Entrepreneurship Homework Format Essay
Entrepreneurship Homework Format
List up three success factors for Malincho up to today, and explain the details.
1. The very first success factor for Malincho would be considered is the creative idea of importing feta cheese. Kalin understood clearly consumers’ psychology who live far away from their home country and were craving for “a taste of home”. He believed that this would be a high-profitable business if he operated it in the States. 2. The second factor contributing to this success is the power of willingness, determination and solidarity. The business would have been failed if Kalin gave up after several obstacles coming to him such as starting up as a deep debt, repacking the damaged cheese or maintaining pricing structure. However, he was still determined and patient until the very end. It was not only Kalin’s effort but also his friends’ support and well-cooperation that brought his entrepreneurship to a new stage.
3. Finally, it was very smart of Kalin to come up with simple way of promoting his products as well as nice service strategy for customers. In detail, Kalin made full use of word-of-mouth method to spread out his business and finally got free advertising by appearing on USA Today. Additionally, in order to ensure customers’ worries when purchasing online products, he used properly the very simple inventory printout and the flexible payment method with either check or credit card. In short, Kalin paid a lot of attention to consumers’ psychology to provide best products for them. Answer to the “Preparation Questions on page 48 in Chapter.1
1. ( “Timomon’s entrepreneurship framework” is described in Ch. 2 on page 57) From my point of view, under the Timmons entrepreneurship framework, his success is based on many factors.