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An Analysis of Kristian Leven Photography in London - Essay Example

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Managing Small Business: An Analysis of Kristian Leven Photography in London BY YOU YOUR SCHOOL INFO HERE DATE HERE An Analysis of Kristian Leven Photography in London 1.0 Introduction Kristian Leven is the sole trader ownership of Kristian Leven Photography located on Mill Hill in London…
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Download file to see previous pages This is unique from other wedding competitors that provide photography services with specific manufactured (posed) shots. Kristian Leven is able to stand out from competitors with his naturalistic approach to wedding photography that better captures special events and moments as they occur. 1.1 Methodology Research was gleaned for the report utilising a qualitative methodology, involving an open-ended interview structure with the sole proprietor, Kristian Leven. The interview occurred on April 5, 2013 and was scheduled for 45 minutes. Leven was proposed questions on such concepts as motivation, funding sources, problems that occur in daily business operations, the social environment, and the entrepreneurial marketing mix. Findings from the interviews were compared to theoretical secondary literature on entrepreneurship and small business management to determine correlations between theory and actual business practice; or to identify dissimilarities between theory and actual business management. 2.0 Funding sources for Kristian Leven Research indicates that credit cards are the most common funding source for entrepreneurs, due to tightened restrictions with banking institutions and other lenders associated with the credit crunch of 2007 and 2008 (Schmith 2008). Leven indicated that he achieved start-up funding by networking with family members in order to obtain an initial co-signed personal loan for ?5000. Leven further supplemented this funding for the start-up venture with a credit card by which he was able to procure equipment and initial inventories not covered by the personal loan that was utilised to set up a storefront. Leven had considered seeking out a private investor, however he was concerned about the potential of contractual agreements being established that guaranteed shared profitability. Leven trusted in his ability to grow the business revenues early that would provide him with the capital necessary to launch a successful photography business. Leven fit the profile of entrepreneurs that must rely on credit cards as a relevant funding source and networking with family members to achieve start-up capability. Leven had submitted a formal business plan to bankers when he was just 19 years old, but his plan was rejected as the lenders believed he was too young and inexperienced to successfully manage the business. Today, Leven is proud to announce an annual cash flow position of over ?200,000. 3.0 Networking Networking is, according to Leven, one of the most fundamental success factors for how Kristian Leven Photography has experienced growth and gained a positive brand reputation with satisfied customers. Leven does not consider his family members to be viable networks for operating or managing the business, or in improving its position. Leven had personal experience with a family-operated business during his childhood in which many disputes about operations and financing were present. This ties in closely with the theoretical literature in which Johanisson and Monsted (1997) indicate there is no evidence available indicating that personal network capacity contributes to the success of the small business. Instead, Leven relies on professional networking, which are contacts that are developed through business operations. Leven indicated that nearly 80 percent of his business growth is attributed to word-of-mouth advertising that stems from satisfied clients with personal experien ...Download file to see next pagesRead More
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