bus 227 - entrepreneurship

8/8/2019 Bus 227 - Entrepreneurship

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Entrepreneur Profile


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Overview

1. Entrepreneur Profile

2. Start-up/Growth

3. Competitive Position

4. Critical Issues

5.O

pportunities/Threats6. Recommendations

7. Lessons


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a. Personal Attributes

Tenacious

Flexible


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b. Education

Electronic Engineering

Business Courses: Accounting,Management


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c. Background

Alberta

BCIT Recession

Travelled North America as a

salesman Introduced to a tool repairshop


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Concept

From Temporary sales job

Fit with background

Start-Up/Growth


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Starting the Business

Purchased land on King Rd

Built Building Purchased inventory and repair

equipment

Start-Up/Growth


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Financing

Mortgage for building

Financed everything else with hisown equity

Inventory: line of credit

Since paid off mortgage and nowself-financed

Start-Up/Growth


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Growth

Received a lot of business

immediately Expanded building

Start-Up/Growth


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Employees

Gary: Owner/Manager

Bookkeeper

4 Technicians

Start-Up/Growth


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Competition

KMS

HomeD

epot Rona

Grow a Building Centre

Competitive Position


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Competitive Advantage

Location

Customer Serv

ices Cost Control



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Strengths

Customer loyalty

Knowledge of tools



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Weaknesses

Compete head to head with Big Box

stores

Operating budget

Multimillion dollar advertising campaign



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a. Increasing Competition

Population growth attracting new

customers

Critical Issues


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b. Skilled Labor and Outsourcing

Knowledgeable staff

O

utsource repairs for laser on guidedtools

Critical Issues


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c. Financial Pressures

At present the company is well

financed

Seasonal trends cause some problems

Critical Issues


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d. Rewarding employees

Full time hours during downturns

Fair wages

Critical Issues


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e. Cost of production

Property taxes

Critical Issues


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f. Government Legislation

Recycling cost

Environmental levy

Critical Issues


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a. Opportunities

Growing market

Sustainable competitive advantages

Self-financed more resources for

expansion

Internet Sales

Opportunities/Threats


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b. Threats

cost of running business

Intense competition

Lower-quality products from China

Opportunities/Threats


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a. Growth

Chilliwack shop

Hiring more staff and expanding

Franchising if capital is limited

Recommendations


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b. Performance

Emphasize on advertising

Workshops

Inventory Catalog

Recommendations


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a. Small business doesnt grow rich

over night

b. Spend $$$ once, inv

est many timesc. What-ifs

d. Success takes passion

Lessons


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Thank You!

bus 227 - entrepreneurship

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