company out and still sells equipment today! 15. Describe how you built a successful profitable customer base? Curt believes finding a service or product that the customers want or demand is the first step he took, then backing that up with customer service has what made this so successful. 16. What’s the best advice you’ve been given?

“Never give up?” Curt explains to me that he tells his kids for example that when they say something like “I can’t”, he will in return respond “Never say I can’t, that’s giving up before even trying, and you should at least always try whether you win or lose.” 17. Excluding yours, what company or business do you admire most and why? Is it a product or service that draws you in? Amazon. He loves not only the products that are so easily obtained but he loves their fast and reliable service provided. 18. Knowing what you know now, is there anything that you would do differently? “I would”. There were a few investments Curt had but they weren’t worth the trouble. “It’s still an experience”, he says but it’s good to know when to leave.

19. If I were to want to open up a small business tomorrow, what would be the top priority on my to-do list? He suggests to write a business plan and take it to the business administration building so they can review it and approve your idea. It takes a lot of research to find all that you need but it’s the foundation of the whole project. He also says that looking back at his first business plan, it’s accurate but at the same time off from what it really was from his planning. 20. Do you have an exit strategy?

Currently Mr. Engle is looking for an exit strategy because he didn’t really have one at the time of presenting his plan. He did but not what he is really planning now. Ironically as I asked Curt this question, he asked me about taking over the business but I also did work for him from 2005-2013 so I do know a lot about running the stores. I denied though because I have other plans.

Interview with Entrepreneur Essay

Strategic Control Essay

Strategic Control Essay.

1. Why is strategic control important in the strategy implementation process? What are the four major types of strategic control? What are the pros and cons of each? 2. The balanced scoreboard approach has gained popularity in recent years. What is this approach and how does it integrate strategic and operational control? 3. Total quality management involves a continuous improvement approach. How is continuous improvement related to innovation? What is breakthrough innovation? What are the risks and rewards associated with innovation? 4. What is an entrepreneur? How is the entrepreneur different from the inventor, promoter, and administrator? What is intrapreneurship? How can it be enabled in an organization?

Lesson Activity

Expatriates & Working Overseas

Discussion Questions. Please post in Discussion Forum by Wednesday 12:00 am (PST) 1. Many expatriates face culture shock when assigned to foreign lands. What is culture shock? What would you recommend to minimize the impact of culture shock on global managers? 2. Describe how global firms can help expatriates and their spouses adapt to a new country and create a meaningful life abroad.

Lesson Assignment
Paper: Women Expatriates

Write a 10-page paper concerning whether or not women should be solicited for overseas assignment, how can companies attract highly competent women, and how can they ensure that women will be successful? Detail the elements of a training plan for potential female expatriates. Post your final draft and response to Drop Box by Sunday 12:00 am (PST).

1. Why is strategic control important in the strategy implementation process? What are the four major types of strategic control? What are the pros and cons of each?

Strategic control is important, because it is involved with tracking a strategy as it is being implemented, detecting problems or changesin its underlying premises, and making necessary adjustments. Additionally, it is also involved with guiding action on behalf of the strategyas that action is taking place and when the end result is still several years off. The four major types of strategic control are:

1. PREMISE CONTROL

Strategies are based on certain planning hypothesis. Premise control is created to examin methodically and constantly whether the hypothesis, or also called premises, on which a strategy is grounded on are still vaild. In case premises are no longer valid, the strategy may have to be changed. It is important to recongnize and reject the invalid premise as soon as possible, because the strategy can be adjusted to reflect the reality.

2. STRATEGIC SURVEILLANCE

This strategy is formed to observe a broad range of events inside and outside of the organization which can influence the track of its strategy over time. One can uncover important yet unanticipated information by observing multiple information sources (trade magazines, journals). Such a strategy must be kept as unfocused as possible.

3. SPECIAL ALERT CONTROL

A special alert control is the thorough and fast reassessment of the company’s strategy, because of an unexpected and immediate event. An example of such an event is the an outside firm’s sudden acquisition of a leading competitor. This kind of an event will provoke an immediate and intense reassessment of the company’s strategy. Usually crisis teams handle the company’s initial response to the unforeseen events that might have an immediate effect on its strategy.

4. IMPLEMENTATION CONTROL

Strategy implementation takes place as a series of steps, activities, investments and acts that happen over a lengthly period of time. Managers mobilize resources, carry out special projects and employ or reassign staff. This kind of strategic control must be carried out as events unfold.. Strategic thrusts and milestone reviews are two types of implementation control. First one provides information that help determine whether the overall strategy is shaping up as planned, and the second one helps with monitoring the progress of the strategy at various intervals or milestones.

2. The balanced scoreboard approach has gained popularity in recent years. What is this approach and how does it integrate strategic and operational control?

The balanced scoreboard approach is a management control system that enables companies to clarify their strategies, translate them into action, and provide quantitative feedback as to whether the strategy is creating value, leveraging core competencies, satisfying the company’s customers, and generating a financial reward to its shareholders.

Just like startegic controls and comprehensive control programs, the balances scoreboard approach bring the entire management task into focus. Organizational leaders can adjust or completely change their company’s strategy based on feedback from a balanced scoreboard approach as well as other strategic controls.

3. Total quality management involves a continuous improvement approach. How is continuous improvement related to innovation? What is breakthrough innovation? What are the risks and rewards associated with innovation?

Continous improvement is the process of relentlessly trying to find ways to improve and enhance company’s products and proccesses from design through assembly, sales, and service. This process seeks to always find slight improvements in every aspect of what a company does so that it will result in lower coast, higher quality and speed, or faster response to one’s needs.

Breakthrough innovation is an innovation in a product, process, technology, or the cost associated with it that represents a quantum leap forward in one or more of these ways.

Breakthrough innovation involves a lot of risk yet brings high reward when successful. Companies with this approach need a complete commitment and are often going against mainstream markets in the process. .xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Innovation is the process of taking ideas and commercializing them into profitable products. Innovative products and services enjoy rapid growth and huge profit potential. In many cases these are disruptive technologies which change the face of how industries operate and monetize (e.g. Uber ridesharing is disruptive to the Taxi industry).

There are many risks associated with the uncertainty linked to innovation. Two major risks include Market and Technology risks. Market risks are related to market size, expected growth rate, and adoption rate. Technology risks include the new standards and technologies that will evolve within the industry. Companies want to avoid products/services that have small markets, low adoption rates, and outdated or non-standardized technology platforms.

4. What is an entrepreneur? How is the entrepreneur different from the inventor, promoter, and administrator? What is intrapreneurship? How can it be enabled in an organization?

Intrepreneur is an individual who brings together the innovative and creative ideas, and actions. He also poses solid management skills and business know-how. Inventor is exceptional for his technical talents, insights, and creativity, but their creations and inventions often are unsuccessful in becoming commercial realities. Promotor is in just the opposite from inventor – clever at devising schemes to push a product or service. Administrator is good at creating and maintaining efficient routines and organization. Entrepreneur has an unusual combination of talent: strenght in both creativity and management.

He is able to conceive and launch a new business as well as make it grow and succeed. Intrapreneurship is entrepreneurship in large organizations. Many companies now claim that they seek to encourage intrapreneurship. For intrapreneurship to work, individual intrapreneurs need freedom (self-selection, no hand-offs,the doer decides, corporate ”slack”, ”home run”, tolerance of risk, failure and mistakes, patient money, freedom from turfness, cross-functional teams, multiple options) and support to pursue perceived opportunities, be allowed to fail, and do more of the same more easily if they succeed.

1. Many expatriates face culture shock when assigned to foreign lands. What is culture shock? What would you recommend to minimize the impact of culture shock on global managers? Cultural shock is a natural response (stress) to a new, unpredictable, and uncertain environment. It results from a breakdown in an expatriate’s selective perception and effective interpretation systems. Suprisingly, the most effective global managers often suffer the most severe culture shock. Upon entering the foreign country, they lack an interpretation system based on the local culture and are therefore forced to inappropriately and ineffectively use their home cultures’ interpretative systems. This results as a realization that other people’s behavior doesn’t seem to make sense and that their own behavior doesn’t produce expected results.

In order to minimize the impact of culture shock, I would recommend that each global learns as much as possible about the country’s culture where they are going to work. It is important to understand and be aware of cultural differences, traditions, history, working techniques, and general information about the country. If the Manager is moving to a country where locals speak another language, my suggestion is to take a language course as soon as possible.

Knowing the language and being able to communicate with locals will take a big amount of stress off one’s shoulders. However completely avoiding cultural shock is almost impossible. Managers should take this fact into consideration and understand that this is a normal phase to slowly adjust and assimilate to a new living and working environment. For these types of work opportunities, Managers can benefit from this new life experience and exposure to foreign environments.

Strategic Control Essay

Alma Electronics Essay

Alma Electronics Essay.

I. EXECUTIVE SUMMARY

Mr. Andy Mallari is the owner of electronics shop that started in 1979. His shop is selling parts that are used in assembly and maintenance of radios, tape recorders, amplifiers and various related appliances. By 1990, the business is expanding and continuously picking up. The operation covers sales and repair. But Mr. Mallari’s perspective has changed drastically when he met his former classmate Estelito Chan, an Araullo University graduate, owner of a well-established appliance assembly plant in Manila. Mr. Mallari thinks that he can follow in the footsteps of his friend. Mr. Mallari has three sons; all are belonging to top ten in their respective classes. He thinks all the three have potential to help him realize his dream of establishing his own assembly plant. His immediate concern now is to identify the right college courses for his children.

II. STATEMENT OF THE PROBLEM

1. What college courses will best suit Mr. Mallari’s sons?
2. Will Mr. Mallari’s sons accept their father’s idea?
3. How will Mr. Mallari established his own assembly plan?

III. CAUSES OF THE PROBLEM

From the problems, we suggest that Mr. Mallri should take into consideration the costs of his plans. Mr. Andy Mallari should first consult his sons for their willingness to participate in their father’s dream of having a plant and business.

IV. DECISION CRITERIA AND ALTERNATIVE SOLUTIONS

Mr. Mallari should consider doing a feasibility study in putting up the assembly plant. Mr. Andy Mallari should inform his sons about his dream of having a plant and business. If they agree, he should pick the best course that would fit the personality and interest of his sons so that at some point, they will learn to love it and it will also give them the best opportunity for employment

. V. RECOMMENDED SOLUTIONS, IMPLEMENTATION AND JUSTIFICATION

The following recommendations are being considered by the group: a. Mr. Andy Mallari should suggest the following courses: Industrial Engineering or Civil Engineering for his sons. He should start now by enrolling his eldest children in review school that caters to college entrance test to ensure that he will be accepted in the top ten universities of the country. b. He should consult his friend about the intricacies of putting up an assembly plant. He should tap a consultant to do a feasibility study regarding his plan of putting up an assembly plant. The feasibility study is an evaluation and analysis of the potential of a proposed project which is based on extensive investigation and research to support the process of decision making. (Wikipedia)

VI. EXTERNAL SOURCING

Courses.com.ph
According to Courses.com.ph article posted May 25, 2012, How to choose the right course in College? The following are things to consider 1. Strengths and talents 2. Your willingness and interest to learn 3. Your goals Philippine Star “Campus” Unofficial Top Ten University of the Philippines published last May 26, 2014

1. University of the Philippines-Diliman
2. De La Salle University
3. University of Santo Tomas
4. Ateneo de Manila University
5. University of the Philippines Los Baños
6. University of San Carlos
7. Central Luzon State University
8. Mindanao State University- Iligan Institute of Technology 9. Saint Louis University
10. Mapua Institute of Technology

Top Business Ideas

5 Reasons Why You Must Conduct Feasibility Study Before Starting a business 1. A feasibility study will help you to determine the profitability of the business venture. Before starting a business, seasoned entrepreneurs and investors would want to know if the business would be worth their time, effort and resources. It is worthwhile to know that many entrepreneurs have abandoned solid business ideas because the profitability could not be ascertained on conducting a feasibility study on the business idea. 2. A feasibility study will help prove to the entrepreneur, venture capitalists, lenders and investors the existence of the market, the liquidity of the business venture and the expected return on investment.

3. A feasibility study will help you identify the flaws, business challenges, strengths, weaknesses, opportunities, threats and unforeseen circumstances that might affect the success and sustainability of the business venture. Just like the case of my dad’s business, the business failure and loss of money would have been avoided if we had carried out a feasibility study. We simply jumped in based on someone’s recommendations because we were flushed with cash and we paid dearly for it.

4. Before starting a business, a feasibility study will enable you estimate the financial, human and technological resources that will be needed to ensure the successful launching of the business. Feasibility study helps to reveal the number and level of skill or unskilled workers to be employed and their salary scale. 5. Feasibility study will help you to determine the amount of capital required to start the business. It will also help you in establishing the budget plan, working capital and cash flow projections of the business.

VII. SPELLING GRAMMAR AND PRESENTATION

REFERENCES:
University rankings: Find out how your school does! May 26, 2014 http://www.philstar.com/campus/2014/05/26/1327524/university-rankings-find-out-how-your-school-does August 3, 2014 How to choose the right course in College? May 25, 2012

http://www.courses.com.ph/how-to-choose-the-right-course-in-college/ August 4, 2014 5 Reasons Why You Must Conduct Feasibility Study
http://www.mytopbusinessideas.com/conducting-feasibility-study/ August 4, 2014 http://www.papercamp.com/essay/126414/Alma-Electronics August 3, 2014 http://www.scribd.com/doc/72662171/CASE-STUDY-1-ALMA-ELECTRONICS-I-ll-Dream-of-You August 6, 2014

Alma Electronics Essay