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Chapter 5 Assignment Questions
Imagine you are considering starting your own business.
1. What kinds of products or services will you offer?
2. What talents or skills do you need to run the business?
3. Do you have all the skills and resources to start the business, or will you need to find one or more partners? If so, what skills would your partners need to have?
4. What form of business ownership would you choose—sole proprietorship, partnership, C corporation, S corporation, or LLC? Why?
Chapter 6 Assignment Questions
*WATCH THE JCF HEALTH AND FITNESS VIDEO CASE STUDY IN THE READINGS FOLDER BEFORE DOING THIS ASSIGNMENT
JCF HEALTH AND FITNESS: https://www.viddler.com/embed/75a1ffa0/?f=1&autoplay=0&player=full&disablebranding=0
If you have a passion for what you do and want to share it with those around you, you enhance your chances of success as an entrepreneur. As a fitness enthusiast, Daris Wilson wanted to improve on the traditional gym setting and environment. He particularly noticed problems women faced in traditional gyms. For example, his girlfriend (now wife) was intimidated by some of the equipment and wasn’t sure how to use it. So Wilson decided to train her himself. This was the beginning of JCF Health and Fitness, a boot camp and fitness center located in Jersey City, New Jersey.
After graduating from Bucknell University with a degree in business, Wilson worked as an accountant in New Orleans. He never considered running his own gym. When Hurricane Katrina hit New Orleans, Wilson lost everything. Fortunately, he was able to move in with a friend in New Jersey and took a job at the New York Stock Exchange. As a former athlete, however, working behind a desk was not what motivated him. After running an ad on Craigslist, Wilson started training people on the side before and after work. He offered his clients the support of a concerned coach and innovative workouts. As his reputation grew, so did his number of clients. When Hurricane Sandy devastated Jersey City, Wilson made a career decision. He moved his outside program inside a gym and began selling yearly memberships to JCF rather than renewable monthly agreements.
As JCF’s client numbers grew, so did the number of employees and management challenges. Wilson found running the business day to day and building a company culture was not easy but critical to success. He was determined that JCF’s culture would be one of accountability, camaraderie, and results. As the firm grows, Wilson hires employees that share this philosophy. While business expansion is not easy, he hopes to open more JCF locations in the future.
Wilson cites the biggest mistake he made when starting his business was not taking the business seriously enough and not getting his finances in order. He advises aspiring entrepreneurs to make sure to invest in a bookkeeper or bookkeeping software. He also recommends taking your time to find out what you really want to do with your life.
Small businesses are the backbone of the U.S. economy. In fact, 28 million small businesses are responsible for 65 percent of new jobs in the United States. Furthermore, small businesses generate more than 50 percent of the U.S. GDP annually. And more than 80 percent of all Americans got their first jobs with a small business. Many of today’s large businesses, such as Avon, Ford, DuPont, Walmart, and Amazon, all started as small entrepreneurial ventures.
Do you have what it takes to be a successful entrepreneur? Success as an entrepreneur requires a passion for what you do, action orientation, self-discipline, and high energy levels. While self-discipline and high energy are essential, as Daris Wilson suggests, you must also have a passion for what you want to do.
1. How does the phrase “Find a need and fill it” apply to Daris Wilson and his business?
2. What personal characteristics do you believe helped Wilson succeed as an entrepreneur and build JCF Health and Fitness into the growing business it is today?
3. Why do you think Wilson emphasized the importance of finance and bookkeeping when planning a startup? What problems arise if entrepreneurs don’t keep track of money flowing in and out of the business?