ENTREPRENEUR PROFILE
TED HAMRICK
Owner : Ted Hamrick
Business Name: Hamrick Daycare, Teddy & Eddies Quick Mart, & Ted’s Autos
Industry Business: Daycare, Convenient Store – Retail & Automotive
Education: BA in Applied Science & Technology, ASU
Professional Background: Director of SBC, Isothermal Community College & Human Resource Manager for Kids Clothing Manufacturer
ENTREPRENEUR INTERVIEW
(Interview conducted by Scott Hutchins)
My interview with Ted Hamrick was quite different from both of the previous interviews. Ted has been responsible for both starting up a business and acquiring existing established businesses. Ted demonstrates one characteristic of entrepreneurs, risk taker. It was clear that he was not afraid to take calculated risks when it comes to purchasing or starting a business.
Ted had spent about 20 years in management, which provided a great foundation in how to supervise people. His experience as an HR Manager was extremely valuable. Ted started his first venture out of necessity not passion. The daycare their family used announced that it would be closing in the near future. Ted and his wife did not want this to happen so they purchased it. They also kept all the personal. This established business had a history and reputation in the community. Later on Ted purchased two more daycares serving over 100 children.
Ted created several partnerships with companies in the area. He created a unique business partnership with his company he worked for at that time. As HR Manager, he noticed that their company was experiencing attendance and absenteeism problems. He convinced the company his employer to use the daycare for their employees. This worked perfect for both parties. As a benefit to the kids clothing company, they paid 50% of the daycare cost for their employees. Hamrick’s daycare had it’s built in client base. This partnership resulted in improved attendance and almost no absenteeism.
Since this venture proved to be a success, Ted purchased two daycares. He later sold these for a profit and moved on to the next venture. He used the money from the daycare sell to pay of personal loans and re-invest in inventory for his used car business. Later he purchased a convenient store with a business partner, which at the time he thought was a good investment. He did his homework on the market but the economy went south and so did the business. This venture turned out to be the most costly. Currently today, he is still paying for the venture that is no longer a business. Ted was extremely knowledgeable on the dos and don’ts of owning and starting a business
Again, in every interview I conducted, I tried to ask some of the same questions to each business owner. I asked several questions relating to advice they could give to others and one question very specific; what do you think should be the top five issues that individuals should consider when starting their own business. My goal as the interviewer is to determine a greater understanding of what one must consider and avoid when starting a business.
Mr. Hamrick had the following response to the first question, “what advice would you give to someone thinking of starting their own business?” The second question, “what would be the top five issues or obstacles that should be considered when starting your own business?”
Response to question one:
1) You must know your market
2) Set aside capital for operate in order to run the business
3) Study your industry
4) You should be passionate about what you are doing
Response to question two:
1) Establish your legal structure
2) Determine your insurance liability needed
3) Tax Issues
4) Plenty of capital required
5) Know the regulations
This interview pointed out some unexpected challenges that you may not foresee in owning your business. This interview provided both successes and failures that are realities.
Note: Copy of Interview Questions posted on our cohort site.
