Change Management

Topics: Entrepreneurship, Entrepreneur, Management Pages: 7 (2723 words) Published: July 8, 2013
MBA 802 ENTREPRENEURSHIP

INDIVIDUAL ASSIGNMENT 1

You are required to visit an entrepreneur of your choice and conduct the following interview. Introduction.
This interview will be about ...... Who is a Pharmacist based in Bulawayo and now runs his own phamarcy . Step 2
Would you tell me about yourself before you started you first venture? Q. Who else did you know while you were growing up who started or owned a business, how did this influence you? Anyone latter when you were 21 years old? A. I grew up in the early 80’s and people who owned businesses were very few. Q. Were your parents, relatives or close friends entrepreneurial? How? A. My mother was an entrepreneur, she wasn’t employed but was a cross border cum business woman. Q. Did you have role models?

A. Yes I did, I was motivated by Philip Chiyangwa and he was my role model, though I was in a different line of business altogether. Q. What was education level? Was it helpful? In what specific ways? A. I did my undergraduate studies at the University of Zimbabwe and my EMBA at NUST University. My background in pharmacy helped set a foundation but my studies in EMBA played a n pivotal role in my pursue of being an employer . Q. Did you have a business or self-employment in your youth? A. No I didn’t.

Q. Did you have any sales experience? How important was it or lack of it, to starting your company? A. I did not have much experience in sales.as my previous job was mostly majored on ordering medical supplies, medication, consultancy and sales was not really of any concern to me. However when starting the company knowledge of sales and how to run the whole company was of great importance and lack of it was affecting productivity hence my decision to join the Executive MBA class from NUST so as to gain an appreciation of all key aspects. Q. When, under what circumstances, and from whom did you become interested in entrepreneurship and learn some of the critical lessons? A. The owners of Justin smith wanted to close the pharmacy during the 2007 era when the economy was deteriorating. I was working as a locum at the Pharmacy and I seized the opportunity and took the risk.

b. Describe how you decided to create jobs instead of take a job by stating your venture? Q. How did you spot the opportunity? How did it surface? A. Opportunity rose during the 2007 era , when the economy was bad. I was working at as a locum at the phamarcy and I was offered to run the pharmacy whilst they were finalizing sale. I seized the opportunity and offered to buy the pharmacy. Q. What were your goals? What were your lifestyle needs or other personal requirements? How did you fit these together? A. At the time I had a small family, my wife was at college and my two daughters were at school. My main goal was to provide for my family, hence purchase of the pharmacy meant I had Q. How did you evaluate the opportunity in terms of critical success factor? The competition? The market? Did you have specific criteria you wanted to meet? A. The pharmacy had a large client base. It had a lot of loyal clients especially with the indian ,white client base as it had been previously owned by an Indian. Hence taking over meant I had an advantage of these clients. The pharmacy is also situated next to NSSA and NSSA employees were using Justin smith for all their pharmaceutical needs. Competition was stiff, as the pharmacy was small and competing with large pharmacies like QV pharmacy, Railmed, just to name a few. Q. Did you have or have partners? What kind of planning did you do? What kind of financing did you have? A. Initially, I did have 1 business Partner. He helped raise capital to finance the business, we relied mostly from loans and personal savings. Q. Did you have a startup business plan? Please tell me about it. A. Our start up plan mainly constituted on rebuilding the Pharmacy’s image and...
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