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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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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4 from potential investors that find its goals promising. A business can contain many complexities, but the more you prepare for, the smoother your business ventures will go. When Laguna Niguel Collision was just an idea, Ben and his partner had their focus on working with exotic cars (Ben Solovyev, personal communication, November 25, 2023). Flash forward to almost a decade later and that is exactly what their business does. Now this is not an easy achievement to reach as higher end clientele do not trust their six digit works of art to be worked on by just anyone. This is why Laguna Niguel Collision had to work day and night to put their name out there. Most shops may resort to getting certified by a particular brand, but Ben focused on the goldmine of social media marketing and winning over the trust of exotic car clientele (Ben Solovyev, personal communication, November 25, 2023). Marketing according to Ben is one of the most important aspects of their business’s success and that is all thanks to the high increase of digital marketing. The influence that companies can create by being active on social media platforms has skyrocketed within the last decade and has become more important to the success of a business (Newswire, 2018). Marketing within the business world has become more accessible and even cheaper when utilizing the power of social media. Having a presence on multiple platforms is what increases the number of eyes and ears that are drawn to a business. In essence, the more attention a company gets, the more money the company gets. This is exactly why Laguna Niguel Collision focused on amassing a large following on many platforms online and gaining the support of a large range of people within the automotive industry. The shop also specializes in insurance claims and repairing normal cars who may have been involved in accidents. By focusing on multiple aspects of the car industry, Laguna Niguel Collision can control more of the market and increase their customer’s demand. In summary the original business model for Ben’s business has been fulfilled and now the focus is solely on the future. The Fuel for Growth Growth is the name of the game within the world of business. It is the goal of every single entrepreneur to grow themselves and to grow their dream business. Along with growth comes more innovation, higher profits and the feeling of success as an individual reaches their goal. Just like any business, Laguna Niguel Collision has come a long way from its beginnings and is only getting better with time. The term growth projections describe the estimations made by a particular company to imagine the future expansions of its company through key performance indicators. Within these projections are short-term and long-term growth. Short- term covers a small amount of time such as a single quarter within a year. These projections usually focus on fast results and can require a business to strategize on how they will reach these goals. Long-term growth projections focus on a longer time period such as a couple years or even a couple decades. By making long-term projections a company can prepare for a changing market and decided when to shift strategies to adapt. Remaining agile and planning ahead is the key factor for a business to survive for a long period of time. For Laguna Niguel Collision’s projections they are focused on further improving their business while also preparing for an ever- changing market like the automotive industry. Their short-term projections are to grow steadily and remain within the exotic vehicle repair industry. Their long-term goals are to acquire their own building for work instead of renting one (Ben Solovyev, personal communication, November 25, 2023). Ben also noted that they focus on quality over quantity, studying competitors and always think 10-15 years ahead to when electric cars might rule the market (Ben Solovyev, personal communication, November 25, 2023). These projections are important because it allows a company to view the bigger picture and set new goals within their business plan. So far, Laguna Niguel Collision has reached their long-term goals set years ago and now

5 comes the time to prepare for another decade ahead. Businesses must always stay dynamic in their strategy to allow for survival. The Competition To be blunt, the car industry is extremely competitive and requires a great number of advantages to remain in the game. Although competition can be frustrating it ultimately shapes the success of a business and forces them to adapt to changes. Quality, efficiency, innovation and expansion are all factors within competition that are improved by attempting to win over customers from another company. A company like Laguna Niguel Collision has many advantages that have allowed it to thrive. Quality over quantity, strong social media presence, customer service and YouTube are all advantages that this business holds (Ben Solovyev, personal communication, November 25, 2023). Quality and treating the customer right are important rules to follow by when running a car shop. Many other businesses rush their projects or are ungrateful for their customers which creates a bad reputation. Like stated before, social media is at the forefront of business marketing. This easy tool is what allows small and big business to expose their products to millions of people who use the internet. Getting more views and followers increases a company’s reputation and can be the driving factor that convinces someone to use that businesses services.

Personal Report MAIN

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