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0 views2 pages

Ent 381 (2)

Uploaded by

ndawwg20
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We take content rights seriously. If you suspect this is your content, claim it here.
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Nathan LeFoll

3/20/24
OPTION A: Take Your Most Important Next Step On Your Entrepreneurial Journey

1. Describe in detail what your next most significant step or obstacle is.

Our next most significant step was to Deep dive into the viability of a particular business and

see if it was worth purchasing in order to get into a business that was cash flowing so that way

we could direct our efforts into what we were more passionate about.

2. Explain: Why does this step need to be taken or this obstacle overcome?

This step needed to be taken in order to decide if we were going to purchase the business or

not.

3. Describe: what did you actually do?

This week I got on a call with my brother and another that we are working with to try to start

something together. On this call we talked about the viability of purchasing a specific business

that I can't share anything about because I signed an NDA. Specifically we looked at the

historical trends along with the current competition and marketing efforts of the business.

4. What did you learn or experience from your planning and actions this week?

I think that what I learned from this experience this week was that when you are negotiating

price when trying to purchase a business you need to consider the other party and how they are

going to deal with the situation. I say that because the person we were buying the business from

was going to be an 18 year old, and this was a more emotional decision for him because he was

young and he thought he had a unique product (it wasn’t). We came in low and he took that as a

personal offense and canceled the deal all together right away.
Nathan LeFoll
3/20/24
OPTION A: Take Your Most Important Next Step On Your Entrepreneurial Journey

5. Because of this experience, what will you do differently, or what has changed or will

change in your life?

I think I learned the importance of considering the possible reactions that the seller could have

when you're in a situation where you're looking to become an entrepreneur through purchasing

a business. I think that in the future I will make sure to at least set up my reasoning before I

deliver a number so that way the emotion can be taken out of it a little more.

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