Describe a small and successful company you know. You should say:
What is the company called? How did you know this company?
What kind of business this company does;
And explain why you think this company is successful.
- I’d like to tell you about my cousin’s company. He’s an electrician and he’s been working in the construction industry for a few years. About 6 months ago he decided he wanted to start his own business because he didn’t really like where he was working or his boss. He talked with one of his coworkers and they decided to start their own electrical installation and repair business together.
- They started doing a lot of domestic repair work, emergencies and things like that. Then they managed to get a contract with a new house builder here in the city. They won the contract because they were prepared to work seven days a week to get the project finished on time and that’s why the building developer chose them.
- Now they have many more construction contracts and they hired two more electrical technicians to help with all the work they have. It seems they do very good work at reasonable prices and the word is spreading. They even have their own Facebook page and Twitter and they post helpful information and tips for people about domestic appliances and how to save money on their energy bills at home. They are really modern in their approach.
- In my opinion, they became successful because they were willing to work hard, be flexible about when and where they worked, for example, at the weekends, and they are also good at what they do. If there are any problems, they fix them – no questions. That’s why they’re popular with contractors and construction bosses. They do a great job, fast and with no problems. They always do what they say they will do.
- Why do some people decide to set up their own business?
I suppose it’s the idea of being in control of your own destiny or of believing in a product or service idea you may have plus it must be very exciting launching products, winning contracts and seeing your sales figures improving must be wonderful …
- What skills are required to start a small business?
Setting up a small business can be risky, and so you need a broad range of abilities. One of the most important is being well-organized. You have to be able to keep track of your company’s revenue and expenses and find ways to save and make money at the same time. Having a calm temperament is also important. If you get too stressed, you might make some bad decisions and your business might fail because of them.
- What are the risks of running your own business?
Option 1: Well obviously you need to have a good idea some people say you need to do market research beforehand so you know what the market wants if you don’t do this you could go under and if it is a good idea the chances are someone else is doing the same thing so you could end up facing stiff competition.
Option 2: Of course, the biggest danger is that you’ll go bankrupt. I think much more than half of all new businesses go out of business in the first six months. If you invest too much in your business you might be personally liable, which could mean you would lose your house. Another one is the fear of failure. Many people don’t even take the chance to start a business because they’re worried about failing and being embarrassed.”
- What are some of things you have to do when running your own business that might not appeal to everyone?
Well obviously you need to have a good idea some people say you need to do market research beforehand so you know what the market wants if you don’t do this you could go under and if it is a good idea the chances are someone else is doing the same thing so you could end up facing stiff competition
- Do you think academic education is more important than experience in the field?
Um, I think they’re both important, but I’m not sure which one is the most essential. Obviously, academic qualifications provide basic knowledge which might be necessary to do a certain job. For example, a doctor definitely needs a medical degree. On the other hand, there is a difference between theory and practice and some things can only be learned by doing them.