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What is the difference between a high-performing small business and a high-growth venture? Which of the two includes unicorns?
Identify and briefly describe the four elements needed to get your business started (BRIE). Is one element more common than the others?
Jamal cleaned and organized his mother’s walk-in closet and both Jamal and his mother were very pleased with the results. His mother commented that Jamal had a knack for this sort of thing. After organizing his aunt’s closet and one for his cousin, Jamal got the idea of starting his own business cleaning and organizing closets. He could bootstrap the part-time business, working from home and he only needed a small advertising budget which he financed from his savings. Jamal worked for weeks on a business plan and then launched his business, Closet Jewels with an ad campaign in local media. After six months, Jamal still did not have any customers and had received repeated feedback from prospects that while the idea of a clean and organized closet was appealing, the prospect was not willing to pay someone to organize their closet. Jamal closed Closet Jewels after eight months.
Dissect Jamal’s path through the entrepreneurial process. Did he complete all the steps? Explain why Jamal’s business failed to succeed?