New Owner and Existing Business Case Study Example | Topics and Well Written Essays - 1500 words

New Owner and Existing Business - Case Study ExampleAlthough Anna was happy that this bargain will save her the cost of setting up a new cargon, legal proceedings, location, customers and suppliers but what she did not take into consideration were the risks and challenges of buying a business that is losing its pace. It is difficult to revive the sign of a business that is already declining especially in relation to the customers who have switched to a founder designer as well as suppliers who are enjoying the better relationship with others in the industry. Anna should have also considered the fact that obtaining loyalty and adaptability from existing businesss employees is a challenge. The financial and economic side of the existing business could pose threat because before buying Anna did not examine the details of the mentioned and trusted only on her abilities. Moreover, Anna should have given a deep mind into the history of the existing business dealings with the stakeholde rs and ensured its good reputation. 2) It is believed that if a person has strong dreams and the ability and motivation to turn them into reality, no hurdle stand quash his powers. Same applies to entrepreneurs. It is a common trait of entrepreneurs that with their vision and constant enthusiasm, they can take a business to high levels of success. S Anil Kumar, S.C.Poornima, Mini K.Abraham, K.Jayashree (2003) states that entrepreneurs are intuitive and highly motivated from inside, they have a strong will and determination to achieve their goals. Shane Greenstein (2011) says that entrepreneurs are visionary, exceptionally energetic and have strong willpower. They chouse what their weaknesses are and ways to get over them. Anna bought the existing business because she knew that her powerful ideas and efforts could really make this business a big hit in the commercialise despite the fact that she had not had good managerial skills. Anna did not let this weakness of her come in the way of her success. She knew that soft skillscould be learned at any point in life but the characteristics of being visionary and enthusiastic are permanently embedded in her personality and nothing can beat them.