An entrepreneur is someone who goes into business for themselves, hoping to expand and maximize profit. Throughout this report, I will briefly explain two of the premiere entrepreneurs who took a risk and it paid off.
It’s not about the price one charges for his goods and services, nor is it about the competition or how to beat them. It’s all about the customers and clients. Your clients are the ones who generally decided whether your product fails or succeeds (goods, services, 2008).
Many famous and non famous entrepreneurs become who they are for a plethora of reasons. Some embark on this experience to avoid being taken advantage of, conflict in work environment, but most just want to call their own shots and be the boss. When I think of a successful business entrepreneurs, the first name that comes to mind is the gentleman by the name of Sean Combs. Growing up in the mean streets of Harlem, New York, becoming a successful mogul and businessman was only an after thought. Living to see the age 15, in which majority of his childhood friends weren’t fortunate to do was his first priority.
Being an entrepreneur, one has to be willing to take a calculated risk in which you accept all responsibility if your idea fails. Sean Combs came up with a strategic plan to lower the cost of his merchandise and make it more affordable for people on a budget. Aside from having one of, if not the biggest record labels in the industry, he also is the joint owner of a alcoholic beverage that goes simply by the name of Ciroc (Grabow, 2008).
Ciroc is a brand of alcoholic beverage, manufactured in France and marketed as vodka (Grabow, 2008). In 2007, the beverage’s first year of existence, the sales were slow, only moving 120,000 cases that year. By 2009, Comb’s second year with the brand, the cases more than doubled and moved 400,000 cases. Today, this vodka is the number one selling beverage of all time, with revenue that exceeds more that 100 million dollars.
The next entrepreneur I want to discuss is one who’s made her mark in the industry for decades now. She goes by the name of Oprah Winfrey. It’ll take me some time to list her numerous accolades, so I’ll just name a few ways she’s made an impact on people’s lives. She endorsed a political candidate for the first time, hosting a fundraiser for senator and now president Barack Obama (“Political, candidate”, 2011). It is widely believed that her support was crucial to his winning the Democratic nomination, and presidency itself. She also founded the Family for Better Lives Foundation and also contributes to her alma mater, Tennessee State University (A and E Television Network, 2011).
It’s had to pick just one approach and leadership style that I most identify with. The type of business I’m aiming to venture into requires both social responsibility and profit oriented. Growing up, I was always a fan of the latest apparel. But do to the economic crisis, I wasn’t able to afford, nor wear the clothing I always wanted. I understand that do to the recession, companies are forced to increase the prices to maximize profit; also do to the increase of prices I was forced to focus more on my needs more than my wants.
That’s why my plan is to assemble a clothing line to compete with all the other leading clothing lines. The only difference is my product will be affordable. I am also an aspiring barber and would like to tie the two together; sell my own brand of clothing inside my barbershop. My barbershop will differentiate among its competitors. In addition to styling hair, there will also be a salon for women. I’m sure you’re thinking, “What’s so different about that?” We all know how boring it can be while your children sit and waits there for hours for their mother to gets their hair done. That’s why I plan to incorporate a game area so the kids can have fun while waiting. The game room will include a playpen, bowling, snack area, etc.
All the resources available through the Small Business Administration and “score” are intriguing and helpful, but the three that best fits my entrepreneurial approach are International Trade, Small Business Developmental Center, and Office of Governments.
International Trade, whose goal is to enhance a company’s ability to compete internationally, will help my clothing line gain exposure all over the world. This will give me an opportunity to expand my brand globally.
We all know that starting a business can be challenging and time consuming. The Small Business Developmental Center aims to give educational advice/service for small business owners and aspiring entrepreneurs such as myself (“Educational Advice”, 2007).
Office of Government Contracting Business Development, whose mission is to help enhance the effectiveness of small business programs by working with government contracting and business development programs offices and others to develop policies, regulations, and statutory changes (“business, programs”, 2005).
A and E Television Network, 2011
“Educational advice” 2007
Grabow, Chris. (2008). Biography of Sean Combs
“Political Candidate” 2011