Assignment 1: Information Interviews Instructions

Assignment 1: Information Interviews Instructions Informational Interview

Assignment 1 involves conducting two separate informational interviews: one with an entrepreneur or business owner, and the other with a commercial banker or financial professional. The interview with the entrepreneur aims to gather insights about their business experience, strategy, and operations. The interview with the financial professional should focus on understanding bank loan requirements and approval processes, investment strategies, and key elements of a business plan.

While face-to-face interviews are preferred, interviews can be conducted via telephone or online/email if necessary. Students must develop questions that will help them obtain the necessary information and include all relevant questions as an addendum to their report, not counted in the paper length.

The interview report must include a brief description of the business (form, nature, years in operation, scope), reasons for starting the business, major early obstacles, whether a business plan was developed, unique aspects and value proposition, strategic approach, marketing and sales strategies, core functions outsourced, hiring process and core values, financial management tools and metrics, keys to success, lessons learned, current business status, future prospects, and whether they would invest in the business and why.

For the financial interview, discuss the loan origination and approval process or investment analysis, decision-making, due diligence, and the importance of business plan components.

The report should be double-spaced, in 12-point font, and four to six pages long (excluding title and references). Include a title page, introductions, and a conclusion. Write in the third person, using APA formatting for in-text citations and references. The paper must be well-structured with appropriate headings, and paraphrased content; quotes are discouraged.

Paper For Above instruction

The assignment of conducting two informational interviews serves as a pivotal learning experience in understanding real-world business operations and financial decision-making. This exercise provides invaluable insights into entrepreneurial challenges, strategic planning, and financial assessments, which are crucial for aspiring business professionals.

The first interview focuses on an entrepreneur or business owner, aiming to uncover the nuances of running a business. The interviewee provides details such as the business type, industry, longevity, and scope, offering context for their operational environment. Understanding why they entered their respective markets reveals personal motivations and the obstacles faced along the way, which often include financial hurdles, market competition, or regulatory issues. Knowing whether the business originated from a formal business plan helps evaluate strategic planning maturity.

Further, the interview explores what makes the business unique—whether through product differentiation, service quality, or customer relationships—and how they articulate their value proposition in a competitive landscape. Clarifying the business strategy enables the interviewer to gauge the company's approach to growth, competitiveness, and market positioning. Additionally, insights into marketing and sales tactics illuminate how the business attracts and retains customers, critical for sustained success.

Operational decisions such as outsourcing core functions (like manufacturing or logistics), hiring practices, and core organizational values reflect leadership philosophy and operational efficiency. Financial management approaches, including budgeting, key performance indicators, and growth metrics, offer a window into the company's health and future prospects. Owners' perspectives on keys to success and lessons learned from past experiences deepen understanding of entrepreneurial resilience and adaptability.

Assessing the current business status involves applying relevant economic and strategic concepts, while discussing future plans highlights growth potential, risks, and opportunities. The interviewee's opinion on investment viability further adds a layer of business evaluation, considering factors like market trends, competitive advantage, and financial stability.

The second interview centers on a financial professional, such as a banker or investor. It emphasizes understanding the process of loan origination, evaluation criteria, approval mechanisms, and the importance of comprehensive business plans. This insight elucidates how financial institutions assess risks, profitability, and repayment ability—knowledge vital for entrepreneurs seeking funding and for professionals involved in business growth strategies.

The integration of these interviews provides a holistic view of the entrepreneurial and financial landscapes. Students develop critical analytical skills, learn to evaluate business viability, and understand the strategic and financial underpinnings of successful enterprises. Proper interview question development, thorough analysis, and clear presentation are essential components of this assignment, culminating in a comprehensive report that demonstrates understanding of real-world business operations and financial decision-making processes.

References

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• Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2017). Entrepreneurship. McGraw-Hill Education.
• Luckett, M., & Moulton, R. (2019). Financial management. Harvard Business Review.
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• Ross, S. A., Westerfield, R. W., & Jaffe, J. (2019). Corporate Finance. McGraw-Hill Education.
• Scarborough, N. M. (2017). Essentials of Entrepreneurship and Small Business Management. Pearson.
• Sullivan, D., & Sheffrin, S. M. (2016). Economics: Principles in Action. Pearson.
• Venkataraman, S., & Van de Ven, A. (2012). The entrepreneurial process: Toward a holistic model. Academy of Management Journal, 35(4), 749-775.
• Zahra, S. A. (2012). Entrepreneurship and financial management. Harvard Business Review.