Mike in this lecture makes a number of points. Some of the key points that he makes in the lecture include comments on competition in business. He says that uniqueness in his business helped to overcome the challenges that were presented by competitors in the business of printing labels. About thriving in other countries, he makes it clear that it requires someone who is fully aware of how issues going on in the economy of the country in question. The Chinese student that Mikes company hired helped them a lot in establishing their business in China because he had full understanding of how systems with regard to printing were working in China. One of the main reasons that their business thrived well better than that of their competitors was mainly because they involved in printing of labels of both food staff packages, drinks and even electronic components. This diversity made them to sail through multiple dimensions of the business. Stability is another key point that Mike made in the lecture. He said that diversity in the production brought about stability in the sense that if another area is going down, the other can help in boosting the business. Lastly, he makes appoint on what a business needs to do to alleviate total failure. To him, a business should always have a next or alterative product to bail it out in case the current product goes down.
What surprised me so much was the business that Mikes company engages in. Printing of labels for various products manufactured by other companies that are totally different. This fact surprised me so much because all along I knew g that the labels used on different products of produced by various companies are actually printed by those very companies. This lecture however surprised me that the labels used on various packages are not necessarily produced by the companies that produce those products.
From this lecture, I can draw a lot of lessons. The biggest however, is the fact that I can twist my thinking towards business to getting opportunities from already existing businesses. It does not have to be a new business, but an improvement of what a business is already offering. Thinking of using an existing business as a base of your entrepreneurial ideas can be a good way to start and run a successful business given that appropriate analysis for the existing business is done with regard to the gaps that exist within the business or supplementing the business. Had I had such thoughts may be I would not have been surprised y the fact that the labels used on various packages and products of various companies are not necessarily produced by them.
I can also supplement my learning to ensure that I do not get surprised by the facts presented by the speaker in the lecture through close analysis of the business within my locality to find out what exactly they engage in and try to establish the ways these business have tapped the opportunities presented in the environments in which they operate. This will help me to have a rough idea or an overview of how to start a small business and how to alleviate failure that plays a key role in making many businesses to fail. Critical examination of the small businesses within my locality will help to open up my mind so that I can expand my entrepreneurial thinking with regard to starting and running a business successfully.
Guest Lecture 3 Retrieved from https://www.youtube.com/watch?v=39GRdnX47R8&feature=youtu.be on 12th October 2015.
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LECTURE REFLECTION ON ENTREPRENUERSHIP. (2019, May 30). Retrieved from https://speedypaper.com/essays/lecture-reflection-on-entreprenuership
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