Introduction
Jack Lewis is a successful entrepreneur in the cosmetic industry and has several stores stocking different beauty products. From a single store, Lewis has expanded his business into a decorative chain with very many customers. This report discusses Jack Lewis’s views from the interview on the thoughts, facts, and strategies for successful entrepreneurship in the cosmetic retail sector.
Successful entrepreneurship tips
According to Lewis, an entrepreneur must plan any business activity and micromanage the risks involved. The main measures of entrepreneurship skills are scores on motivation, personal attitude, and aptitude. Besides, an entrepreneur should be innovative and keen on identifying opportunities, which are turned into successful enterprises. As a successful entrepreneur, Lewis has developed successful businesses from simple ideas and is currently one of the most respected business magnates in the cosmetic retail sector’s locality.
On the parameters of motivational factors towards being an entrepreneur, Lewis noted that it is necessary to weigh an absolute scale of possible success to create a strong appeal to control over situations. Besides, Lewis stated that it is essential to face challenges and transform these challenges into self-efficiency responses to ensure sustainable freedom in handling business needs, especially in the sensitive cosmetic retail sector.
According to Lewis, creativity and tolerance towards situations may make a business sustainable when faced with demanding perseverance. On the parameters of personal attitude, his perception towards adopting strategic measures that are void of emotions made it possible for him to quickly expand the cosmetic chain. This indicates that he is solid in making long-term choices within the shortest period possible.
In terms of factors determining an entrepreneur’s distinction, Lewis admitted that an excellent entrepreneur should possess transformational leadership skills that identify a range of problematic situations an individual faces in his or her social environment and generates multiple alternative solutions to those problems. This is possible when the entrepreneur lays a series of necessary procedures to achieve desired results rather than postponing response strategies. Therefore, an excellent entrepreneur must possess the attitude of being a ‘go-getter’ in addressing different situations.
Lewis introduced entrepreneurship sustainability term as referring to the ability to survive a risk level while at the same time within profitability mode. In a business environment, sustainability is affected by the forces in the market, decision science, business structure, and real financial management both in the short and long term. Therefore, a business must put in place stringent measures and strategies aimed and monitoring risk modules within feasible levels in order to effectively manage its operations strategies. It is apparent that Lewis is way above average in terms of possessing the necessary entrepreneurship skills, such as a high notch score in inspiration to succeed. The several successful cosmetic stores established by Lewis were inspired by the need to service the available opportunities.
Reflectively, Lewis advised that there is a need for a certain level of operational risks in the business management matrix in order to track any changes and success of different business strategies. Lewis added that an entrepreneur should be good at tolerating operational risks, which involve threats associated with processes, people, and technological elements of running a business in the cosmetic retail sector. Notwithstanding, the diversification of the workforce in an industry may ensure flexibility in the definition of the interdependent components that translate to the realization of an elastic business operation. The above risks have confirmed that Lewis’ businesses are up-to-date in terms of the policy on change strategies.
According to Lewis, action planning in entrepreneurship is of importance to create a solution-oriented task and strategy implementation secession for quantifying task orientation levels. Thus, a budding entrepreneur must possess task orientation leadership skills at an individual task management level in reviewing the actual and expected outcome of any business opportunity.
Lastly, Lewis passionately noted that an aspiring industrialist must possess in-born entrepreneurship ability. As a factor of production, Lewis opined that entrepreneurship ability refers to the capacity to combine other aspects of production such as capital, natural resources, labor, and technology to create a sensible and sustainable process of producing goods and services. Entrepreneurship ability provides foresight, which is very crucial since it gives a business rough perspective and an overview of the future concerning the expected and unexpected changes and challenges in the production of goods and services. Lewis argued that cosmetic companies compete with each other through the production of competitive products in terms of quality, price, quantity, and packaging. Being an experienced entrepreneur, Lewis noted that he has successfully raised funds for his several businesses through savings and bank loans.
Conclusion
Lewis concluded that he was able to acquire great cosmetic stores through social networking and strategic positioning of his business interests. For instance, the acquisition of the third and largest cosmetic store was a partnership deal with one of his childhood friends. In the end, he was able to gain full control of the store by buying the shares of his friend. As a social entrepreneur, Lewis confessed to being a member of several business networking groups that have honored his achievements and paved the way for the expansion of his customer networks.