According to Mueller, Wolfe & Syed (2017), when venturing in any market as a new entrepreneur, the business can be challenging, but when driven by passion, one quickly gets direction. Desire is considered as a successful motivator. Although Daris was a trained accountant, his love for fitness motivated him to work part-time as a trainer. Dari's passion saw him pick himself up from two trainees, his mother, and a friend, to growing his clientele by launching the JCF sport and fitness company.
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?Success does not come in a day, and for a business to be successful, one has to be self-driven towards set goals. Despite Dari's facing turns of challenges such as hurricane Katerina, he relocates to a new town to start a new life. Being self-driven brought him to his passion slowly. Passion is another character that got Daris back on his feet. Passion for fitness gave him a reason to better himself by training part-time his mother and a few other clients. The same passion led him to advertise his fitness services on craigslist and later to open a company that deals with sport and fitness. Resilience is another character that saw Daris grow his career. After hurricane Katerina, it was easy to give up, but resilience to become better saw him expand his fitness clientele from two people to a company.
What other types of services could JCF offer?
Apart from fitness, JCF should also focus on nutritional health for enrolled clients. JCF can leverage the internet and open up online fitness and nutrition programs for individuals who cannot get to their gyms. JCF Also should open personalized training programs. People who register with them should be given a chance to choose different training programs, whether at home with an appointed personal trainer.
Why do you Think Wilson Emphasized the Importance of Finance and Bookkeeping When Planning a Start-Up?
A business has different functions; some inputs and outputs need to be compared, right from the start of a business. Dari's career background was accounting, and he understood the importance of record keeping. According to Clarke (2010), records help give an insight into business success. It is through records that a company can know if there are profits made or the company is at a loss. Epstein & Tracy (2019) explain that balanced records help keep track of capital invested, the functions each investment met, and profits made. Through files, a company realizes possible loopholes that need attention.
What Problems arise if Entrepreneurs do Not Keep Track of the Money Flowing in and Out Of Business?
Poor financial records result in unnecessary spending. Records show the amount of capital saved; therefore, one can budget around what they have. Lack of financial files often results in unnecessary expenditures that may result in losses (Epstein & Tracy, 2019). Lack of records results in unrealistic objectives and budgeting. A company is driven by capital lack of records to show what the company has resulted in unnecessary spending, causing failed goals.
Clarke, G. (2010). Business Start-Up and Future Planning. Straightforward co Ltd.
Mueller, B. A., Wolfe, M. T., & Syed, I. (2017). Passion and grit: An exploration of the pathways leading to venture a success. Journal of Business Venturing, 32(3), 260-279.
Epstein, L., & Tracy, J. A. (2019). Bookkeeping All-in-one for Dummies. John Wiley & Sons.
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