ASSIGNMENT 1

1.What type of business do you conduct?

I own a Home-wares shop. It is currently a single store; we are hoping to develop in the years to come.

2.Did you commence the business?

Yes, about 5 years ago I began this shop/business. I had the opportunity as my kids were growing up and they didn't need care all the time. I and also just ended my previous job so I thought this was the perfect opportunity.  

3.Who are you customers?

As we are a home-wares/art deco store we mainly aim our products at 30+ women.  

4.What has been the most difficult thing about running the business?
Defiantly money or time. Money is a huge factor and can limit your ambitions to a certain extend. When we first began it was really tough having to borrow a lot of money and knowing it had to be all paid back, (to the bank). It took a few years to start to feel stable and comfortable.
Time was an issue but not one such a large scale. It was a bigger issue at the beginning, getting into the swing of things and a routine, especially with the kids but now its fine, expect at the busy periods, (Christmas).

5.What do you believe is your most Entrepreneurial skill?

Belief. Is hard to get but once you've got it, it is the key to success or not success. You can go as far as you'd like as long as you have belief and know things can succeeded and fail.

6.If you'd start another business in the future, what would it be?

I'd always thought it would be nice to start up a cute cafe in the Melbourne Lane-ways but I don't think that area is quite for me as I can barely cook!

7.What advice would you give someone starting out a business?

As I said earlier Belief is the key! You need to be able to believe you can make it all the way, but at the same time to expect it all to come overnight, your success. So Belief and Patience. Also do what you love!

8.What are your feelings about handing over your business to a successor, who is a family member?

Over the past year I have really got under control and things are starting to run really well. I'm enjoying myself and that's what it's all about. So at this current time I would consider them becoming part of the team, to help the success, but I'm not ready to give it up yet.

9.Do you have an office/shop or is your business sorely of the Internet?

My business is actually only a single shop at the moment. We are looking to creating a website in the near future and depending on how that goes whenever we set up another store elsewhere.

10.How long have you been in business?

We opened the shop about 5 years ago but planning began between 1 year - 18 months before prior too then.

11.What inspired you do start your OWN business?

I never thought I would be a business owner when I was younger as it sounded so hard and out of reach, however after having children I began to think about it more as it would mean I could chose my hours and do what I love. I guess you could say it was my children.

12.How far ahead to your make your business plans?

I'm not one of those people that foresees the next 10 years. I look at about two years at a time and then re-plan every so often. This helps me keep on task and I can help plan depending what's the trend at that moment.

13.Would you recommend starting up your own business?

Yes, defiantly! You learn so much more about yourself, your limits and skills. It's a lot of fun and worth the effort. If you stick to it success can come if you take the right paths but defiantly give it a go!

14.What is one thing you don't like about your job?
Probably having to tell people they didn't get the job they applied for. That's always difficult; I guess it's something you've just got to do.
 

15.If you could have started up your business in any other country or city where would it be?

I love France and I think my shop would work well in their style; I can't speak French though so that would have been an issue!