Intrview SMALL BUSINESS OWNER. Examples: Owner of a nursery, restaurant, conveni

Question

Intrview SMALL BUSINESS OWNER. Examples: Owner of a nursery, restaurant, convenience food store (7-11, etc.), real estate company, bakery, video rental store, insurance company, art gallery, beauty salon, book store, building contractor, gardening service, apartment owner, etc. Ask the instructor for more ideas or the name of someone to interview. Name of person interviewed, title, company name, company address and phone number. Why did you go into business for yourself? How long have you been in business? Why did you choose this particular kind of business? Which type of ownership is the business operating under (sole proprietorship, partnership, or corporation?) What problems did you encounter in starting your business? (Examples: obtaining money, finding the right location, attracting customers, getting good employees, collecting money from clients, etc.) List at least 3 or 4 problems. To what extent is your business affected by general economic conditions, such as a recession? How much competition is there in your type of business and what do you do to compete with the others? (Examples: better service, lower prices, advertising, longer hours, etc.) What advice would you give to someone wanting to go into business today?

Explanation / Answer

1) Name and details of the person : Nitin Lahoti, Owner - Sunshine Bakery and Restaurents, Canaught Place, New Delhi

2) I was always interested in doing something enterprising on my own. I am in business from last 6 years.

3) I felt that there is ongoing demand for food and bakery products and you can easily differentiate yourself from competitors.

4) It is sole proprietorship business firm

5)

- Initial problem was to manage cash burn and have positive cash flow

- Promotion was also a hige task. Unless people notice you there is no sales

- In food business, managing inventory is also a daunting task, you can't prepare in excess and laster throw in case of no sales. Demand and supply analysis is still a challenge

- Finding talented chef and retaining him is also a ongoing challenge

6) Business does get affected by recession. People don't like to spend on the luxary stuff during slowdown. Our business saw around 20-25% fall in sales during recession

7) There is tough competiton in our business. Many people sale the same stuff at half the price we sell but quality is a real differentiator in our business. People do pay for the quality stuff.

8) Conviction in yourself and your work is the key. If you believe in yourself go and do it.

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