Your Entrepreneurship Story - Assignment 3

I was exposed to entrepreneurship at a very young age, as my father has owned and started multiple businesses. He currently owns and operates an ophthalmic equipment company that focuses on repairs for existing equipment, sales of both new and used equipment, and other smaller income streams providing light bulbs and batteries that operate these pieces of equipment. His industry is particularly interesting as it is equal parts sales of new equipment, purchasing used equipment and reselling that equipment to a third buyer. More specifically, clients with endowments, like University of Florida or the Cleveland Clinic, turn over their equipment every few years. But this specialized technology retains value for the length of its 15-25 year life span and is still very much of use to smaller private medical practices, who may not have the budgets for new equipment. My father compares this process to that of turning in a lease to the dealership to then be sold to another owner. Although this car is used, it is still likely in great condition. In this way, my father manages a large volume warehouse of inventory.

Prior to starting Sunshine Ophthalmic on his own, he operated a similar company with partners in Michigan. Before that, he was a sales representative for a stereo speaker distributer. He is truly an example to me of an entrepreneurial spirit, something I have learned to appreciate. While I am not quite the risk taker that he is, and likely would not chose a similar career path for that reason, he has always encouraged me that there are qualities to be learned in any business that will strengthen your career. Most notably, my father consistently demonstrated to me that in every job you are selling something whether it be your product, your services or your expertise. With that in mind, the quality of relationships with clients will make you notable to them for whatever it is that you do. If you can add value to whatever it is that you sell or provide, you will be able to sustain in a competitive market. 

Additionally, he has always proclaimed that diversifying income streams for a new business is key. In this way, he can become a “one-stop-shop” for customers as he can sell a piece of equipment, service is when anything goes wrong, and also sell the parts required for maintenance. For his business, these multiple income streams also can offer financial stability during a season of making more difficult sales. Although the bulbs and batteries are low in revenue, they have high profit margins that, with quick turnover, can buffer some of the  overhead costs associated with the business while waiting for other larger deals to settle out.

I enrolled in this course because I believe that, as Dr. Pryor describes, entrepreneurship is a skill set that can be applied to many different career paths. While may people associate it with being an “inventor”, it does not always have to be so restrictive. I think entrepreneurship often means someone who can embrace the many phases of their career and are adaptable to market changes by learning from each job they hold and using them to stay afloat financially. 

Fun fact: My father’s old business partner had sold this refractor to Justin Timberlake for this cover art!