JOURNEY OF ENTREPRENEURS 1

Journey of Entrepreneurs

Sabita Chaudhary

Westcliff University

BUS 651 Entrepreneurs and New Ventures

Presidential Business School

Mentor: Bibek Bhandary

November 18, 2019

Abstract

This paper consist of interviews of two entrepreneurs where many questions were asked to them

about their journey as an entrepreneur. The answers of question like their inspiration, future

plans, challenges and problems during their journey, all of these are discussed in this paper.

There is also the learning outcomes which are taken from the two interviewers and also the

differences and similarities between high potential entrepreneurs and lifestyle entrepreneurs are

presented in this paper.

Introduction

Interestingly enough, the concept of an entrepreneur is debated. Many experts have a broad

definition of whoever works for himself. Others have a broader point of view, which implies that

a businessman functions autonomously but also requires creativity and leadership. They are

decided that a company gets an idea, creates a product, manages the business and takes on the

risk of its success. Based on the economic resources, growth and creativity, entrepreneurship is

high risk, but it also can be very recompensing. The entrepreneur in a market where there is full

of uncertainty will actually assist in clarifying uncertainty by making judgments or taking the

risk.[ CITATION Hay192 \l 1033 ]

According to question we need to take the interview of that two different entrepreneurs, one of

them must relatable to our business plan and another can be from different field. We need to talk

with them and ask about their journey, how did they started, what was their inspiration, about

their challenges, future plans and etc. So, I have talked with two different person running their

own business.

1st entrepreneur

One of them is Mr. Pandit Khatiwadi who is a cosmetics owner and his store’s name is

Khatiwada cosmetics store, which is located in Chabahil, near to Ganesh Mandir. It have been

6yrs he have started his cosmetics store business and he is doing very good with his business. He

started his business with very less amount of fund which is about 2500 which in the road side of

Ratnapark and later on after six years of hardworking and dedication, he took his business up to

30 to 40 million. Both retail and wholesale products are available in his store. There are no any
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other staffs in his shop as his family members used to help him. He says this business have

helped him a lot to survive in the place like Kathmandu and he and his family also doesn’t bear

the tag of unemployment which is the main problem of today’s Nepal. Not only his family, his

villagers are also getting inspiration from him and doing his type of business in their village.

How he get inspired

Talking about his inspiration to this business, before starting his business he also used to go

foreign countries like Saudi, India and Dubai and also did a vegetable farming in his village but

he was not willing about owning his own cosmetics store. As he was from very poor back

ground, having very low income he shared his problems to his one brother, and his brother told

him to do cosmetics business in road side and also provided him 25 hundred rupees for the

startup and he begin to do his work and started being successful and now he have expanded his

business to wholesale store in a very busy market of Kathmandu valley.

Challenges he faces during his starting days.

While I asked him this question he said, 2500 was very enough for his roadside business but

while doing roadside business he need to face the municipality police problem while selling

goods in the road, municipality polices used to catch them, and while running out from them

products used to get break and get destroyed. And also they used to take their products and didn’t

return to them and to get the products back they also need to deposit some amount.
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During the startup of business many problem comes in the way he said, some of them are

discussed below:

i. Finding room for shop in Kathmandu: It is very hard to find a well shutter room in

busy places of Kathmandu. We need to search and even we need to use brokers to

search the room.

ii. Very expensive fair of room: If we get room in good area, we need to pay very huge

amount of fair for that room.

iii. Investment: During starting it is very difficult to have investment, small investment

can be not enough and huge investment can be risk.

Future plan

In future he wants to expand his cosmetics store to supermarket by adding others different goods

and services and also he is willing to do online ordering system.

2nd Entrepreneur

Another entrepreneur that I interview is Yam Kharel, he used to run Family food cafe (FFC) in

Sankhamul from 2 years. My class mate and I interviewed him when we were assigned in class.

Talking about his inspiration, he was the student of hotel management so, to do the work of his

own field he opened a FFC where he himself make different types of food items, serves and

online delivery system is also available in his cafe.

Challenges he faced during startup are:

Place or location: For cafe place plays a very vital role, location of cafe should be there where

regular customers arrives like in front of school, collages and offices. So, he decide to locate his

café in Sankhamul, in front of one school and also there are many offices around that area.

Budget: He said budget decides how big our business will be, but he started his business in very

less budget, where he provided simple food like tea, coffees, momo and noodles and his furniture

were also simple and less in number, later on after some time he changes his café’s interior and

furniture.

Competitors: According to him, it is very hard to overcome those competitors who are already

exited in the market. With quality and quantity of food and friendly environment he become able

to make many customers for his cafe.

Partner and future plan

For partnership he have his brother who helps him in his business. They are doing very good

with their business. In future they want to add bakery and ice cream parlour in their café which

he said is a demand now days no one wants to visit different places for different, they want all

types of food in one roof.

Learning outcomes from interviews

From the interview of Cosmetic owners I learned that owners or entrepreneurs are the one is who

starts or buys their own cosmetics companies or franchise operations. They take care of all

aspects of business from the designing and buying of items (for example, cosmetics, perfumes,
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products for the skin and hair-care, beauty products and accessories) to the everyday

management. Managers of the cosmetics shops are responsible for the profitability of the

cosmetics facilities. Their responsibilities include recruiting, training and supervision of other

personnel, maintenance of physical facilities, inventory management, control of expenses and

receipts and the maintenance of good public relations.

And from the interview of cafe owner I learned that self-cooking in cafe can help us to know

more closely about the customers, what they actually want in their taste and what type of

environment they enjoy. Cafe business in my opinion is totally based on the quality of food and

secondly friendly nature of the owner. Customers feels very uneasy to go to such cafe where

there’s owner is not so frank and who cannot deal with the situation. Business is all about

behavior.

Differences, and similarities between lifestyle and high-potential entrepreneurs

Lifestyle entrepreneurs

Lifestyle entrepreneurs create an organization that supports their own personal goals rather than

a lot of money. During their free time, these entrepreneurs can follow their cash hobby or create

a business around one of their interests. Such companies usually have little employees and are

not designed to achieve high growth. For example, a second-hand bookstore or a small market

stall selling homemade baked goods requires lifestyle companies.[ CITATION Gar13 \l 1033 ]

High potential entrepreneurs.

Generally, large businesses working between 20 and 500 employees hire high potential

entrepreneurs. Such businesses are often very rapid and have high growth rates. Often the newest

technologies and inventions are developed and produced. Technology and the Internet are the

main start-up projects involving high-potential entrepreneurs. For these companies, access to

funding is often simpler. For example, fast-growing telecommunications companies and large

Internet technology businesses are high potential companies.[ CITATION Kru94 \l 1033 ]

Difference between them are:

i. Vision

Life style entrepreneurs did not make legacy, they did not pass business to the next

generation, or might want to sell the company when before retire, to supplement the

retirement savings, but the focus remains on producing regular income for the long

run.

Whereas high potential entrepreneurs are less concerned about keeping profits on a

regular basis and concentrate more on short-term activities and long-term personal

wealth. It can be done over three to five years.[ CITATION Nel12 \l 1033 ]

ii. Growth potential

For lifestyle entrepreneur it is not important to establish a company that can be sold

for long-term (5-10 years) for a great value, for maintaining a business model that

operates at the level of its desired income and the correct lifestyle.

High-impact entrepreneurs have a greater risk tolerance. Their goal of creating long-

term personal wealth depends on their company's short to medium value. You may be
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more likely to accept much more uncertainty to make much higher profits. [ CITATION

Lan15 \l 1033 ]

Similarities between them

 Both types of entrepreneurs have impact on the economics as they function.

 Life style entrepreneurs have an intrinsic incentive to streamline their activities, leading

to low employment growth. In addition, high potential entrepreneurial organizations also

promote innovation and appear to create more employment as their emphasis is on

growth.

 Within their respective domestic economies, the two entrepreneurs play an important

role. Small businesses are often at the center of economies, providing stable jobs.

Innovation leaders and product builders are highly influential entrepreneurs both are

important and should be allowed to grow and go long.[ CITATION Lie19 \l 1033 ]
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Conclusion

In the conclusion part I want to say that entrepreneurs are the one who work for them self or we

can they are their own boss. Paper consist interviews of two different people from different field

one is Mr. Pandit Khatiwad, who is a cosmetics owner from since six years and another is Mr.

Yam Kharel, who is a café owner. Both of them have different story which I have presented in

the paper. In two topic I have differentiated between high potential entrepreneurs and lifestyle

entrepreneurs, one is according to vision and another is according to growth potential and

similarities between them is that both are very important for the growth of the economy.
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Reference

Garner, S. (2013, June 22). Retrieved from http://canadianentrepreneurtraining.com/the-seven-

types-of-entrepreneurs/.

Hayes, A. (2019, September 4). Retrieved from

https://www.investopedia.com/terms/e/entrepreneur.asp.

Krueger, N. F., & Brazeal, D. V. (1994, April 1). Retrieved from

https://journals.sagepub.com/doi/abs/10.1177/104225879401800307.

Landeloos, L. (2015, September 17). Retrieved from

https://davidcummings.org/2013/05/02/lifestyle-vs-growth-entrepreneur/.

Liew, P. (2019, July 5). Retrieved from https://www.quora.com/What-are-the-similarities-and-

differences-between-entrepreneurial-and-small-business.

Nel, L. (2012, September 18). Retrieved from https://endeavor.org/blog/network/what-separates-

an-entrepreneur-from-a-high-impact-entrepreneur/.
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