Submitted by: Submitted by vbansal92
Views: 10
Words: 865
Pages: 4
Category: Business and Industry
Date Submitted: 10/17/2016 12:37 PM
Q1. Do you think it’s a good idea to go right into your own venture after school, or work and get experience?
According to me, starting your own venture right after school or getting an MBA degree seems like a great idea but should be avoided at all costs. The reasons for this are:
1. You will not get time to learn from your mistakes- One of the great parts about working for a larger company is that you have time to get proper training. Early mistakes are expected, and you usually have a supervisor. While you can't mess up too bad, there's a cushion for you to get up to speed. When you start your own company, you have to make game changing decisions every day. The room for error is small in those situations, and many times luck can play a factor.
2. Basic business practices will cause you problems- Going through a corporate job, it's much easier to get used to simple common business practices such as taxes and accounting where you might not have an expertise otherwise. They can also be processes like how to properly hire and fire someone, or the legal work you need to have to execute a deal. Starting a company out of college, one might not realize the importance of many of those things early on. When you start having employees and you've never worked for anyone else, it is easy to become overwhelmed.
3. You can grow too fast- The hardest part about being an entrepreneur is to manage the growth of the company. You might not have time to learn and get accustomed to the transition. Working for a corporate give you a hands on experience about the difficulties faced by large corporations and how they handle it.
Q2. Analyze the bagel industry. Strengths, weaknesses, opportunities, threats.
Strengths:
* Low prices
* Higher nutrition when compared to donuts
* Good option for all sorts of diners\sandwich\coffee shops
* Great Market presence across united states
* High gross margins
Weaknesses:
* Competitors can offer similar...