The Nantahala Newscast from Western North Carolina
Entrepreneurial Interview Questions
Hello I am Jeanette Marceau of Nantahala Cabins from Western North Carolina. I am doing an in depth series on the entrepreneurs of Western North Carolina’s tourism industry for the Masters of Entrepreneurship Program at Western Carolina University. This will be an eight part series beginning with an interview with Sara Smith who majored in Graphic Design at Western Carolina University. The other parts of the series will include entrepreneurs of the tourism industry in Western North Carolina particularly the within Bryson City and the Nantahala River and Fontana Lake regions of Bryson City, North Carolina.
Western North Carolina is a premier outdoor vacation capital. “National Geographic Adventure and ABC’s Good Morning America’s “Vacationland” series named the Nantahala River the number one place to spend a wet and wild vacation in the US. The book “101 Best Outdoor Towns” named Bryson City the nation’s third best whitewater paddling town.” Not only is rating popular but the area also has horseback riding, biking, zip lining, boating on Fontana Lake, jeep tours, hiking and many more outdoor attractions for families along with shopping and many restaurants. Being a tourist area there are also many accommodations and restaurants to choose from. The down turn in the economy has hit this area hard and the entrepreneurs are struggling to survive and they are creating innovative ways to succeed.
Name of Entrepreneur: Rita Mattox
Name of Business: Rita’s Hallmark
Location of Business: 169 Everett St. Bryson City, NC
Business Activity: Hallmark
Number of years in business: 14
Tell me a little bit about how you started Rita’s Hallmark
sort of an overview, please…
Purchased existing business from family and changed it from a drug store Hallmark into a Gold Crown Hallmark. This process took approximately 5 years.
• What ignited the spark in you to start your business venture or to make significant changes in an existing business? How did the idea for your business come about?
We saw the need for a card and gift shop in our town. Their was already a commitment to Hallmark and we had the opportunity to expand with the company.
• What would you say are the top three skills needed to be a successful entrepreneur?
Financial Management
Enjoy working with the public
Product knowledge in purchasing and planning
• Do you believe there is some sort of pattern or formula to becoming a successful entrepreneur?
Planning and understanding your market are both key elements. Most important is to realize from the beginning that your business depends on YOU. It will not succeed on its own. It is your baby that never grows up. During the first 3 years, profit must be reinvested back into your business. In other words, you will probably not have a pay check and unless you are able to plan for this your business will most likely not survive this critical time.
• What would you say are the five key elements for starting and running a successful business?
• Market survey for your product or services
• Financial planning
• Location of business
• Store environment (critical)
• Publicity
• What is your greatest fear, and how do you manage fear?
Managing inventory and making necessary adjustments. This is something that comes with experience. A $500.00 order in the beginning might scare you. Someday you will have a $5000.00 order. Make sure your business is ready to make that huge jump.
• What do you feel is the major difference between entrepreneurs and those who work for someone else? Commitment to the business. Again, it is YOUR baby.
• How big is tourism for your business? What percentage is local and what percentage is tourism?
• Tourism – 20 %
• Local – 80%
• How has the current economy changed your business?
Adjustments in purchasing and other business expenses to offset reduction in sales.
• When do you see the economy improving and your business improving?
Small growth over the next 5 years.
• What do you see as the future for yourself and your business in 1 year, 5 years, 10 years, and 20 years?
Probably not much growth in 1 year. In 5 years I expect a stronger economy and increase in sales. In 10 – 20 years I hope to see an increase of 10% per year.
• How do you go about marketing your business? I use Hallmark marketing exclusively which focuses on national advertising and brand recognition. Hallmark spends over a billion dollars in marketing each year. (Televison, newspaper, magazines, in store ad campaigns, personal mailings to Hallmark customers)
• What has been your most successful form of marketing?
All the above.
• How has the current economy changed your marketing strategies?
Hallmark has increased their marketing over the past few years.
• What has been your most satisfying moment in business?
Personal interaction with my customers. Unlike many businesses, I am engaged personally with my customers and celebrate milestones, family, illiness, death, recovery, and the list goes on and on.
• How do you define success?
Providing a service and quality products to my customers and having a profitable business. Success for me is looking back at the end of the day and knowing that my customers found what they were looking for and enjoyed coming to my store.
• What is the best way to achieve long-term success?
Planning and financial management
• Do you consider your business successful?
Yes
• How are things going in your company in general, right now: are you hiring, downsizing, or “staying as you are” in terms of your company’s workforce; are sales up, down, or flat?
Workforce is the same. Sales are generally flat with the indication that the market is showing small growth over the next year.
• How do you keep up with best practices in your industry?
I rely heavily on Hallmark’s expertise and generally follow their recommendations.
• What three pieces of advice would you give to college students who want to become entrepreneurs?
• Gain experience by working for someone else for the first five years following graduation.
• Save money to invest in your business
• Study the market and continually work on your business plan
