Dec
03

Entrepreneurial Growth Blog Topic IV

William Casey Asbill-Beck

ENT 630: Entrepreneurial Growth

 

Blog Topic IV

Self Examination Questions: How situational, environmentally, and self-aware are you and your business?

 

Steven Schussler’s childhood story of working at the Silver Gull Beach Club was very enjoyable.  I like how Schussler takes opportunities to reflect on past experiences in order to better understand his decisions, opportunities, and experiences.  His story retells events when Schussler was just 13 and worked as a cabana boy in New York.  After running a few errands for a group of older individuals who frequented the club Schussler worked at, he received a tip.  These tips of  $5 – $10 lead to Schussler favoring the group and experimenting with providing other favors for bigger tips.  After a while, Schussler was making around $700 a weekend! Ultimately, Schussler’s employer took over the market himself after recognizing the opportunity.  Two lessons were learned by Schussler and discussed in his book.  One, always be on the lookout for the next big thing and be prepared to provide those needs in exchange for adequate compensation.  Two, be conservative with your business material, ideas, and who you brag to.

In order to be prepared for any opportunity to exploit and fill enhancement gaps one must continually invest in research and development.  Schussler explains that many people underestimate the amount of research and development that goes into bringing a successful concept, product, or service to market.  Although conserving money and getting to market in a timely fashion is important, research and development can help discover, ahead of time, problems that could lead to expensive changes and wasted time.  Investing time and money in research and development essential to entrepreneurs.  Not only can you help your business through effective R&D but also can help stimulate ones entrepreneurial thoughts, creativity, and increase exposure to other opportunities or new resources.

Schussler discusses the importance of being aware of ones surroundings, continuous research, and the need for reflection.  Reflection and analysis of decisions, products, and services will allow one to find ways make improvements.  Although one needs to be aware of labor and cost of production, improvements in quality, procedure, and programs will make a huge difference for your business.  One should never stop assessing, enhancing, and learning all one can about business brands.  Using a combination of awareness, research, and implementing productive improvements can help businesses get ahead and stay ahead in a market.

 

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