A Case Study of Roxanne Quimby

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In this case Roxanne came up with any idea of utilizing those wasted beeswax. She had filtered that idea, sifts through it, and looked for the opportunity. Her idea actually worked in this case. An idea remains an idea with no worth unless you make business in it, while in circumstance you have to comprehend what issue you're explaining and for whom you are solving it for. Also, are there enough people who have the issue who will pay enough to make a practical business. An open door is a thought that can be executed, for which resources are available, that will succeed.

In Exhibit C, Roxanne decided to focus on skin care products and also the Exhibit C shows the establishments of toilet preparation, its employment compensation and production. Similarly, In Exhibit D we can see that the total establishments became lower in 1988, but it became high from the year 1992-1993. We can see the comparison of standard industrial classification in this Exhibit D.

- Why has the company succeeded so far?

The main reason behind the success of their business is because of Roxanne’s idea. Her dedication and skills has also helped company to succeed. They had a very strict policy, if retailer is unable to pay their debt within 30 days they are not going to deal with that retailer. Their company was also debt-free so that they do not have to pay high amount of interests to any debtors. Similarly, her partner Burt’s was understanding and supportive.

- What should Roxanne and Burt do, and why?

I think they should move their business to North Carolina. Moving to North Carolina will give them and chance to expand their business and make the opportunity worth it. If the stay back in Maine they have to pay high payroll taxes and also the transportation costs are high. They need good experts to make their product better but they couldn’t found any good expertise in Maine. North Carolina is a huge city, the company would gain huge profit. Even staying back at Maine can produce them profits but for how long? Moving to North Carolina will help them find a good expertise and also the transportation costs will be minimized as it is located in the center of USA.

Conclusion

Entrepreneurship is the willingness to do something new and different which involves risks, innovation, and creativity. Entrepreneurs are pioneers, innovators, leaders and inventors. Even with the smaller idea we can make a great business. Roxanne and Burt’s are the great entrepreneur examples. Take way from this case is that no matter what the situation is we should never give up. Unless we fall we can never get up. Even having lots of challenges, and ups and downs she never gave up.

References

Ready, K. (2012, February 8). Can Anybody Be an Entrepreneur? Retrieved from CNBC: http://www.cnbc.com/id/46311341

Spinelli, S., & Adams, J. (n.d.). New Venture Creation " Entrepreneurship for the 21st Century". Mc Graw-Hill/ Irwin.

Wigmore, I. (2013, July). Lifestyle Business. Retrieved from Whatis.com: http://whatis.techtarget.com/definition/lifestyle-business