Chapter 6, Problem 1VC

Summary Introduction

Case summary:

According to entrepreneurs, JT and CT, liking one’s own work is the key to success as an entrepreneur. With an idea and an amount worth $50,000 from credit cards, they launched the company C Products with the features line of P Pets. The idea began as JT watched her son patting down his stuffed animal to use it as a pillow. Over time, their business has grown tremendously, which includes a successful website and licensing agreements with giant businesses.

As told by JT, they made two mistakes as entrepreneurs which were costly and it took them a year and a half to recover their losses. They tried to grow the business to quickly and they used a less than quality manufacturer. Their success stems from their years of experience as salespeople in retail markets.

Small businesses are the backbone of the U.S. economy, with more than 2 million currently operating and over 750,000 new businesses starting up each year. They are responsible for over 75 percent of all jobs in the U.S. and generate over 50 percent of the U.S. GDP annually.

Characters in the case:

The important characters and factors discussed in this case are entrepreneurs, JT and CT and the contribution of small businesses to the U.S. economy.

Adequate information:

JT and CT are owners of the company C Products with the features line of P Pets. Their success stems from their years of experience as salespeople in retail markets. As told by JT, they made two mistakes as entrepreneurs which were costly and it took them a year and a half to recover their losses. They tried to grow the business to quickly and they used a less than quality manufacturer. Small businesses are the backbone of the U.S. economy.

To determine: How the idea to take an existing idea and make it better is related to the successful launch of P Pets.