This sample paper on Entrepreneur Interview Essay offers a framework of relevant facts based on recent research in the field. Read the introductory part, body, and conclusion of the paper below.
Entrepreneur Interview-Nail Spa
An entrepreneur is required to take risks that are feasible (Drucker, 25). The following interview is that of an entrepreneur who was able to take a feasible risk and start a nail spa business.
I began the nails spa business because I saw a need in the society .
Many spas offer services that are concerned with body care like massages or hair care services. However, there were very few service providers that specialized in nail care. I took the initiative to inquire from the women in my neighborhood. Most of them admitted to not knowing what went into taking good care of their nails. I felt inspired to start a business that would give special care to not only women’s nails but also those of men.
Apart from this, I also aspired to incorporate training on nail care in this business.
The decision for me to become an entrepreneur was driven by the independence that is associated with entrepreneurship. Entrepreneurs are their own bosses. No one dictates how and when they carry out their activities. Another driving force that motivated me to become an entrepreneur is the monetary benefits that come along with being entrepreneurship. Though the entrepreneur does not share the burden of losses with anyone, the same applies to the profits of the business.
Beginning a business is always a great risk in terms of the capital that goes in to starting the business. There are no guarantees that this money will receive returns. However, the great risk also ensures great profits if the business is to succeed (Ashmore 57).
The idea to start this particular business was birthed from a visit to the beauty shop. The little emphasis that is put into the care of nails motivated me to look into the feasibility of starting a nail spa. My optimism towards the success of this business however surpassed all other feelings. This is because the business is unique and there are very few of its kind. It is a result of a societal need. A good demand for a good or service will ensure that a business is kept running. Another aspect that is unique about this business is also its integration of nail care services and trainings on the same. The institutions that offer training on nail care are hardly specialized on this particular field. They provide general training on beauty techniques.
The initial capital for the business was not very easy to get. A few individuals expressed their desire to fund the starting up of the business. The idea was fresh and innovative and it looked very promising. Apart from the support from the investors, I also managed to service a loan from the bank. The contribution from the donors, the loan from the bank and my personal savings were able to meet the initial cost of starting up the nail spa.
The choice of my target group helped me to choose the appropriate marketing strategies (Milligan 56). The strategies that I implemented had various goals. The first goal was to introduce the service to its customers. Another goal was to boost consumer confidence. The was a need for the consumers to develop a sense of trust towards a service that they had never sampled. The other goal was to leverage emotions. The clients needed to feel that the service that the business offered was one that they not only identified with but also required.
One of the marketing channels that I used was the internet. I created a website for the business. The website provided information on the services that were provided for the business. The links to the website was then posted on the different social websites like face book and twitter. The internet appealed mostly to the younger generation. The other medium for marketing was television advertisement with the use of local celebrities. The celebrities brought an aspect of prestige to the business.
Time management is important for the success of any business. This is because time is one of the most important resources that an entrepreneur has. The first thing I did was to prioritize on the activities that I needed to do. This allowed me to allocate time on an activity basing on its importance. Another time managing strategy was delegation of work to employees. This ensured that there was no redundancy in work. Another aspect that helps to manage my time is making and adhering to daily work schedules. This eliminates time wastage that is brought about by disorganization.
The most difficult part of the business was starting it up. This is because capital was hard to acquire. The other challenge was also finding the right people to work with. This is because there are not very many people who specialize on nail care. The business has been able to display various strengths despite the difficulties that it experienced at the beginning. Some of the strength of the businesses is its unique nature. There are very few businesses that give the same services. The opportunity that exists for the business is that of franchising. The other opportunity that exists is that of that of expansion of the current premises. The best opportunity would be franchising because there is a great need for the services in other places.
One of the challenges that the business faces is lack of trust in the new service. The consumers are still opting to go to beauty parlors as opposed to the nail spa. This challenge can be dealt with by using a more aggressive marketing campaign that incorporates testimonials from those who have used the services. The other challenge has been few personnel working in the spa. This will be overcome by intensifying the training program so that more professional are released to work in the spa.
Factors affecting business environment
One of the factors affecting the business is the economical instability that is affecting the clients. The other factor is social cultural. There are particular social norms that hinder the male clientele from visiting the spa. The business will alter its prices to accommodate the economic atmosphere. It will also run a campaign that will encourage male attendance.
As the initiator of the business, I expect the business to pickup and attract more clientele.
. An entrepreneur should be innovative, have problem solving skills and be able to take risks
Through the interview, the entrepreneur was able to show the motivation behind the starting up of the business and the reason for choosing the particular line of business. The interview also reveals how the initial capital was raised and the challenges encountered while raising the capital. The entrepreneur also managed to discuss the marketing strategies that were used and the general challenges that the business faces. As the interview ends, the entrepreneur talks about the factors affecting the business, her expectations of the business and the skills that are important for an entrepreneur.
I have learnt that in order to venture into entrepreneurship, I must be ready to take risks. The risks must be calculated and the feasibility of the business assessed. An entrepreneur also needs to be resilient. The individual must be willing to fight through the hurdles that will arise and keep focus on the goal that was set.
The knowledge obtained will be applied in the daily activities of my life. The exposure on the challenges that one faces as an entrepreneur will enable me to look at challenges with a problem-solving attitude. The knowledge received from the interview will also help me to analyze business opportunities critically.
Ashmore, M. C., Changing Times Education Service, & National Center for Research in Vocational Education (U.S.). (1988). Risks & rewards of entrepreneurship. Saint Paul, Minn: EMC Pub.
Beauty Magazine. London: Communications International, 1990. Print.
Carsrud, A. L., & Bra?nnback, M. (2007). Entrepreneurship. Westport, Conn: Greenwood Press.
Drucker, P. F. (1985). Innovation and entrepreneurship: Practice and principles. New York: Harper & Row.
Entrepreneur Media. (2011). How do I start a salon and spa business? Retrieved from http://askentrepreneur.entrepreneurmag.co.za/starting-a-business/industry-specific-questions/health-beauty/how-do-i-start-a-salon-and-spa-business/
Hisrich, R. D., & Peters, M. P. (2002). Entrepreneurship. Boston: McGraw-Hill/Irwin.
Leeds, Roger S. Financing Small Enterprises in Developing Nations: Learning from Experience. Ardsley, NY: Transnational Publishers, 2003. Print.
Mancini, Marc. Time Management. New York: McGraw-Hill, 2003. Internet resource.
Milligan, Shayne. Marketing Strategies. Delhi: Research World, 2012. Internet resource.
Mobile Beauty Systems. (2011). Mobile Spa Business. Retrieved from http://www.mobilespabusiness.com/
Nail care. (2010). S.l.: General Books.
Pinoy Business Ideas. (2010). How To Start A Home Based Nail Salon Business. Retrieved from http://www.pinoybisnes.com/home-based-business/how-to-start-a-home-based-nail-salon-business/
Pollan, S. M., & Levine, M. (1990). The field guide to starting a business. New York: Simon & Schuster.
Startups.com. (2010). Start your own: Beauty salon/ spa. Retrieved from http://www.startups.co.uk/beauty-salon-spa.html