Small Business Management
Strayer University
Professor Sally A. McMillin
Abstract
In this paper I will answer the following questions about the case study on “Ted Leonsis and Filmanthropy”.
1. Describe Leonsis’ concept of “idea generation” and explain the approach you would take as an entrepreneur in this kind of business.
2. Describe your “big idea” and the methods you would use for finding statistics to validate the market size and growth opportunity for your potential business.
3. How would you leverage your resources and network of contacts to begin to accomplish your entrepreneurial goal?
4. What strategies would you use to set up your network to start your own business?
Small Business Management
1. Describe Leonsis’ concept of “idea generation” and explain the approach you would take as an entrepreneur in this kind of business. Leonsis’ concept of idea generation stated there needs to be a balance between the vision and execution of your idea and weather the idea is worth considering. Regardless of how excited and motivated you become on your idea you must also consider the factors that the consumer may not be interested in your idea and therefore will not purchase it. As an entrepreneur you cannot be only a visionary, you must be the person who connects your strategy with tactics to implement your idea, which will only come around every few years.
As an entrepreneur I would approach my idea with the process of creative thinking for my idea and how I make it better and more appealing to the consumer. It is very important that all ideas no matter how ludicrous or extreme they may sound should be processed and supported as an ongoing project, with a specific purpose and goal which I want to accomplish. This process would involve my company as a whole which would include every aspect from me as the owner, to my managers and employees as well as my clientele or customers. Using the idea generation process the gathering process one should not criticize the ideas of others, but should be freewheeling and supportive to help generate as many new ideas as possible.
2. Describe your “big idea” and the methods you would use for finding statistics to validate the market size and growth opportunity for your potential business. The idea that I propose is to start a business which purchases the property from foreclosed storage units, residents and businesses. My company would then resale these items on local websites such as eBay and Craigslist as well as at local auction centers. The methods I would use to find statistics to validate the market size and growth opportunity for my potential business would be, first by conducting research at the court house to analyze how many civil claims have been filed by storage unit companies to seize property for non-payment of rental units. I would also research the number of residential foreclosures in a specified location as well as conduct a search of local businesses who have filed a close of business affidavit with the court house as well as the chamber of commerce.
I would conduct an internet search to see how many similar and competing companies they are in my market as well as to see where these businesses are located. I would use this information to help me decide where to locate and establish my potential business.
The next step in analyzing my potential business would be to research and gather statistics on the type of property my company would be reselling with local competitors to help my company establish a competitive price for the merchandise I would be offering to consumers. The last step in my research would be to complete a possible list of contacts to help my business establish a group of potential vendors which will supply the merchandise to my business.
3. How would you leverage your resources and network of contacts to begin to accomplish your entrepreneurial goal? I would first complete an outline which would establish a strategy for my business which would explain my business goals and how my company would accomplish these goals and objectives. I would leverage my potential resources by offering them a long term contract where my company will pay them a standard fee for each unit or property which my company purchased. I would use the business tactic of long term investment to create a steady income with increased earning potential based on large quantity purchasing.
To successful network a list of contacts I would have to establish a business-personal working relationship with the people who would help support my business and help the day to day operations as well as increase my business’ growth and potential. I would leverage my network of contacts by making them feel as they are a part of my business and contribute towards the success of it. I would provide my network of contact with a finder’s fee for each new contact they help my business create as well as pay them a portion of the profits which they help my business create and earn.
4. What strategies would you use to set up your network to start your own business? Once I have determined the goals and objectives for my business I will then create a list of strategies that my company will use which will be listed in my business plan. I will then explain how my company will achieve these goals and objective using the selected strategies.
The first strategy would be for my company to gain a competitive advantage over my competitors by offering the same quality product as my competitors at a low price.
I would then prepare my business for geographical expansion to help my business grow and increase my businesses’ profit earning potential.
I would also increase the length and price of the contractions with my resources helping them to expand their business which intern will help my business grow.
Market segmentation would be the next business strategy, by increasing the market that my company sells to will help my business grow and intern will increase the earning potential of my business.
The last business strategy would be to create a customer intimate to address my potential customer’s needs and wants and expand my market as well as the products which my company offers. This tactic will help eliminate my competition and corner the market so the consumer will only select my company.
The last and most important strategy for my company to create and accomplish is a strong business reputation as a reliable, safe and convenient company which offer the best products for the consumer’s money.
References
Scarborough, N., Wilson, D., Zimmerer, T. (2009) Effective Small Business Management, Custom Publishing, Inc. (2009).
