I found it interesting that he started out in a partnership and then turned into a sole proprietorship. It seems that it would go the other way around in this economy. What also seemed interesting to me was that he would hide the gas from customers for his friends and sneak them in at night so he made sure that his they always had enough gas. My reaction to hiding the gas from paying customers for friends is that it is risky because you had someone ready to buy the gas but then you saved it for someone who could have fallen through but I am glad it worked out for him. I guess he proved the statement, “Uncertainty relates to risk, and successful entrepreneurs tend to more willingly accept risk-financial risk, for instance, such as mortgaging their home for the business, and professional risk, such as staking their reputation the success of unproven product.” (Kelly/McGowen p 104) I learned that sometimes you have to take risks. If you take risks sometimes you can fail but other times you can succeed. You may succeed by also helping out someone or people who need it whereas Joe helped his friends and succeeded while doing it.
What a great presentation Reece. Your dads business sounds like it is very interesting. The fact that he decided to risk everything by having his business as a sole proprietorship instead of incorporating is very gutsy. It must be very difficult to keep up with all the different competition that he has throughout the area must keep him on his toes in order to keep customers coming through the door. The fact that he works just by himself must be exhausting. The auto industry is not an easy industry to be a part of and with each year a new model with new parts coming out it is a lot to keep up with. The gas portion of the business must be the most difficult part to handle given the rising costs and shortage. “Being your own boss is a huge benefit of starting your own business”(Pg. 101) Your dad felt like he wanted to be his own boss so he started his own business and now he is very successful and enjoys what he does greatly. The advice that your dad gives would really spek to someone whom would want to start their own business.
Hey Reece! I was very interested in your presentation. Having a sole proprietorship business has to be one of the hardest types of businesses to run and I applaud your Dad for coming this far and being successful. As Tim said above your dad was very gutsy for risking everything to be a sole proprietorship, but it has been paying off and I admire him for that because running your own garage is one of the toughest businesses to start, especially when it's just you, which supports," Starting a new business involves risk-a lot of risk- but the odds improve significantly if you make it past the crucial four-year mark.(Kelly/McGowen 2012)." I've seen multiple garages in my next of the woods start up and are out of business within a couple of weeks so again, I applaud your Dad for staying in business. I also thought it was interesting the way he handled different gas prices by telling people he didn't have any than just selling gas to his friends at night. Gas prices are sky rocketing right now so that's a good way to save money. I learned that you should always take your time, don't just jump into a business and working hard and being honest can keep you away from a bad economy.
Hey Reece, I watched your entire Power Point and I found it to be very interesting and very well done. I found it very interesting because since this business is a sole proprietorship and it is successful. The reason for this is because a sole proprietorship is, in my opinion, the hardest type of business. You should be extremely proud of your dad because his business has become a success and he was willing to risk everything he had in order for this dream of his business to come true. Im sure your dad had his ups and down while making this business but now everything is working out for him. This specific type of business your dad chose to do is very difficulty to not only start but to also maintain. The one thing i found to most interesting was how he would keep the gas prices a secret. What I learned form this presentation is that working hard and setting certain goals will have a huge contribution to getting your business to where you want it to go. Also, the advice your dad give is very helpful to anyone who would be interested in starting their own business.
I found it interesting that he started out in a partnership and then turned into a sole proprietorship. It seems that it would go the other way around in this economy. What also seemed interesting to me was that he would hide the gas from customers for his friends and sneak them in at night so he made sure that his they always had enough gas. My reaction to hiding the gas from paying customers for friends is that it is risky because you had someone ready to buy the gas but then you saved it for someone who could have fallen through but I am glad it worked out for him. I guess he proved the statement, “Uncertainty relates to risk, and successful entrepreneurs tend to more willingly accept risk-financial risk, for instance, such as mortgaging their home for the business, and professional risk, such as staking their reputation the success of unproven product.” (Kelly/McGowen p 104) I learned that sometimes you have to take risks. If you take risks sometimes you can fail but other times you can succeed. You may succeed by also helping out someone or people who need it whereas Joe helped his friends and succeeded while doing it.
ReplyDeleteWhat a great presentation Reece. Your dads business sounds like it is very interesting. The fact that he decided to risk everything by having his business as a sole proprietorship instead of incorporating is very gutsy. It must be very difficult to keep up with all the different competition that he has throughout the area must keep him on his toes in order to keep customers coming through the door. The fact that he works just by himself must be exhausting. The auto industry is not an easy industry to be a part of and with each year a new model with new parts coming out it is a lot to keep up with. The gas portion of the business must be the most difficult part to handle given the rising costs and shortage. “Being your own boss is a huge benefit of starting your own business”(Pg. 101) Your dad felt like he wanted to be his own boss so he started his own business and now he is very successful and enjoys what he does greatly. The advice that your dad gives would really spek to someone whom would want to start their own business.
ReplyDeleteHey Reece! I was very interested in your presentation. Having a sole proprietorship business has to be one of the hardest types of businesses to run and I applaud your Dad for coming this far and being successful. As Tim said above your dad was very gutsy for risking everything to be a sole proprietorship, but it has been paying off and I admire him for that because running your own garage is one of the toughest businesses to start, especially when it's just you, which supports," Starting a new business involves risk-a lot of risk- but the odds improve significantly if you make it past the crucial four-year mark.(Kelly/McGowen 2012)." I've seen multiple garages in my next of the woods start up and are out of business within a couple of weeks so again, I applaud your Dad for staying in business. I also thought it was interesting the way he handled different gas prices by telling people he didn't have any than just selling gas to his friends at night. Gas prices are sky rocketing right now so that's a good way to save money. I learned that you should always take your time, don't just jump into a business and working hard and being honest can keep you away from a bad economy.
ReplyDeleteHey Reece, I watched your entire Power Point and I found it to be very interesting and very well done. I found it very interesting because since this business is a sole proprietorship and it is successful. The reason for this is because a sole proprietorship is, in my opinion, the hardest type of business. You should be extremely proud of your dad because his business has become a success and he was willing to risk everything he had in order for this dream of his business to come true. Im sure your dad had his ups and down while making this business but now everything is working out for him. This specific type of business your dad chose to do is very difficulty to not only start but to also maintain. The one thing i found to most interesting was how he would keep the gas prices a secret. What I learned form this presentation is that working hard and setting certain goals will have a huge contribution to getting your business to where you want it to go. Also, the advice your dad give is very helpful to anyone who would be interested in starting their own business.
ReplyDelete