After setting up the three goals in the prior blog, and receiving feedback from colleagues, I see that a goal of mine is to start a small business consulting firm. I would like to be able to help friends, family, and clients better their lives and their companies with the knowledge gained from school. I would like to help clients develop their business ideas further, and help existing businesses further grow and compete. About 60 percent of graduates find a job in something completely different from their major. The bachelors degree is a stepping stone; a knock on a door to a corporation hoping that they let you in. When I tell people I am an entrepreneur major, some have no idea what that word means; some think it is not as hard as other business degrees, and some like the idea as a major. A study showed that about 1/3 of people in the U.S have ideas for business, but they do not know how to get these ideas off the ground. every one wants to work for themselves, they just do not know how to make it a viable option for them. Many businesses fail, and the firms that do, do so because of skills and knowledge, not becasue of a lack of desire.
The success rate for start-ups are horrific. Extensive market research needs to be done before start-up. Conducting a SWOT analysis of the industry, using Porter's Theory of Five Forces of Competition, are just as important to a successful business than a great idea is. The research needed is time consuming and should be comprehensive. Demographics, customer profiles, focus markets, segmented or unsegmented, these and many more decisions should be carefully analyzed before making strategic decisions regarding a firms direction. What we offer is quality advice, based on comprehensive information and research. Pre start-up, we analyze a companies viability, and post start-up, we implement strategies to keep it sustainable.
I have experience working in a small family business. In some ways, it is a very typical family firm. It is male dominated, patriarchal, and directions come from the top down. But the company grew rapidly, and its employees were few. As the company grew, the firm hired more outside employees, but after a year of being hired, most were gone. One of their key employees, from the beginning of the growth, is a friend of mine. He is also a graduate of Baruch in entrepreneurship. His experience and knowledge would be invaluable to any company, specifically to a consulting firm. He has been a key contributor to its success, which is immeasurable. Our firm will have quality people, offering excellent advice, based on sound research and information.
2 comments:
Alex~! thanks for your info. As you said, you have an excellent experience working a small family business. With your entreprenurship major, I believe you will quick become a successful manager/owner when you have your own. Since I did not have any experice like you have, some questions come up in my mind. What was the most dilema/hardship managing/operating your family business other than human resources? And, what do you think the main reason your new employees were gone after a year of being hired?
I like your ideas and everything, but don't you think thats a little long for a mission statement? I think it should be more brief and to the point. Otherwise, it sounds good.
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