Principles of Business - Assignment Example

Q. How long did it take you to make a profit? A. In November 1970, I started working at Shelfstore. Ltd as Marketing Manager and became its owner after just one year in 1971 after buying it from its first owner. My first investment for the company was $17,000. Under my supervision Selfstore grew remarkably and within first year our sales increased from $800,000 to a level of $2.00 Million. Q. Why did you decide to go into business for yourself? How many years have you been in business? A. I could tell that Shelfstore had the potential to bring me business and it was the best opportunity for me as the actual founder of the company was planning to leave the country.

It was my first business that I started in 1971 and still doing it after 40 years. Q. What is the main product or service that you sell? A. Shelfstore Ltd is a low scale furniture manufacturing company. Q. Who was your first client? A. John Michael, Inc. is the major furniture distributor company that sells Shelfstore, they were our first client too. Shelfstore’s distribution area is considered to be one of the smaller territories in the John Michael family. Q. Who are your customers? A. Our main customers are neighboring furniture outlets, of them the biggest name is of John Michael. Inc. We sell furniture to some locals too. Q. Do you enjoy working for yourself? Why? A.

It is great experience to work for own self. Everyday when you work, you try to flourish your own self that is far gratifying than to work for someone else’s business. Q. What are 2 advantages of owning your own business? A. After owning a business individuals become skilled at building relationships with people. They become excellent in interpersonal skills, become more hard worker and eager to learn the most current trends of the market. Q. What are 2 disadvantages of owning your own business? A. The worst thing about owning a business is the risk connected with business failure.

Another bad aspect is long working hours that are normally connected with business ownership. Q. In your opinion what is the best strategy to improve performance? A. Communication is of paramount importance in performance improvement. All stakeholders must continuously be informed of "what is happening" in the organization. Additionally, it is essential that feedback mechanisms be implemented to provide a sufficient information flow that will increase organizational performance. Q. How did you prepare for your business?

Did you receive specific training or a degree? A. When I started my business I had already completed my Post Graduation in Business. Later on I did couple of more courses that are ‘Basics of Business and Organizations’ and ‘Organizational Management’. But I learned the most from everyday experiences. The changes that took place at Shelfstore could not have been accomplished without strong leadership. Q. How do you stay current with innovations and technologies in your industry and for your business? A. All businesses use informational technology; few integrate it well.

Technologies posses the potential to improve speed, quality, efficiency and keeps you updated about current trends. The tools alone, however, no matter how sophisticated, would not guarantee high productivity. People also needed to be empowered through information access, continued skill development, and authority that match responsibilities. Shelfstore Ltd is trying to adjust