3A - Your Entrepreneurship Story

My dad started this small Indian grocery and convenience store in the early 2000’s. It was situated in Margate, FL. My dad decided that this was the ideal location for our store as there were no other south Indian grocery stores in the area and our church was just minutes away, so it would be very convenient for our church members. This was probably my first most memorable exposure to entrepreneurship. Originally, when the store was opened it was named 99¢ Plus Groceries. It was only after a short time that my dad realized that this particular name was just not cutting it. He renamed the store to New Indian Groceries, which seemed much more fitting. We sold a variety of products and not only attracted Indian customers, but those of other cultures and backgrounds that were just interested in experimenting with Indian cuisines. Eventually, after about 10 years, my dad realized that it was time to sell the store, as too much time and money were being invested into the store with just not enough reward.

This is a picture of the outside of my dad’s store as well as the other adjacent establishments.

Many of my most vivid memories from when I was younger are from times spent at my dad’s store. Although I somewhat despised the store when I was younger, I have really grown to appreciate it now that we no longer have it. My dad always wished of owning a business when he came to America and with his hard work and determination, he was able to fulfill that dream.

I know that being an entrepreneur requires some risk to be taken. However, what are some ways to minimize those risks? My dad took a lot of risks starting his business, most had a positive result, however, the others really took a toll on him and even the store. So that’s what I would like to get out of this class, to learn how to minimize the number and extent of the risks involved with starting and running a business.