Personal Report MAIN

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Los Angeles Harbor College *

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Business

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Apr 3, 2024

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docx

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5

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1 Study of Business: Report on Ben Solovyev’s Experiences Cole Looney Cal State University Fullerton BUAD 201: Business Writing Dr. Rodriguez November 2, 2023
2 Abstract
3 Study of Business: Report on Ben Solovyev’s Experiences Embarking on the journey of launching a business from scratch with the aim of achieving success can be quite intimidating, and this feeling is entirely justified. The world of entrepreneurship requires individuals to embark on a journey littered with motivation, innovation and experiences of success with necessary mistakes. This report will cover the entrepreneur journey of Ben Solovyev who co-founded the business Laguna Niguel Collision. This business specializes in top-of-the-line automotive repair and maintenance of all kinds of cars ranging from basic models to exotic supercars. Through this business I will dissect its beginnings, dreams, determination, struggles and the plan for the future. The aim of this paper is to present a clear picture of the company’s challenges and successes with the intent of learning lessons and insights for personal wisdom. Early Challenges The first few years of a business’s life are crucial as to “raise investment and gain customers” (Naveed Iftikhar, Maha, 2020). These first steps are also regarded as to being the hardest out of the entire process for business owners due to the pressure, self-ego and most importantly setting a firm foundation to grow a profitable business. Getting the first customers and making enough profit to cover overhead expenses (Ben Solovyev, personal communication, November 25, 2023) are prime examples of obstacles a new business owner must endure. Although these times are rocky and full of uncertainty, they eventually turn into valuable lessons to look back on when moving forward. The mindset an entrepreneur carries will often determine their success no matter the industry they are in. An “Attitude of Gratitude” is the idea to always be grateful and remember where you came from (Ben Solovyev, personal communication, November 25, 2023). Knowing what you are worth and applying that in the form of hard work will lead to an increase of success that can be seen. Trusting the process and not losing site of the goal ahead and the achievements behind you allows someone to fully thrive within the world of business. Cause of Downsizing The initial response to the term 'downsizing' in a business context typically carries a negative connotation. However, this seemingly adverse practice of scaling down a business can often pave the way for a new trajectory toward enhanced growth. You may be asking, “why downsize?”. The main reason a business would want to downsize is to reduce costs. If business is not soaring or some areas within a company have lost their usefulness, a business may decide to take a step back and save some money in the process. The goal of downsizing is almost always to remove jobs within a company with the plan of increasing profits (Doellgast, 2022). In the earlier years of Laguna Niguel Collision’s business, a second location in Laguna Beach was proving to be more of a hassle than wanted. It is sometimes better to grow horizontally than vertically (Ben Solovyev, personal communication, November 25, 2023). Instead of attempting to control more of the market, Ben and his business partner decided to focus on one location and expand from there. More locations within a business means double the rent, payroll, overhead and all other expenses which need to be accounted for. By shifting focus and downsizing, a company can decrease costs and improve the quality of life. The Vision A business plan is a crucial step in the process of creating a successful business. Creating a clear goal for the future can mean the difference of a successful business and one that fails. A proper plan should include a roadmap for the future and even the strategy for selling the business. Along with securing the future, a business plan can lead to the acquisition of funds
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