Interview with a Successful Business Owner

Today we will be deviating from Ansoff's growth strategies. Instead, I will be posting the transcript of an interview I conducted with a successful small business owner. His name is Mr. Nita Singh, and he has been in the hotel industry for over a decade, and has operated other businesses for years before that. I hope you can find his advice to be helpful in the operation of your business.

Me: Mr. Singh, thank you for providing me the privilege of interviewing you.

Mr. Singh: It is my pleasure.

Me: So before we begin, can you please provide us a with a brief background of yourself?

Mr. Singh: Sure. I immigrated from India to the United States in the mid-90's. I worked in various jobs until I purchased a small convenience store in Southern California in 1998. After selling that store, I got into the hotel business, when I moved to northern Arizona in 2002, and bought a hotel there. Since then, I have owned and operated multiple hotels, and I continue to live in Arizona.

Me: Thanks for informing us about yourself. Since you are very experienced with small businesses, I feel that people who are new to the world of small businesses will appreciate any advice you can provide them. How would you say small business owners can become very successful through their business?

Mr. Singh: I would suggest not to be afraid of risks. It is important to note that when taking business risks, you must take calculated risks. What I mean by calculated risks are not just taking any risk, but instead analyzing the risk and its potential benefits, and determining whether taking that risk is a smart business decision. Taking an unwise risk can lead a business to failure, a common occurrence with small businesses.

Me: Since we are on the subject of business failure, what can you recommend to help prevent failure of a business?

Mr. Singh: Business failure is often caused by a lack of sales, or subpar revenue. One of the most important things to keep in mind to prevent a business from failing is to make sure that the customer base of the business is solid. There should be little risk of this customer base leaving your business, as in the end, this is what fills your wallet. You must do whatever it takes to please your customers, so that they remain your customers. This is something I make sure to advocate very much among the staff in my hotels. Providing excellent customer service is not easy, but it is something that you must do.

Me: Do you have any other thoughts or advice for small business owners?

Mr. Singh: One final thing that I would say is important is not becoming too emotionally attached to your business. You aren't married to your business, so emotion shouldn't be a factor when making decisions or running your business. Often, since people have so much personal stake in their business, they let emotions dictate their decisions, such as the question of whether or not to bail out of the business. Emotions are something to avoid, as they can cloud the reasoning that is necessary in making smart business decisions.

Me: Thanks for providing your input, Mr. Singh, your advice will definitely be appreciated. It was a pleasure interviewing you today.

Mr: Singh: Thanks for interviewing me, and I hope many other business owners can make good use of this.

Hopefully this can give you a better understanding of how you can be successful with your small business. Remember to visit more often for more updates!