Question

Consider what you've read about growth and troubled ventures. Apply your own experience. Describe a time when you (or others) saw trouble coming for a company or venture but others did not. What happened? What did you learn?

Answer 1

Answer: One such instance came when I was working for a summer job at a restaurant in a front line position. There was a new restaurant that opened near my restaurant. I often used to overhear the customers talking about the good food at the restaurant and making comparison with our menu and quality of food and service. I realized that most of them were considering the new restaurant better as compared to ours. I felt that this was an alarm bell for our restaurant and informed the owner and my manager about my apprehensions. Both the manager and the owner did not take my feedback serious and told me that I was new and hence I don’t know much about the business. My manager told me that even in the past few restaurants opened near our restaurant but were unable to beat us. Gradually our client age started to decrease and it fell nearly by 50% because many of our loyal customers went away to the new restaurant. This incidence taught me that any business should not take competition lightly and should always attempt to improve its offering.