Starting A New Company Essay Example

involved advising the Ministry's materials buyers to ensure they were not overpaying for cast iron.

Allen expressed his lifelong enjoyment and identification as a worker, but in the last few years of his job at the Ministry, he found it unfulfilling. Despite his desire to retire from the Ministry at 60, he couldn't access his pension from his previous job until turning 65. As a result, for the next 5 years, Allen and his wife relied solely on his pension from the Ministry of Defence. His wife also had to wait until they both turned 65 to receive her pension. The Ministry of Defence calculates pensions as one 80th of a person's salary per year of service. Unfortunately, Allen only worked there for 28 years, so their retirement income was limited to that amount.

According to Allen, they experienced a significant difference in their quality of life that exceeded their financial means. Despite having savings, they made the decision not to use them and instead realized the importance of continuing to work. Allen explored various job options and reached out to a friend who was also searching for employment at that time. Despite their age difference, this friend became interested in the concept of starting a new business. Together, they spent time discussing what type of business to pursue, considering their experience and connections. Their main goal was to maintain their accustomed quality of life, which both Allen and his partner were facing challenges with. Wickham (2001) outlines several tasks performed by entrepreneurs such as owning organizations, establishing businesses, introducing innovations to the market, identifying fresh opportunities in the market, applying expertise, providing leadership, and assuming management

responsibilities. In this particular business venture mentioned above, Allen and his partner are responsible for carrying out all necessary tasks as the sole members.

The business they own supplies personalized stationary and apparel to other businesses. However, Allen expressed that he has enjoyed his entire working life and even after retiring completely and not working at all, he will still find ways to stay busy and engaged. He always has something to do, except for his final years at the Ministry of Defence. The company they founded was initially a small supply company for businesses, specializing in personalized diaries for specific companies.

Initially, the company built their client base by personally visiting local garages and small businesses. They had around 50 suppliers of diaries and showcased all available designs to customers. Orders were then placed with the supplier on behalf of the customers, applying a 10% markup. However, they eventually realized that their work was limited to specific times of the year due to the seasonal nature of diaries.

In order to expand their sales opportunities, they decided to broaden their product line. To accommodate this expansion, they acquired two houses—one for rental purposes as offices and another for their own use as offices. As a result, they now have a diverse customer base which includes sole traders and large companies like Rolls Royce.

The company provides customized items for businesses, including ties, t-shirts, notepads, diaries, pens, and more. They take care of all account-related tasks such as coordinating designs and colors to ensure a cohesive appearance across all products. They have developed close partnerships with about 67 suppliers that they regularly order from. Their advertising approach focuses mainly

on networking and word-of-mouth but also includes listings in the management directory and local promotions. These efforts have attracted customers nationwide who have personally encountered and observed their merchandise.

One example of a satisfied customer in Scotland discovered a tie from another company at a conference and wrote down PST Supplies' contact number found on the label. PST Supplies prides itself on delivering quality, reliability, and excellent service. The founder, Allen, believes that selling inferior products may result in a one-time purchase but not repeat business. Therefore, they prioritize treating each customer well and ensuring their satisfaction. Challenging orders are occasionally received, such as coordinating stationary for a company with 400 branches. Despite the difficulties involved, Allen and his team efficiently handle these tasks without considering them major problems.

Allan has an outgoing personality and focuses on the external aspects of the business. He takes a proactive approach to business operations and assists customers in selecting products that suit their desired image.

The characteristics necessary for success as an entrepreneur include hard work, self-starting attitude, resilience, confidence, openness to new ideas, assertiveness, seeking information actively behaviorally eagerness to learn awareness of opportunities willingness to adapt to change commitment to others comfort with power.

References: http://money.cnn.com