- Respond to six of your classmates’ posts. In your post to your classmates (with a minimum of 100 words each),
- Describe any similarities or differences in your post with your classmates’ posts regarding small businesses.
- Generate one question related to small business management.
Hi Everyone.
My name is Donnie Thomason.
I live in Temecula, CA which is located about 45 minutes northeast of San Diego in an area considered Southern California wine country.
I’m 44 years old, just celebrated my 22-year anniversary, and we have three sons ages 16, 13, and 10.
We are a very close family. Most of our family time is traveling around the country watching our sons play sports. This past summer our middle son played in Cooperstown, NY in a baseball tournament. This was our second time going to this event as our oldest son went in 2019. We traveled to Arizona earlier this year for a baseball tournament for our son. This was our 9th year in a row going to a spring training tournament for one of our sons. We have tons of great times together traveling to sporting events all over.
I went into the mortgage and real estate profession in 2007, and have been self-employed ever since. Before this, I was in the military from 2000-2006 as a corpsman attached to a Reconnaissance team. I have always been in love with the idea of real estate, wealth, and sharing abundance. The real estate and mortgage industry has given my family and me a great life. I’ve been able to hire, train, and manage over 100 employees, open 6 different mortgage banking locations in California, and be a part of over 10,000 real estate and mortgage transactions. The boom to my business was working with investors who flipped homes in 2009. By 2013 I started flipping homes myself. Flipping homes became a family adventure, and we spent many moments trashing out homes, renovating homes, and swimming in the pools if they had one. My sons still remember the houses by the pools.
Earlier this year, I launched my 6th company, obtained my Contractor Engineering “A” license, and solicited government contracts for development and engineering as a disabled-owned veteran business. Large-scale developments have always been a dream of mine, and I’m at a stage in life where I’m doubling down on my skillset, knowledge, and appetite for risk.
I’m finishing my degree in Finance because I now have the time, I want to show my sons how we never stop growing, and it’s a personal goal of mine to check off the list.
Look forward to getting to know all of you.
Respectfully,
Donnie.
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Hello class,
My name is Cameron Chaffee, I live on the gulf coast with my wife and 14 animals. I am currently taking a small hiatus from corporate work to finish my degree in finance with the hopes of going back to work in the mortgage industry as an underwriter. My interest in small business comes from multiple business ventures over the years from owning a waste management company with 2 employees to selling artisan products and even freelancing in a variety of disciplines.
The first skill I believe is necessary to run a small business is financial planning/organization. It can be easy when selling products or services to just pick a price that is in line with the market without taking into consideration how that price fits in to your own business model. By improperly planning fees an entrepreneur can set the business up to be unprofitable, or even if it does turn a profit it may be too small to make it worth the entrepreneurs time and resources. Additionally a lack of organization with financial records can cause massive problems when it comes time to present those records, like for example when tax returns are needed or to procure a loan. I know in my personal experience I had to put together a profit and loss for a client this year for their taxes, they did not have their expenses or income in order, causing months of delays and extra fees for them.
The second skill I think is integral in managing a business is personal accountability. When an entrepreneur starts their business they become their own boss and many motivations they relied on previously at other jobs like a strict schedule or supervisors disappear. Another aspect of business people rarely think about is how to handle situations where the owner messes up. It can be very easy to deflect blame, but a proper business owner will identify issues with their processes, resolve complaints with clients and make necessary decisions to safeguard against those same problems become a recurrence.
I look forward to learning with all of you and wish you the best of luck in our next few weeks together.
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- Propose an answer to your classmate’s question.
- Compare the competitive advantages of the small business in your post to the small business in your classmate’s post.
- Propose an action that the small business can take to improve in the area of the weakness identified by your classmate.
Hello Class,
Ebeneezers Eatery and Irish Pub is a local establishment that boasts authentic Irish cuisine and local favorites such as the infamous Fat Frog sandwich. They have a great breakfast menu and super cold 64oz beers. Ebeneezers is a family-friendly establishment with a separate pub side for the 21+ crowd. Live local bands, bagpipes, and open mic nights fill the pub with great music and lively conversation. Ebz has friendly staff, and the service is friendly, familiar, and quick. We always know what to expect when we visit and never leave hungry, thirsty, or disappointed.
Ebeneezers has more than a couple of competitive advantages being a small business. Quality performance is evident in their service and products. As a small business, the owner is right in the thick of the daily business. He quickly makes the necessary decisions that impact the standards their customers expect. The restaurant can also implement improvements quicker than a larger company that has to request approvals through layers of management and bureaucracy. Another competitive advantage that Ebz has is its niche market. This is the only Irish eatery and pub for hundreds of miles, making this a trendy place during celebrations such as St. Patrick’s Day and other events. They pride themselves on specialty drinks and unique foods, requiring patrons to frequent the establishment if they crave that cuisine.
As much as I love this small business, they need to revisit needed innovation. When service is slow, it is usually due to a congested kitchen or lack of technology. Limited resources or risk aversion are two reasons small businesses struggle with innovation. The advantages outweigh the weaknesses, and we will see Ebeneezers continue to serve this community for years.
Even though this small business has cornered a niche market, does the location of a small business directly impact its advantage? For example, would this restaurant do well next to another niche restaurant in a less populated part of town or a larger city? How important is the location if a small business’s strongest advantage is its niche? Thoughts?
Jessie
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Ariel Flores-Robles
In the vibrant neighborhood of Chicago’s Chinatown, I am a regular customer at Daifuku Ramen, a cozy and authentic Japanese ramen restaurant. Daifuku Ramen has established itself as a local treasure, drawing both locals and tourists with its exquisite ramen dishes and warm hospitality. In this discussion post, I will share my experiences with this small business and analyze how it skillfully employs two competitive advantages while addressing an area that may require attention. Additionally, I will pose a stimulating question regarding these competitive advantages.
Description of the Small Business: Daifuku Ramen, located in the heart of Chicago’s Chinatown, is a haven for ramen enthusiasts. Run by Jack Chen, the restaurant exudes a welcoming ambiance that makes every diner feel at home. The personalized service and mouthwatering ramen offerings have earned it a devoted following within the community.
Competitive Advantages Exhibited:
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Customer Focus: Daifuku Ramen excels in its customer-centric approach. The owner and staff are attentive, remembering customers’ preferences and creating a friendly atmosphere. They often go the extra mile to ensure each patron has a memorable dining experience, establishing strong customer loyalty.
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Quality Performance: Daifuku Ramen is synonymous with top-quality ramen. Their commitment to sourcing the finest ingredients and crafting authentic, flavorful dishes is evident in every bowl. The consistency in delivering a high standard of quality keeps customers coming back for more.
Competitive Weakness: While Daifuku Ramen thrives in customer focus and quality performance, there is a competitive area where improvement could make a difference—Innovation. In the culinary world, innovation is key to staying competitive. While Daifuku Ramen maintains its traditional recipes and beloved ramen variations, exploring new, creative ramen offerings or embracing changing dietary trends could help expand their customer base and stay at the forefront of the ever-evolving food scene.
Question for Discussion: Considering the five competitive advantages—Integrity and Responsibility, Customer Focus, Quality Performance, Innovation, and Niche Markets—how can small businesses like Daifuku Ramen in Chicago’s Chinatown balance their core strengths (customer focus and quality) with innovation to remain competitive in a dynamic market? What strategies can Mr. Chen and similar small business owners employ to successfully navigate this challenge and continue thriving in the long run?
I eagerly await your insights and look forward to engaging in a meaningful discussion on this topic.
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- Explain to your classmate how their proposed decision is ethical by applying these four questions to their proposed decision:
- Is the decision truthful?
- Is the decision fair to all concerned?
- Will the decision build goodwill and better relationships?
- Will the decision benefit all involved?
- Propose any change or modification to your classmate’s decision based on your analysis using the four questions above.
- Describe the most difficult aspect of using this six-step process to make ethical decisions.
Hello Class,
Scenario 3 Fantastic Footage:
In this scenario, a business owner, Ben London, hires a company to complete landscaping in front of his building. Ben initially thought the bid cost was high but determined the quality of work that the company achieved was worth the price. It has been 15 months, and Ben has not received a bill for the completed work. The ethical concern is that Ben is contemplating not paying the bill or bringing it to the landscaper’s attention because Ben’s business has experienced a downturn and is low on funds.
The 6-step process begins with defining the problem. The root of the situation in this scenario is Ben owes money for services rendered, and now he is short on funds.
The second step is to identify an alternative solution to the problem. The obvious solution options are: Ben pays the total amount owed immediately or doesn’t pay until he receives an invoice since it’s not his problem that they didn’t bill him. An alternative solution would be for Ben to call the landscaping company, discuss the missing invoice, and work out a payment plan since he is presently low on funds.
The third step is evaluating the identified alternative. The stated alternative brings attention to the missing invoice so the landscaper can research why the mistake was made while still receiving payment for the service. Ben is truthful in acknowledging the missing invoice, and requesting a reasonable payment plan is fair and beneficial to both parties. Likely, the landscaper would eventually realize they weren’t paid for their services, which could cause ill will between the businesses.
Step four is to make the decision, and step 5 is to implement the decision. The best ethical response is to bring the missing invoice to the landscaper’s attention and discuss payment options. Ben could show good faith by sending a payment to the landscaper simultaneously as he requests a final invoice. It would be best to make any agreements in writing.
Step 6 is to evaluate the decision. Ben should have paid for the services he received immediately once the project was complete and while he had the funds. Since he did not take that action, the alternate action solves the ethical issue of paying it or ignoring it until he gets a bill. The final decision shows good intentions and willingness to uphold their agreement.
Jessie
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The ethical concerns in this scenario are that Ben London received services that exceeded his expectations but has not paid for them. He is now contemplating whether he should pay since he was not officially billed.
Step 1: Define the Problem
The problem here is that the landscaping company did not present a final bill. Ben’s business is not as busy right now so he is considering not paying the landscaping company since he could use the money for his business.
Step 2: Identify Alternative Solutions
The obvious answer is to call the landscaping company and pay the bill but according to Longenecker et al. (2020), it is best to be open-minded and thus should consider alternative solutions. For this scenario, an alternative solution could be to call the landscaping company and ask for the final bill and ask for a possible payment plan for the unpaid balance.
Step 3: Evaluate Identified Alternatives
Here we want to evaluate whether the alternative solution is ethical. Ben would need to ask himself if this solution is something that he would be okay with if the roles were reversed. Maybe the landscaping company is also slow and could use the funds from the unpaid balance. This will help him determine whether the alternative solution is ethical.
Step 4: Make the Decision
Here Ben will decide whether he should pay the balance in full or ask for a payment plan to help him with funds for his business because it is slow.
Step 5: Implement the Decision
Here Ben will make the call to the landscaping company and provide his solution. Even though he contemplated not paying at all and knows it would be easier to just forget about the whole situation as an ethical business owner he will carry out his decision.
Step 6: Evaluate the Decision
Here Ben will reflect on whether he made the right decision. He can consider whether his relationship with the vendor has been strained or not and if it has, he may need to revisit the situation with them.
While the alternative solution may work, I believe he should just contact the landscaping company and settle the bill. He knows how paying this can be hard for his company, so he has to think that maybe the landscaping company is experiencing the same thing since they are missing the $8,500 payment. He has the funds available and rather than thinking about what would benefit him more he should consider what is right and best for the landscaping company too.