Building a Successful Business Venture Sample Response Paper
PAPER DETAILS:
Business leaders have the ability to create opportunities, build products and systems, and inspire others to action.
Please describe a time you created an opportunity, built a new product or system, or inspired others to act.
The example you provide and elaborate upon may come from your professional endeavors,
academic pursuits or civic engagements. Building a Successful Business Venture Sample Response Paper
RESPONSE PAPER
Back in 2011, curiosity arose in me about an old time interest of mine ? running a coffee shop. As a teenager, I enjoyed visiting several coffee outlets to take my favorite coffee brand, read a book or relax with friends. However, I found out that most coffee joints were doing it all wrong since they all provided the same product range and innovation was absent. Changing market expectations and needs require new and exciting products which the current market does not offer. It is against this backdrop that I established a coffee house in my neighborhood with a view ofmeeting consumer changing needs and expectations as well as build a repeat consumer behavior. By 2012, I had current out numerous researches online about the viability of an Italian coffee house within my neighborhood. The information that I found inspired my ambitions further. I established that the region had small sized coffee houses that provided the ever-growing population with Italian coffee products. Building a Successful Business Venture Sample Response Paper
Building a new product range in this line was my next point of focus. Many entrepreneurs hope that building a product will pull consumers to their joints (Agrawal, 2013, 179). As a result, my focus was to build an Italian coffee house that provides consumers with exceptional experience and an opportunity to either read a book or chat with friends as they enjoy their favorite coffee brand. In addition, I encompassed an action plan in my strategy. Crafting a perfect action plan is necessary for effective and quick marketing outcomes. The action plan had a road map that infused enthusiasm, vision and new energy into the business expansion plans. My coffee house has become successful since it is anchored on the mantra that ?consumers purchase when they trust that the business venture offers them with value for their money. This has enabled my coffee house to constantly check on the value of service in order to keep our consumers constantly satisfied. Building a Successful Business Venture Sample Response Paper
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The human resource is a vital component that ensures the success of any corporate entity (Homburg, Wilczekand Hahn, 2014: 70). My Italian coffee shop strategy plan revolves around a motivated and adequately compensated workforce. A workforce that is motivated serves the customers better and works towards the realization of organizational goals. I have been able to inspire my workforce to provide their best by compensating them sufficiently. In addition, I have healthcare plan that aims at covering employees from any work- related injuries. Inspiration at workplace is key towards a successful business venture(Robles, 2015: 130). It is against this backdrop that my coffee house ensures that its employees are inspired through proper workplace compensation and additional work related benefits that are offered to them. Through this strategy, our workforce works with the required zeal and this has led to repeat sales.Building a Successful Business Venture Sample Response Paper
In conclusion, creating a business opportunity, building a product and inspiring others into action are primary towards building a successful business venture. This is what my coffee house is working towards in order to become a market leader in the provision of Italian coffee products to the ever changing customer base.
Bibliography
Agrawal, R 2013, ?How to Identify and Select a Business Opportunity and Then Implement the Business Idea? A Case on Edupreneurship in India?, Journal Of Business Studies Quarterly, 4, 4, pp. 176-182.
Homburg, C, Wilczek, H, and Hahn, A 2014, ?Looking Beyond the Horizon: How to Approach the Customers? Customers in Business-to-Business Markets?, Journal Of Marketing, 78, 5, pp. 58-77.
Robles, E 2015, ?How to Identify Disruptive New Businesses?, Review Of Business & Finance Studies, 6, 1, pp. 121-130. Building a Successful Business Venture Sample Response Paper
