Discussion 3
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Discussion 3
Bobi opened a laundry shop after graduating from the university. After 6 months he closed it. He opened a kinyozi which lasted for 1 year. He then opened a second hands shop but is contemplating closing. What do you think is the problem and how would you advise him?
Bobi opened a laundry shop after graduating from the university. After 6 months he closed it. He opened a kinyozi which lasted for 1 year. He then opened a second hands shop but is contemplating closing. What do you think is the problem and how would you advise him?
bobi has not done proper and quality research on the business he is doing, also he has not discovered if he his good at business, also it might be that the location of his business's not the right location or it might be that he lacks customer relationship
I think Bobi may have jumped into a decision which he probably had not thought of it and planned a strategy on how to begin, run and maintain the business.
I'd advice him to first take time in doing his research on what business he wants to venture in, consult with others in the same field then after having done this access whether he qualifies to run the business, if so have a strategy that he'll adhere to faithfully and be very diligent in his work.
I'd advice him to first take time in doing his research on what business he wants to venture in, consult with others in the same field then after having done this access whether he qualifies to run the business, if so have a strategy that he'll adhere to faithfully and be very diligent in his work.
Bobi may not be passionate about owning a business, he may be frustrated with the ups and downs. He should consider looking for a mentor, to learn how business works.
Bobi may be jumping into new ventures without enough market research or planning. He should analyze why past businesses failed and do thorough research before starting anything new.
It sounds like Bobi is experiencing challenges with sustaining his businesses, possibly due to factors like lack of planning, market research, or consistency in his approach
Bobi seems to be struggling with decision-making skills, especially in terms of planning, assessing risks, and evaluating the sustainability of his business ventures before starting them that's why he closes his businesses after a short period.
Bobi doesn't appear to have planned for his business and goals prior to launching the business. I would have suggested that he create a comprehensive business plan and list his objectives in order to be ready for any obstacles that may arise.
Bobi's frequent business closures suggest issues like poor market research and financial mismanagement or even lack of passion. To succeed, he should research the market and create a solid business plan.
My insight,,, i think he is missing two things,,
Poor decision making.
Poor location business strategy
He is poorly making decisions on the way to handle and combat insights, he never considered both profits and losses because these two things must be encountered in an established business.
On location set up, one must evaluate and consider the number of customers and their core area where they do live. Consider also their age group like in a rental areas where comrades live i.e near a campus.
Poor decision making.
Poor location business strategy
He is poorly making decisions on the way to handle and combat insights, he never considered both profits and losses because these two things must be encountered in an established business.
On location set up, one must evaluate and consider the number of customers and their core area where they do live. Consider also their age group like in a rental areas where comrades live i.e near a campus.
Bobi needs to rethink his strategies and passion. He lacks the plan, goals and most importantly vision. He failed to identify the problem that needed solutions through market research and competitors analysis.
Its either he is passionate about business and lack business skills or vice versa.
i would advice to seek the necessary skills required for someone to start and run a business, ensure he does full market research and identify which business will survive and what customers want and its not in the market
i would advice to seek the necessary skills required for someone to start and run a business, ensure he does full market research and identify which business will survive and what customers want and its not in the market
Bobi needs to sit down and do an analysis of what his strengths are and what he is passionate about and pursue that, he clearly has a desire for business he just needs to find out what he's good at, if need be he can do a class to acquire basic entrepreneurship skills then proceed to start a business because knowledge is good helps one avoid certain mistakes.