Instructions Scenario: You are a very successful business entrepreneur that has been invited to participate in a weekly podcast hosted by a will know business reporter. As a courtesy, the reporter has...

Herzing University
BU106 Unit 1 Assignment - Interview
Dr./Instructor Name
Student Name
Date
Blog Interview Template
How [name] [did something awesome] by [method]
Measuring my Success and How to develop great Business
Introduction
Majority of us feel that success of the business is usually tied to the bottom-line achievement and meeting the financial numbers. How much the operations are able to convert the raw materials into finished goods and deliver it to the customers. However, all these factors are just part of the process and not the actually deciding factor. My barometer to evaluate the success of business is very different. Of course, financial success is important however, I value the overall need that my business is solving, how much impact it can make to people and how would business contribute to the overall society. Therefore, I characterize success of the business not only if it can make money but also if the business model has the vision to evolve and shape behavior in near future. This long-term purpose has actually transformed my business model such that it can deliver the value proposition to customer which is novel, innovative and at the same time impactful. This business model automatically drives money and keep the business growing. Furthermore, anyone who wants to venture into his or her own startup or become an entrepreneur then they need to comprehend the fact very few businesses turn profitable at least for initial few years. Hence, focus on developing a strong business model and forecast your profits, expense and revenue in advance. Right goal setting is very important to drive the plan with performance and people need to align their actions to achieve overall objectives.
Questions and Answers
1. How do you evaluate the success of your business?
Ans1. In order to comprehend the success of the business, one first need to assess what are the primary objectives of the business and evaluate various parameters that value proposition is based on. For instance, is it only based on garnishing numbers or is it focusing on bigger causes like helping people? In order to initiate determine the success of business then I would recommend to start from the business model and how much of the idea is transformed into practical operations. It is also important to comprehend whether the business have strong financials or barely keeping itself afloat. Hence, focusing on the balance sheet and income statement essential to comprehend whether business is operating on debt or perhaps accumulated many liabilities. On the other hand, if the business has healthy financials, it would be able to balance the liabilities and debt at the same time garner good stream of revenue that can harness profits in near future (Burke, R., 2002). Furthermore, I will understand what are the customer sentiments and feedbacks regarding the business since I strongly believe they are one of the most important stakeholders that can help business survive the test of time and thrive in future. There are many ways customer feedbacks and sentiments can be gauged like surveys, online polls, word-of-mouth, recommendations etc. Next, I will evaluate the culture that drives the employee in the company and how is the work atmosphere whether there is any room for innovation or just focusing on traditional ways of working. Employees are biggest representation of the company hence they are...