Introduction

Starting a business and being one’s boss is a dream that many people aspire to fulfill. The majority of people strive to ensure that they have successful business enterprises that can lead to financial independence. Although it is a good idea, it is also vital to note that there are also have several challenges involved.  Getting a business idea, financing and the actual growth of a business entity is a process where numerous challenges are involved. It is important to note that the process requires determination and perseverance. For instance, coming up with a viable business idea is a big challenge. Despite the numerous business plans available, it is advisable to ensure that one’s business idea fulfills the customer’s needs. Also, it is imperative to note that the daily operations and marketing of the firm is another challenge. However, the case of Teresa Nelson will provide valuable insights in a successful business startup (“Case Study”, 2016).

Discussion

The article gives an account of how Teresa Nelson overcame tremendous difficulties in building a successful small business. After surviving a car accident and undergoing several treatments, Teresa Nelson was unable to continue with her job. After a long time at home, the lady decided to make gift baskets for friends. After a few weeks, this had developed into a business. In a few months, she had made several sales even without advertisement. The lady remained focused on her business, and after a few months, her sales had reached $1 million. This growth was a result of increased commitment and ability to overcome the challenges. From the case study, it is clear that Teresa also got some inspiration from Sam Walton of Wal-Mart. She had learned to treat customers, employees, and suppliers in the best way possible and this contributed to her success (“Case Study”, 2016). Help from family members and corporate bodies have also been instrumental to the success of the empire.

From the analysis, it is important to point out that there can be different sources of the business idea. However, it is good to pursue a passion or talent in the quest for a successful business. For instance, Teresa’s business idea came up as result of her passion for making gift bags.  After generating a business idea, it is wise to remain focused to achieve one’s vision. The vision and mission of the firm should be shared with all the stakeholders such as the employees and suppliers. Although risks are inevitable, proper planning allows for calculated risks and consequently entrepreneurs can take advantage of the available opportunities. It is also worth noting that a small business can also thrive with limited resources. For example, Teresa’s business can offer products at 30% lower than her competitors as a result of the low-cost operation (“Case Study”, 2016). The business has been able to operate without marketing expenses. The article emphasizes the importance of taking advantage of the numerous support available from the community. It is nevertheless essential understanding that most of the support she gets from the community is as a result of her physical challenges. This implies that in ordinary situations, help from the community may not be readily available and hence one must look at other areas to reduce costs.

In conclusion, the article provides valuable insights on building a successful small business. Despite having numerous challenges, Teresa has overcome them and is a successful entrepreneur. Being focused, high level of commitment and total customer satisfaction are integral to the success of a business enterprise.

References

Case Study. (2016). Highered.mheducation.com. Retrieved 23 November 2016, from http://highered.mheducation.com/sites/0073403113/student_view0/chapter9/case_study.html

 
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