BUS508 Week 3 Scenario
The Business Plan: A foundation for success; What an Entrepreneur Is; and Characteristics of Entrepreneurs Slide #
Picture of reception area for company with logo in background
Tammy: Welcome again to Contemporary Business.
This week I will be meeting with Cliff Walters, the President of Walters Aeroworks. Among the topics we will talk about are:
The Business Plan being a foundation for success;
What an Entrepreneur Is;
And certain characteristics of Entrepreneurs.
Let’s now go visit Cliff to see what we can learn that will help us make recommendations regarding the strategic direction for the company going forward.
Office of Cliff Walters, Company President (silver-haired tall gentleman in his early 60s) Office should be a large executive’s office with fine furniture; Cliff and Tammy should be sitting in a seating area off to the side from his desk Tammy: Good morning, Cliff! Thank you for taking the time to speak with me this morning regarding Walters Aeroworks and your vision for this organization. I know that you have put a lot of yourself into this business, and if you would, could you please share the reason why you started this business?
Cliff Walters: Tammy thanks for being here. I’ve heard some wonderful things about you.
To answer your question, I started this company fifteen years ago with four friends that shared a love of flying. We all had our own planes at the same airport; we also loved the idea of building our own planes based on World War I and World War II designs. We would often meet in one of the hangars to talk about how we could make the parts that we all needed for our aircrafts. Based on those conversations, we came to the reality that the only way this was going to happen was if we got our resources together and started to manufacture the parts ourselves. This is how Walters Aeroworks got started. Slide 4
Same location as slide 2
Tammy: So, Cliff, what was your original vision? I know you said you all shared the love of flying, but what made you think that this would be a viable enterprise that would make money?
Cliff Walters: It seemed that we all had friends that were also interested in World War I and World War II aviation. We would often attend the major fly-in at Wright-Patterson Air Force Base in Dayton, Ohio every other year. This particular fly-in hosted the same kind of airplane people from all over the world. There were also local events that we were able to participate in and share our love of building planes.
We compared notes with others and realized that there was a wide open marketplace that we could take advantage of and fill two purposes: our own needs for the aircraft we were building, and then also help the rest of the aircraft builders and manufacturers across the world with their needs. Slide 5
Same office location but from another angle
Tammy: So if I understand you correctly, your vision was to support the ongoing work of aircraft builders in their love of aviation and military history?
Cliff Walters: Exactly! So the five of us formed a small company that included all of us as founders. We understood the importance of a successful small business to the overall economy of our community. Slide 6
Same as slide 4
[Transition to next slide automatically – fade effect]
Tammy: So, how did you decide what kind of company you were going to form?
Cliff Walters: We looked at all of the different kinds of private business ownership and decided on the one that made the most sense to us. Let’s look at an interactive exercise here to talk about the different kinds of private business ownership.
Show bubble chart with different kinds of business ownership that the students can click
Cliff Walters: Click the icons on the side here to learn about each type of private business ownership.
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