Saint Leo University Successful Entrepreneurs Discussion

Part 1(a) Please use at least 2 in text citations that are websites and are based in the United States. Keep in mind that this is a discussion response. Should be 200-400 words.

1. Visionary: Successful entrepreneurs have a clear vision of what they want to achieve and how they plan to achieve it.
2. Risk-taker: Successful entrepreneurs are willing to take risks to achieve their goals.
3. Adaptability: Successful entrepreneurs are able to adapt to changing market conditions and customer needs.
4. Resilience: Successful entrepreneurs are able to bounce back from failures and setbacks.
5. Passion: Successful entrepreneurs are passionate about their business and industry.
6. Focus: Successful entrepreneurs are able to focus on their goals and stay on track.
7. Determination: Successful entrepreneurs are determined to achieve their goals, no matter what obstacles they may face.
8. Confidence: Successful entrepreneurs are confident in their abilities and their business.
9. Creativity: Successful entrepreneurs are creative in finding new solutions to problems and developing new products or services.
10. Leadership: Successful entrepreneurs are able to inspire and lead others towards a common goal.

Part 1(b) Please use at least 2 in text citations that are websites and are based in the United States. Keep in mind that this is a discussion response. Should be 200-400 words.

Recently, a family member opened a restaurant that served traditional food that is highly demanded. However, not even 2 months into business; the relationship between all members of the restaurant did not go to well. Therefore, the part in today’s article that says “it takes a special kind of person to be an entrepreneur – to come up with an idea and put that idea into action. But not all ideas work out” (Patel, 2017) made a lot of sense to me. This family member had also asked me to be part of the business. Although, it was a great idea but I was just not that kind of person or entrepreneur to risk my time or money into an idea that I did not like.

Furthermore, I liked and enjoyed reading all the 10 essential characteristics to be an entrepreneur. One of my biggest challenges is getting away from the norm of the nine-to-five job (no offense to anyone and with respect to everyone). I think that starting a company can be intimidating. Especially when risks are involved like requesting a loan, lease a commercial property, or hire staff. But the article moved me to believe that “entrepreneurs always look on the bright side and are constant dreamers. They look at how they can do things better and make the world a better place. They never dwell on the past or the negative. Instead, they focus on moving forward and moving up” (Patel, 2017).

Lastly, one of my biggest entrepreneur ideas was to buy and own one of these new modern car washes that are everywhere in the Tampa area and surroundings. Every time I drive by of these car washes they are always packed, and even offer memberships for unlimited washes. But since I was alone and had no extra money, I put that idea to side. But this article motivated me again to be decisive about this idea. “There is no room for procrastination in business. Entrepreneurs know what needs to be done and don’t hesitate to make the decisions that will lead them to success. They don’t let opportunities pass them by; instead, they seize the day and get the job done” (Patel, 2017).

References

Patel, S. (2017, September 2). 10 Essential Characteristics of Highly Successful Entrepreneurs. https://www.inc.com/sujan-patel/10-essential-characteristics-of-highly-successful-.html

Part 2(a) Please use at least 2 in text citations that are websites and are based in the United States. Keep in mind that this is a discussion response. Should be 200-400 words.

1. Threat of new entrants: The luxury fashion rental industry may have a high barrier to entry, due to the high startup costs involved in acquiring a large inventory of luxury fashion items, as well as the need to establish a strong brand and reputation. Additionally, the industry may be dominated by well-established companies, making it harder for new entrants to compete.
2. Threat of substitute products or services: The luxury fashion rental industry may face a low threat of substitute products or services, as there are not many alternatives to renting luxury fashion items. However, customers may choose to purchase luxury fashion items outright or rent from traditional brick-and-mortar stores.
3. Bargaining power of suppliers: The luxury fashion rental industry may have a high bargaining power of suppliers, as the luxury fashion brands may be the only source for acquiring luxury fashion items. This could potentially lead to higher prices for the rental business.
4. Bargaining power of buyers: The luxury fashion rental industry may have a high bargaining power of buyers, as customers have many options for renting luxury fashion items and can compare prices and services across multiple companies.
5. Competitive rivalry: The luxury fashion rental industry may have high competitive rivalry among companies, as there are many players in the market competing for customers. The competition may become even more fierce as the market expands and new entrants try to establish their place.

By analyzing these five forces, the luxury fashion rental business can better understand the dynamics of their industry and identify areas where they may have a competitive advantage or disadvantage. This can help them make strategic decisions, such as how to price their services, how to differentiate themselves from competitors, and how to attract and retain customers.

Part 2(b) Please use at least 2 in text citations that are websites and are based in the United States. Keep in mind that this is a discussion response. Should be 200-400 words.

Porter’s Five Forces model was created in 1979 by Harvard business school professor Michael E. Porter and has been a crucial tool for managers. According to (Scott, 2022), “Porter’s Five Forces is a model that identifies and analyzes five competitive forces that shape every industry and helps determine an industry’s weakness and strengths.” The Five Forces analysis usually identifies the industry’s structure to determine corporate strategy. What makes the Porter model special is that it can be applied to any segment of the economy to understand the level of competition in that market. However, the Five Forces model is According to (Cunnah, 2020), “Michael Porter’s Five Forces Model is a simple yet effective business analysis tool that is used to determine whether a strategy has the potential to be profitable in a company’s competitive environment.”

I have produced plans for my own Start-Up Business, a food truck for dogs serving up delicious dog treats. All treats are made from premium,

Nutrient-dense ingredients and served fresh. Based on industry data, a well-run

a food truck can pull in $23,000 to over $100,000 annually. Location, marketing

strategy, menu offerings, and more influence that range.

Industry Competition

• Seattle Barkery
• WoofBowl
• Fido to Go
• Smart Cookie
• Treat Wagon

These are five of the top ten dog food trucks in the U.S. Each business has a unique menu that differs from the competition. These trucks serve great food for animals and humans, which is a win for both the pet and the owner. I want to grow within this industry as it creates a community dynamic and brings people together.

Potential of New Entrants in the industry

The U.S. The food truck services market was valued at USD 1.16 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. It means that more businesses will bring new experiences, which is important to know to stand out and be ahead of the competition. We must innovate to become a powerhouse within the market.

Power of suppliers

The power of suppliers within the dog treat industry is high; they have more control than other markets.

Power of customers

Due to the food truck business being such an in-your-face and personal experience, the customers have much buying power. Our business relies on interactions with its customers, so we want to ensure we give them an excellent experience so that the experience is the advertisement.

Substitutes threats

• Online ordering
• Food delivery service

References

Scott, G. (2022, August 22). Porter’s five forces explained how to use the model. Investopedia. https://www.investopedia.com/terms/p/porter.asp

Wallstreetmojo Editorial Team. (2022, September 2). Porter’s Five Forces. WallStreetMojo. https://www.wallstreetmojo.com/porters-five-forces/