Making A Dream Come True

Topics: Entrepreneurship, Management, Entrepreneur Pages: 7 (1521 words) Published: April 12, 2015
Making a Dream come true…

Group Members

Yolanda Kizzard
Angela Hayden
Beaunca Bolden-Wade
Loray Olan

Grown and Sexy Lounge Inc.
3916 Richard Arrington Blvd
Birmingham, Al 35234

Dr. L. Baker
August 13, 2104

Introduction
Grown and Sexy Lounge is an entertainment lounge founded by Mr. Jonathan Kizzard. We interviewed him and wanted to know: How did the idea for your business come about and the process to starting his business. It was always a lifelong dream to have his own business, and after two years of sweat equity in his role as CEO of the Social and Savings Club, he felt he was ready to successfully operate his own business. He had visions of rooms filled with friendly conversation, music, and the laughter of people basking in the ambience of a much needed lounge, targeting a more mature crowd. He was well on his way to becoming an Entrepreneur. His company’s name exemplifies his target market, “Grown & Sexy Lounge. This establishment is an entertainment lounge where adults can socialize and co-mingle in a safe and relaxing environment. Before opening the lounge Jonathan was the CEO, of a Social and Savings Club, which was successful for two years, and in that role he learned that charging a ten dollar ($10) cover charge, along with hosting events was an attractive idea. He had a passion for the business, and he enjoyed the combination of nightlife, business, and hospitality. Jonathan fulfilled all four of the primary characteristics of becoming an Entrepreneur: Passion for the business, Product/Customer focus, Tenacity despite failure, and Execution Intelligence. Questions ensued, what type of start-up firm he would pursue? His business would come under Lifestyle firms, firms that provide their owner the opportunity to pursue a particular lifestyle, and make a living at it. His decision was made, he had his business ideas, he was moving from a desire or idea, to an actual entrepreneurial firm. Jonathan researched the target market and decided he would target the twenty-five year and older crowd. This would be his niche market. He started to work on a financial feasibility analysis which gave him a clear concept of his startup cost. He factored in the cost of a business license, dance license, food permits, alcohol license and location costs, rent, equipment, beginning inventory, utilities and payroll. He now had a clear understanding of how much it would take to get started. The startup cost ranged from $8,000-$10,000 for a small club. He created a solid business plan that would give him a strong advantage and a written narrative that would help describe what he intended to accomplish, and how he intended to accomplish it. When he started his business plan he had several sections he wanted to focus on. The Industry Analysis - this assessment gave him an overall appeal of the industry and the target market for the service he wanted to provide with the night club industry. He saw his location and was ready to get started. Challenges Ahead

In spite of Jonathan’s experience and business plan, he faced the same challenges that many startup companies have faced, funding. After being denied by the bank and told that they only wanted to handle expansion loans not startups, he didn’t let that deter his plan. The seed money he needed to get his business started wouldn’t come from the bank. He worked harder, “bootstrapping” – using creativity, ingenuity, or any means possible to obtain resources other than borrowing money or raising capital from traditional sources. He used: personal funds, and reached out to friends and family to invest. After raising enough money to start the new business, he faced more obstacles. He now had to deal with the City Council Representative in his assigned area, along with building neighborhood awareness. After three long meetings, Jonathan received the okay to start his business on May 5, 2012. He had to obtain licenses such as: dance...

Cited: Barringer, Bruce R., R. Duane Ireland. Entrepreneurship Successfully Launching New Ventures, 4th ed., New Jersey, 2012. Print
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