Profile of a Small Business

About the Sheridan’s

Trina and Sean Sheridan looked into opening a cookware store in the Chicago area. Trina wanted to find a location for the storefront in a safe area. Sean made a decision without Trina to purchase a storefront north of downtown Chicago in the decayed Andersonville neighborhood. The surroundings of the storefront contained gangs, graffiti, and crumbling storefronts () and Trina was very upset. They took a risk and opened their cookware store The Wooden Spoon. The following will discuss the opportunity sought, product sold, what made the business successful, and the effects of globalization on the Sheridan’s business.

Opportunity Sought

The Sheridan’s are in search to find a suitable location to open their business. The goal is to find a location to maximize the success of the business, and that will best serve the need of the targeted market. The Sheridan’s challenge is to keep an open mind while searching for the most suitable location. Entrepreneurs who know and understand their target customers’ characteristics, demographic profiles, and buying behavior have a greater chance to identify the right location from which to serve them (Scarborough, Wilson, & Zimmerer, 2009). During the search for a location, Sean kept an open mind and an understanding of his targeted consumers. Eventually Sean saw an opportunity when purchasing a two-story retail living space in a decayed area; however, Trina showed skepticism because of the outside surrounding appearance. Two specific opportunities Sean saw for the business was low operating costs and existence of infrastructure in this region. Sourcing in low-cost countries is often the starting point for a company to achieve market growth in emerging regions (2006). Despite Trina skepticism, Sean made a wise decision by choosing a location in the process of revitalization because the entry cost is low.

Product Sold

After the Sheridan’s risk in purchasing the two-story retail living space...