Vedio analyze Essay Example | Topics and Well Written Essays - 750 words

Vedio analyze - Essay Example The challenge to change an idea into reality is also a factor that drives people into entrepreneurship (Gasparski, 2011). The video case breaks down some of the different types of entrepreneurship. Micropreneurship refers to the entrepreneurship whereby a person starts a business venture with a goal of having a balanced lifestyle and not to grow big. The second type of entrepreneurship is â€Å"entrepreneurial teams†, where a group of two or more people begin a business with a view of pursuing their passion and making profits. The last type of entrepreneurship is intrapreneurship, which occurs when large companies create opportunities for their employees to grow in business. These companies can offer the training for their employees and give them the necessary recipe for great business ventures (Hatten, 2012). Pillow Pets is a company in the United States of America that was created by Jennifer Telfer and her husband Clint. This company operates under another company, called C J Products. This is an entrepreneurial team type of entrepreneurship since it was a formation by two people. Through the story that the video case narrates about the inception and progress of the Pillow Pets Company, we learn several lessons about the traits that a person should have to be a successful entrepreneur. A successful entrepreneur must naturally possess certain traits that will make their business venture to boom. There is the ability to persevere through failure and still be determined to make it. This is important since the world of business is replete with risks and a soft heart can never have the perseverance to see a business grow to its greatest heights of success. An entrepreneur must also be action-oriented to ensure that he or she is not afraid to test the waters of the business they venture into for better results. There are also acquired skills that an entrepreneur can learn in the quest to achieve good results in business. These include management skills that are essential in the organization and running of the business enterprise. A business with poor management is always bound to fail since there are no proper mechanisms to control the inflow and outflow of finances. This can easily collapse a good business as a result of lost revenues resulting from poor allocation of funds in the various departments of production in the business (Gasparski, 2011). In relation to the video case, the couple was determined to make supernormal profits reason for their good management. They were determined to succeed despite their various failures, which included the designs that did not impress customers in the market. The designs were poorly made and not appealing to customers. Moreover, the competition in the market was rife but the couple induced more creativity in the business, a move which enabled them to broaden their market (Stokes et al., 2010). Entrepreneurship is mostly started as a small business that blossoms into a mega company. In the US, t here are over 20 million small businesses, with 750,000 small businesses being started each year. These small businesses are important in the improvement of the US economy since they make 50% of the country’s Gross Domestic Product (GDP). In addition, approximately 80% of Americans find employment in the small businesses, making the businesses the backbone of the economy. Mega companies just make a smaller part of the country’