Katoya jones

Running head: ENTREPRENEURSHIP 1

ENTREPRENEURSHIP 4

Entrepreneurship

KaToya Jones

Dr. Ali Said

Financing Entrepreneurships

July 16, 2017

Entrepreneurship

An entrepreneur or a business man is a person who sees a good business venture and seizes it. An entrepreneur will take significant risks that an ordinary business person wouldn’t dare. He/ she manages several businesses and organizes them in such a way that the maximum profit is achieved (Kuratko, 2016). An upcoming entrepreneur should be patient enough. The starting of any business is difficult, but this fact doesn't call for panic. Also at times, the industry does realize profits immediately or within a small-time span as the businessman had anticipated. There lies a big difference between the theoretical idea of a business and the actualization or implementation of the business idea. Any philosophical business idea is always good on paper especially when it comes to the return numbers. However, this isn’t always the same case when the plan is implemented. The business may fail or pick up pace than expected. The success of any business idea depends on the amount of work and time that was poured into the research and analysis of the field. Not all factors are considered or included in a tentative business plan.

Since most folks in the projects and the have-not's neighborhoods can’t afford their washing machine, a twenty-four hours laundromat would be a viable business idea to implement in these areas. This kind of business is profitable and feasible because the investment money or the money used to set up the business would be returned in under a year. From then on, the investor would enjoy profits all year round. The main clients of such a business are the poor inhabitants of the neighborhood hence the prices for the washing machines need be affordable. This business is successful because people need clean clothes. The need to wear clean clothes and the need to clean clothes at a reasonable price go hand in hand (Chen et al., 2013). Another reason why this business idea is viable is that an entrepreneur will get the chance to meet and interact with people from different walks of life. The entrepreneur also improves the economy of the country for he creates job opportunities for the various employees he hires in the shop.

In a neighborhood, such as Compton in California, this business will boom. Compton is an area mostly occupied by impoverished people. The main disadvantage to this location is the crime rate. The crime rate in this area is considerably high. Hence if a business man is to choose Compton as the primary site to start the business, a lot of consideration should go into the implementation of both physical and technical security measures (Watson, 2015). For instance, the glass windows are reinforced to minimize bodily harm from physical trauma. Installation of security cameras in and around the business is paramount, especially in alleyways. CCTVs will scare away offenders. There should also be security guards available during all hours the mart is open. The main competitors to this business are Love Laundry, Laundry for Less, Uno Coin Laundry and Spin Cycle Laundry Lounge.

References

Chen, C. C., & Chiu, M. C. (2013). Redesign of product service system applying failure mode and effects analysis and importance performance analysis. In DS 75-4: Proceedings of the 19th International Conference on Engineering Design (ICED13), Design for Harmonies, Vol. 4: Product, Service and Systems Design, Seoul, Korea, 19-22.08. 2013.

Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning.

Watson, S. (2015). Mundane objects in the city: Laundry practices and the making and remaking of public/private sociality and space in London and New York. Urban Studies, 52(5), 876-890.