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A Family Business April 2, 2007

Posted by Janine in Birth, Growth.
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My father recently opened his own business, a jewelry store in northern VA.  Based on what we have learned in chapter 11, I would like to go over the steps his business have taken, and analyze in that light.

My dad worked for the jewelry business for over 20 years, for a major jewelry company, Sterling.  After years of working successfully in retail, he becomed frustrated with corporate business and the impersonality of it, and he decided to embark on his own adventure and follow his dream. He was an entrepeneur.  He knew and recognized his skills in the field, and decided that he could take those skills to a store of his own.  Subsequently, he opened his jewelry store, and thereby organizational birth took place.  He developed his own business plan and chose his target area.  He found a nice shoppping center, and to control ‘population density’, he had the shopping center specify in his contract that no jelewry store could be opened in the center.

Moreover, since my dad had been in the business for many years, he did not have ‘first movers advantages’ in the field.  He took his experiences from the previous organization, and used them to build off of what worked and what did not.  He used the K-strategy; he was a late entrant into the jewelry market.  In this sense, his move was slightly less risky than being the first in the field or service. 

Furthermore, my father used the specialist strategy for his business, thereby distinguishing these corporate stores from his own.  Unlike many mall jewelry stores, my dad’s customers can create their own designs and have a say in what exactly they want.  My father will then make the piece for the customer.  Stores like Kay Jeweler’s or Jared’s do not offer this service.  This personalized touch sets my dad’s store apart from the rest.

As a result of the many different personal touches that my dad offers his customers, his business is doing well and is in a period of growth.  As the book states, all businesses experience flucuations, so it will be a matter of time to see what happens to my dad.  I will just have to wait and see

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Comments»

1. Elaine - April 3, 2007

I think it is great for everyone to take risks when they are confident. Best of luck!


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