Entrepreneurship Essay Example | Topics and Well Written Essays - 1500 words - 3

Entrepreneurship - Essay Example According to the task outline, the objective of this assignment is to develop an understanding of the experiences, motivation, and lessons acquired by individuals who have created successful enterprises. Consequently, this paper has focused on The Cambridge Satchel Company as a demonstration to help us understand to various dimensions that entrepreneurs face although till they create successful businesses. As such, the paper will analyse an interview conducted on the company’s co-founder Julie Deane (Faulkner, 2012). Julie Deane, Co-Founder, the Cambridge Satchel Company According to McGowan et al. (2012) entrepreneurs are always motivated by the desire to take control of their lives and self confidence in their abilities to run a business (McGowan, Redeker, Cooper, & Greenan, 2012). Similarly, the idea behind the creation of The Cambridge Satchel Company started from the need of Deane to transfer her eight years daughter from a school where she was being bullied. As such Dean e was faced with a situation that required more income/money. This made Deane to come up with many business ideas only to settle at an idea that involved the making of traditional leather satchels. Her target market was the school going children who were crazy about the Harry Potter kind of bag. Consequently, in 2007, with a saving of six hundred euros Deane set her business (Eccles, 2012). The first consignments were classical chestnut coloured bags, in addition to black and dark brown colours because these colours were readily available. This is a classical support of the need for entrepreneurs need to set their goals and objectives. Moreover, this business is a sole-proprietorship kind; as such the company had its share of hardships in borrowing. Another, back draw in this business form is it weak growth rate due to limited capital and exposure (staff, 2010).However, another important characteristics for any successful entrepreneurs is high risk tolerance, a feature that has enab led Deanne to be successful in her business, to date (Shah, Smith , & Reedy, 2011). The Cambridge Satchel Company initial operations were at home. Deane confesses that as a start-up business she was only able to sell one to three bags in a week. However, through her own advertising initiatives, she started distributing leaflets in the neighbourhood and in offices and clinics. In addition, the fact that Cambridge boasts of being a career town and hold a lot of traditions, many people were able to identify with the Satchels. This factor greatly helped in the growth of the Satchel demand. More so, Deane was able to make a name through fashion houses and celebrities many of whom fell for them. To make more sales she started producing the bags in more different colours so that they could match the requirements and demands of the customer. Though this, Deane has demonstrated very good entrepreneurship skills. For example, she has demonstrated the importance of relating with the customerâ €™s needs. In addition Deane confessed that even if the demand grew she has never compromised on the quality. From the interview, Deane admits that another success factor for her business is innovativeness and creativity. Notably, in diversifying her product, she realized the importance