Dec
03

Entrepreneurial Growth Blog Topic V

William Casey Asbill-Beck

ENT 630: Entrepreneurial Growth

 

Blog Topic V 

Self Examination:  “Imitation is the best form of flattery.”

 

All business enterprises budget finances.  Small businesses are inherently a more financially risky endeavor.  Therefore mature financial management and budgeting is necessary for start-up and small businesses.  Schussler explains that the best way to handle budget problems is to keep them from happening in the first place.  A financial risk management analysis is helpful for identifying, exposing, and analyzing budget risks.  Prevention can occur through implementing action plans to mitigate financial risks and control expenditures.

Budgets, or the lack there of, could mean a startup and growing business needs to develop strategic partnerships.  Although Schussler’s story about the ’57 Chevy points out some potentially unpleasant situations, partnerships are a great resource for entrepreneurs.  Productive partnerships can result in saved time and money.  Added value, experience, and knowledge are equally important in choosing whom to partner with.

Schussler points out that in order to develop strategic partnerships, you need to market yourself and product.  In order to market yourself and product, you must develop a positive reputation and reliability through positive presentation and quality of work.  One does not have to be the best or have the best in the market.  Adding value through uniqueness and personality is effective.  Presentation is key, suggest Schussler, however it does not always mean putting on a suit and tie, although it might.  The point is to represent you and brand confidently and dress for the part.   A lawyer may need to dress in different attire than an outdoor professional.  Understanding your represented business or brand’s personality is important in order to properly sync the two.

Themes start to present themselves more as Schussler concludes Section II: Production of It’s A Jungle In There.  As Schussler reflects on his past experiences and provides valuable knowledge, a theme of entrepreneurship being a lifestyle persist.

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