I have a close friend who has had two small businesses. The first one was a convenience store that was located within an urban city. This business was quite challenging as his profit margins were very thin and in order to maintain his customer base he kept the business open nearly 16 hours a day, six days a week, which he worked by himself. One might think that he could hire employees to work many if not all of the hours that the store was open, but as I mentioned the profit margin was in single digits in addition to the fact that many of his past employees were found to be untrustworthy. After several years in this business, he eventually became burned out and he sold the store. After taking a short break, he purchased a salon and began renting out space to other stylists. He now works normal hours and while he still has challenges, they are not as extreme as his last business venture.
I am enrolled in ENT 3003 as it is a requirement for my degree. However, I probably would still take this class as an elective even if it wasn't required as I have had previous thoughts of opening my own business. At this point I am not willing to dedicate the necessary amount of time that would be required to be successful.
Jeremy,
ReplyDeleteThat is unfortunate that your friends gas station business was not successful. Owning a small business typically is very time consuming. While many people open businesses in search of freedom, the freedom of time is usually sacrificed in the ownership of small businesses. It is once the owner begins to scale the business and outsource tasks that they can have more time freedom.
Hey Jeremy,
ReplyDeleteI think it is very unique that you have a close friend with not just one small business, but two! It is unfortunate that the convenience store was not as successful as one would like and very time consuming, but hopefully it was still a good experience for your friend regarding future business endeavors. It sounds like the salon is doing better and hopefully that business stays strong! Time is a huge factor when starting a business and I think this class will better prepare all of us to successfully maintain our business endeavors. Great post!
16 hours a day for 6/7 days of the week is unimaginable dedication. Hopefully he is doing well now and doesn't have to work that much alone anymore. Even though you're taking this class for your major I think it is great that you would take it even if it wasn't. Opening a business is a lot of work, as seen by your friend, you don't need to be ready just yet! Hope one day it works out!
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