For a class I have to interview some one who ownes a business. This will help me to understand better about owning a business. If someone could answer the questions I have in depth I would appreciate it.
1. Type of Business/ Industry
2. Whate were the reasons you wanted to own your own business?
3. Describe a typical week for the owner of the business (hours worked, management responsibilities, ect..)
4. Prior to owning a business, did you create a business plan or work with the Small Business Administration, or utilize some other method of planning?
5. What are/were the strengths of the business?
6. What are/were some of your most critical areas to improve?
7. In your opinion, what are the benefits (pros) of owning your own business?
8. In your opinion, what are the drawbacks (cons) of owning your own business?
9. What advise would you give someone who is contemplating starting their own business in the future?
Thank You!
July 20, 2009 at 9:18 pm
MY ANSWERS IN CAPS SO THEY’RE EASIER TO SPOT:
1. Type of Business/ Industry SMALL BUSINESS CONSULTING; I HELP PEOPLE PLAN AND LAUNCH THEIR OWN SMALL BUSINESSES
2. Whate were the reasons you wanted to own your own business?
IT WAS A CHANCE TO CREATE A JOB THAT FOCUSED ON THE THINGS THAT I DO THE BEST AND ENJOY THE MOST
3. Describe a typical week for the owner of the business (hours worked, management responsibilities, ect..)
I WORK MON-FRI 8-5PM AND DO PAPERWORK A LOT OF EVENINGS
4. Prior to owning a business, did you create a business plan or work with the Small Business Administration, or utilize some other method of planning?
I WROTE A BUSINESS PLAN; THIS IS A MUST-HAVE FOR ANYONE TRYING SELF-EMPLOYMENT. THE SBA AND OTHER ORGANIZATIONS LIKE SCORE (SERVICE CORPS FOR RETIRED EXECUTIVES) CAN BE AN EXCELLENT RESOURCE, BUT I DIDN’T USE ONE.
5. What are/were the strengths of the business?
I WAS A FORMER EMPLOYEE OF THE STATE AGENCY THAT NOW HIRES ME FOR ABOUT 60% OF MY BUSINESS, I’M ABLE TO AFFILIATE WITH A STATE UNIVERSITY FOR MY WORK AND I HAVE VERY LOW OVERHEAD.
6. What are/were some of your most critical areas to improve?
I NEEDED TO IMPROVE MY TIME MANAGEMENT AND BOOKKEEPING SKILLS; STILL NEED SOME IMPROVEMENT IN THOSE AREAS
7. In your opinion, what are the benefits (pros) of owning your own business?
GREATER CREATIVE CONTROL; GREATER TIME FLEXIBILITY; POTENTIAL FOR GREATER INCOME
8. In your opinion, what are the drawbacks (cons) of owning your own business?
HIGHER RISK; THE BUCK STOPS WITH YOU IF THINGS GO WRONG; NO HEALTH/RETIREMENT BENEFITS; INCOME CAN BE VERY UNEVEN/UNPREDICTABLE
9. What advise would you give someone who is contemplating starting their own business in the future?
ONLY CONSIDER A BUSINESS WHERE YOU ALREADY HAVE SOME EXPERTISE AND REAL PASSION; DEFINITELY WRITE A BUSINESS PLAN; TAP INTO RESOURCES LIKE THE SBA AND SCORE; TRY TO FIND A MENTOR YOU CAN BOUNCE IDEAS OFF OF; MAKE SURE YOU’VE GOT ENOUGH CAPITAL TO COVER YOUR EXPENSES FOR THE FIRST 6 MONTHS WHEN INCOME IS STILL LOW/UNPREDICTABLE.
July 21, 2009 at 4:18 am
1. Type of Business/ Industry
Web design
2. Whate were the reasons you wanted to own your own business?
I enjoy working for myself because I’m in control of every aspect of my business. I used to work for other businesses and it always bugged me if something was done inefficiently.
Also, more importantly it’s an awful big of a challange to start something from scratch and make it successful.
3. Describe a typical week for the owner of the business (hours worked, management responsibilities, ect..)
Working for yourself you have the freedom to work any hours you want, but also more than likely you will work longer hours than a normal 9-5 person.
I normally work 10-12 hours a day.
When I wake up I check emails and follow up on them. Later I work on projects that have been ordered from me already. During the day, several phone calls come in and I need to provide solutions and support.
4. Prior to owning a business, did you create a business plan or work with the Small Business Administration, or utilize some other method of planning?
No.
5. What are/were the strengths of the business?
I always follow up on voice mails received over night. And during the day I always anwser the phone unless I’m on the phone already. Most small businesses fail because their customer service is ignored.
6. What are/were some of your most critical areas to improve?
You can always learn more by networking. Study and read more about your business. Visit forums, etc.
7. In your opinion, what are the benefits (pros) of owning your own business?
You’re your own boss. Never beg for a vacation again. Ultimately unlimited income.
8. In your opinion, what are the drawbacks (cons) of owning your own business?
Responsibility
9. What advise would you give someone who is contemplating starting their own business in the future?
Take it very seriously and do your absolut best and you will do just fine!
July 21, 2009 at 10:34 am
1. Type of Business/ Industry
- Specialty print/trade shop
2. Whate were the reasons you wanted to own your own business?
- Independence. I’m a great worker, but a horrible employee.
3. Describe a typical week for the owner of the business (hours worked, management responsibilities, ect..)
- I work from 8:00 until about 8:00 Mon-Fri, then 10:00 until 7:00 on weekends. Most of my time is spent on revenue-generating tasks like completing or coordinating job orders, and the evenings and weekends are for catching up on all the other work that work gets in the way of — bookkeeping, inventory, cleaning, banking, marketing, tinkering with the website, buying supplies, and so on. I’m the only one here most of the time, so I’m responsible for everything from negotiating my lease to making sure I have enough stamps.
4. Prior to owning a business, did you create a business plan or work with the Small Business Administration, or utilize some other method of planning?
- No.
5. What are/were the strengths of the business?
- We’re in a niche and barriers to entry are quite high, which limits the number of “intruders” on my turf. My client base is extremely loyal. The product is cool and can be dressed up for more money or go barebones to fit someone’s budget.
6. What are/were some of your most critical areas to improve?
- For the first few years we focused too much on one or two client types, figuring we’d make up for in volume what we gave up in profit margins and keep the client base down to a manageable number. When the volumes from those clients evaporated because *their* sales were down, we were in a vulnerable position.
7. In your opinion, what are the benefits (pros) of owning your own business?
- Camaraderie with other owners, the flexibility to change whatever I want changed, the fact that I have this primary focus in my life rather than willy-nilly “what do I want to be when I grow up” stuff.
8. In your opinion, what are the drawbacks (cons) of owning your own business?
- My personal life is pretty much a big zero. It’s hard to plan vacations or days off because I honestly can’t predict what’s going to come through the door on a Friday afternoon. Another thing that employees have that owners don’t is that they leave it all behind when they leave for the day; owners think and worry about their business all the time.
9. What advise would you give someone who is contemplating starting their own business in the future?
- Get an education in business management and accounting, and a few years experience in the industry they’ve chosen. Any idiot can put up their house for a loan, buy a franchise or a bunch of equipment and think that because they know how to cook, they know how to run a restaurant. They don’t, and that’s why they go under.