Lecture #2 Notes from second lecture.

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16 Oct 2011
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MGM102 Jan, 6, 2011
New in the world of Business
-Gap had fewer sales than usual
-blamed it on snowstorm over holidays
Potential problems for low sales could be
not changing fast enough as customers wants change
not responsive to environment
ENTREPRENEURSHIP
Video (Ben & Jerry’s)
1. Challenges
a. Must meet customer expectations because Ben and jerry’s is a known name
b. Lot of work and commitment required
c. Getting Funds
i. Banks can help starting up but must be convinced (ex. Mrs. Field cookies when
first starting out let bank taste it and they liked it so they gave them the funds)
Small Businesses vs. Ent. Businesses
1. Size
Ent. Businesses expected to grow
Small businesses not expected to expand much (ex Camara’s pizza been there for 40
years no change)
David Birch’s model
The Elephants (Wal-Mart, Sears etc.)
-cant change direction quickly
*Edens (store like Bay)
-decided to renovate and become high end retailer, raised prices and failed miserably
-people couldn’t accept the huge difference
The Mice
-can make quick changes
-compared to elephants it is a lot easier and quicker to make changes for them
The Gazelles
-can make quick changes
-ex. Mac not popular in 70’s, then ceo changed to Steve Jobs who found new way to market products
and everything changed for Mac.
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