Discussion:
If you were an entrepreneur looking to open a new company, what do you think would be the biggest benefit to researching case studies of other companies in the same industry? Why?
PLEASE EXPLAIN WHETHER YOU AGREE WITH MY CLASSMATE RESPONSE TO THE ABOVE QUESTION AND WHY? (A MININUM OF 125 WORDS)
CLASSMATE'S POST
Case Studies are important because they tell a story. An individual can learn from the experience of an organization applying those successes and challenges to understand what would and would not work for their particular new company. I have some personal experience with this regarding a restaurant I own. I had a little experience with being a partner in a small business prior, but no experience in the restaurant business. My current partner and has 25+ years' experience as a chef but not really any experience running or operating a restaurant. As we were moving into this venture, I pulled on resources from our local bank, our small business development center, and a lot of reading online regarding the do's and don't's of owning a small business. We were able to take the experiences of other small restaurants and use that knowledge to open our own. This case study research was crucial in our success. We are coming up on a year open and doing very well.
The biggest benefit of utilizing case studies to open a new company or small business is bringing the input of other successes and challenges and learn from that experience without jeopardizing ones own success within that process.