Sawchyn Guitars: Can an Old Business Learn New Tricks

Sawchyn Guitars: Can an Old Business Learn New Tricks
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Introduction
According to Paul Beamish (2013), Sawchyn Guitars was founded in 1970 by Peter Sawchyn with the entity’s area of specialization being on making handmade mandolins and guitars. Peter, the owner of the company had a passion on developing instruments in his early teenage years. Considering the fact that Peter had no formal knowledge in this field, he developed a strategy that primarily focused on the production of fewer quality instruments as compared to the production of more acoustic instruments. It was therefore determined that many musicians preferred Peters instruments as compared to his other competitors in the industry because of the quality of sound that was heard in his instruments.
Additionally, Peter also developed a skill in making mandolins which were not so popular but gained popularity as a result of the rise of the Celtic Tigers, a factor that saw the rise in demand for this product. This paper therefore seeks to analyze by Peter Sawchyn’s business with the aim of pointing out to some of the essential elements of entrepreneurship and small business management. The paper will also determine new opportunities for businesses through an analysis of the potential outcomes and the execution of the required approaches.
Problem Statement
As determined by Paul Beamish (2013), Peter had initially worked on the business of making instruments in the second floor of his backyard. Considering the fact that there was a high demand in his products with some of the order from clients to repair some of the instruments, Peter was forced to find space to accommodate his business operations in a different location. As eluded in this case, Peter took a risk, a factor that saw this entrepreneur and his wife determine approaches of expanding this business with the aim of achieving their objectives. Peter got the support of his family members in opening a new office space that was well received by the clients. The company’s sales therefore increased with the business making huge sales from both the international and local musicians who made purchases of these products.
Recommendations
It is essential to determine the fact that Peter needs to clearly put more effort on his products and the market diversification approaches for these products. This approach would be an effective measure in solving the challenges that Peter and his business are facing. Through product and market segmentation, Peters Company will be in a position to explore different designs of the instruments that are required by the customers and meet the needs of each and every client. This factor would therefore result in the expansion of the company’s market base. Peter’s business will in this case be in a position to minimize on its opportunities and focus on the risks that are accompanied by the loss of clients with the aim of stabilizing its income. On the other hand, Peter may also decide to merge the company with other competitors in the market who produce the same instruments with this factor aiding the company in diversifying on different products in the market. The inclusion of technol...