What kind of entrepreneur is Runyan? What are his key strengths and weaknesses? Runyan is an opportunity entrepreneur, because he left his job voluntarily when he discovered a problem with the cleaners service he was using. From this it is clear that he is a risk taker. It takes a lot to leave a steady job and try to start you own business, with little capital. He has a background in marketing, so he is not oblivious to inner workings of the business world. His marketing experience would help him market his own business. Confidence is also a strength that he possesses. As for weaknesses cash flow management would be the biggest one, since he already has got his business established, the opportunity for expansion and growth would be solely based
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With P&G entering the market, it creates some challenges for Hangers Cleaners such as, intense competition and market saturation. With a major company like P&G, moving in it could potentially hurt a small company. Due to the size, reputation and the capital that P&G has it could easily take over the local market by, undercutting prices. Or they could offer promotions that customers might find more appealing, but they ultimately have the power to advertise …show more content…
It would be to Runyan’s advantage to incorporate a combination of all the possible options.To make his mark in the community he could become a sponsor to a little league team, or to become active in the community setting through fundraising or some other significant cause. Using social media is an advantage that would offer him the option to be unique and edgy with his business and when interacting with customers. Since he does not have the advantage of cost cutting the way a major company like P&G does, he has to focus on a niche that he has and build on it. Customer service and accountability would be the two things to focus on. Both go hand and hand, for example if a customers clothing is damaged, they should immediately contact the customer and inform them. And they should offer to replace the damaged clothing, with no additional cost to the customer. Some as small as staying in contact with the customer could be what drives his business and helps him retain his customers.
If Runyan decided to sell the business, would you buy it? Why or why
With P&G entering the market, it creates some challenges for Hangers Cleaners such as, intense competition and market saturation. With a major company like P&G, moving in it could potentially hurt a small company. Due to the size, reputation and the capital that P&G has it could easily take over the local market by, undercutting prices. Or they could offer promotions that customers might find more appealing, but they ultimately have the power to advertise …show more content…
It would be to Runyan’s advantage to incorporate a combination of all the possible options.To make his mark in the community he could become a sponsor to a little league team, or to become active in the community setting through fundraising or some other significant cause. Using social media is an advantage that would offer him the option to be unique and edgy with his business and when interacting with customers. Since he does not have the advantage of cost cutting the way a major company like P&G does, he has to focus on a niche that he has and build on it. Customer service and accountability would be the two things to focus on. Both go hand and hand, for example if a customers clothing is damaged, they should immediately contact the customer and inform them. And they should offer to replace the damaged clothing, with no additional cost to the customer. Some as small as staying in contact with the customer could be what drives his business and helps him retain his customers.
If Runyan decided to sell the business, would you buy it? Why or why