Entrepreneur Interview Report
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Entrepreneur Interview Report
From the interview, the parent to Selin were not entrepreneurs. Despite living for a longer period of time, they did not venture into any business. I believe it might have been contributed by the poverty level in which Selin was raised. Therefore, it was actually hard for the parents with the poverty states that could make them to venture into any business. His main goals were to pay off a loan that his brother let him borrow for him to pay off his first two months of rent. This might have been one way of raising funds in which they could be able to finance in their business. If this could not be the case, I believe it would have been difficult for the Selin and the team to finance the business.
In terms of the Entrepreneur’s beliefs about employees, partners, debt, I believes that having business partners especially in small businesses it is not really worth it just due to the fact that if one does not go into with the right person it gets very difficult to see any income sometimes really. He also believes that employees are the one that made him who his today without them he would be a nobody probably still living day to day. They are a very important asset to the business and sometimes as business owners we sometimes forget that which is not good. This could have blocked him from making sure the belief of the employees could be successful in the business.
Owning a successful business can change you he says, sometimes we do not notice it but it happens. A shirt that once cost 45 dollars now is something you do not think twice to buy, although he does try and keep humble and remember where he comes from because everything he has now did not come easy his first business which was Los Latinos beauty salon took roughly around 3 years for it to actually grow for the first 3 years it was just him and his brother working by themselves in that salon. The changes that I had throughout the years have grown and evolved into more mature growth. Being more aware of certain behaviors and certain ways one moves is very important for you to grow in business and as a person.
Resources at the start of the venture
He lacked a lot of resources when he started his business he felt that if he would have had or at least had a little bit more knowledge about certain things before actually jumping out there it would have saved him a lot of headaches. And this contributed to the downfall for his business. For every business to prosper it need more resources and this could be one of the high obstacle. Entering into a business need to make sure the financial muscles in upto to the standards. Being able to work multiple skill sets and making them useful has made him very wealthy. Being able to sell someone a haircut is something that doesn’t make sense to most people but is possible and that were his creativity comes into play, he learned that through selling cars getting to know the customer gives you more of a chance to actually sell them that vision. Being able to have control of all places is very difficult because one cannot be in all places at all times but it’s easy to do so when you have people you trust around you.
Business plan
The Target Market our target market is a diverse and multi-cultural customer base.
Established Customers. We count on the support of our customers from the first salon, who has been providing services for 12 years. Now at this point of his life he realizes that one will never be actually prepared to start a venture because one will never really know what could realistically happen but he says that he would definitely not think about it more than three times ton start it.
Typical work day and work week
He works from Monday-Sunday he spends Monday, Tuesdays and Wednesdays at the car dealer ship than Thursday- Sunday he is at the second location cutting hair. He wakes up every single day around 5:00 am and sometimes finish his day around 12:00 If he has too much work to do. And from the interview it is actually tiresome work in the management and making sure the work is up to the standards. There is actually less time individual in required in doing their work and most cases it is defined to associated with the much time that is need to be addressed in the business venture
Growing the Venture:
Throughout time his goals have changed a little because now he is getting older so his goal is to work for his kids and make them happy, so they don’t grow up the way he did wishing they had certain things. Being unprepared was a major risk but when learning from those mistakes it changed his way of thinking and doing things. Being more aware is important because the more venture one has the more attention it requires.
Long hours and less vacations before one would take vacations whenever and now it’s more difficult because having three businesses are very time consuming. His biggest mistake he says was not informing himself more about certain things if one could work smarter instead of harder that would have saved me so much time and money. One of the most important lessons he learned is to be humble and always treat your employees like family because at the end of the day it will pay off he has had his employees for over 12 years. Critical points in the development of the venture during almost failure, or critical crossroads in terms of vital decision or issue. The first two years of opening up the first salon he felt that he couldn’t make it, due to him opening in 2008 when the economy was down there were not. A lot of people spending on haircuts he says and that he could not pay the rent at times but due to his night job he was able to pull it off until things started settling around 2010.
He would not change anything due to his mistakes he believes that they made him whom he is today and if he would have not committed those mistakes then he would never have learned.
Key personal characteristics for achieving success. Perseverance is key to achieving success believing in yourself and knowing where you’re going and were you want to end. Entrepreneur’s plans for the future in terms of the venture His plans in the future are to open up his second dealership in Miami and expand even more his salons and eventually franchise them if it gets to that point.
All his life he has never really had an exit strategy and to this day he does not have one. Entrepreneur’s advice for student
His advice to anyone; students, and non-students is to never give up even when things are hard because if he could make it coming from nothing anyone can. You just have to put your heart into it and things will fall into place.