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FSU - ENT - Class Notes - Week 15

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FSU - ENT - Class Notes - Week 15

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background image ENT2802 Notes 11/27/18 Jim Moran Family Enterprise History: Mr.Moran saved $365 to buy his bosses has station business and start his journey in the
car business
Values: education, government and industry collaboration, loyalty within companies, and
high standards
Focus on: giving with humility, helping others grow Important Concepts: Use a direct, urgent, and specific call to action People trust other people, rather than random companies Thrust Months: when inventory is at a peak, create sales (last few days of the month 
often)
Big Signs: Large signs and billboards increase sales One word/sentence capturing an entire ad campaign Using a strong incentive plan to create loyalty and avoid getting burned by your own 
employees.
On­site and Hands­on = being fully present and reaping as much profit as possible Small price differences are the heart of competition in volume merchandising 12/4/2018 Guest Speaker: Entrepreneur Mark Whitley The restaurant business has a major issue with employee turnover. When facing Chik­Fil­A, the speakers business saw turnover rise from 20% to 
90%
Good training and pay are key to combatting this; if your employees like where 
they work, they will continue to work for you
The boom­bust cycle usually leads to things coming back even better Most experience with losing money is dealing with things you don’t fully understand or 
have a hold on yet. 
Retail is mostly inventory driven and when mismanaged, you drive a hole in your own 
pocket. 
You have to be fully immersed in your business when its teetering in order to maintain 
what you have built or make it even better
Maintaining good relationships is key Ie: When closing one of his businesses, he was able to return inventory to his 
vendors at full price due to his consistent payments and their maintained 
business relationships

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School: Florida State University
Department: Entrepreneurship
Course: Entrepreneurship and Contemporary Society
Term: Fall 2018
Tags: FSU, ent2802, Entrepreneurship class, Entrepreneurship, jimmoran, Enterprise, business, Entrepreneur, ent, and floridastateuniversity
Name: Week 15 ENT2802 Notes
Description: These notes cover the Jim Moran Family Enterprise and key ideas and concepts from a guest lecture with Mark Whitley.
Uploaded: 12/04/2018
1 Pages 119 Views 95 Unlocks
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