Case: Jim Poss
The case study on Jim Poss addresses many different issues. To begin with, the case focuses on addressing the concept of identifying opportunities for entrepreneurship. The key factors of successful entrepreneurship rely on the ability of discovering problems. This implies that success depends on the ability of looking at the problems. For instance, Mr. Poss was able to discover that garbage trucks were consuming much petroleum (Bygrave, 2010). This implied that there was wastage of energy and time. To address this problem, there was a need for developing alternative means that would consume less energy and time. Jim was able to identify this opportunity. Consequently, Jim Poss uses this opportunity to implement his ideas by targeting schools and governments as his main customers.
The other factor evidence, in this case, is that timing is also another key factor for entrepreneurship. Jim Poss invented the product at the right time; hence, he was able to find an available market. If the case is observed from a modern perspective, it can be realized that it fits into the current market demands. The world is witnessing a situation in which the ECO friendly market is becoming more common. As evidence in the case, most of the western countries are positive towards the idea of protecting and improving environmental conditions (Bygrave, 2010). From the case study, Jim Poss started a firm called the Seahorse Power Company (SPC). The firm encourages the idea of adopting power generation methods that are friendly to the environment. The firm achieved this objective by designing products that were cheaper and more efficient than those of the past century.
In addition, Jim Poss and his team found the chance of inventing Big Belly. This was not only a device for helping in saving money, but it could also have been marketed for its idea of portraying the green image. This could be done in public spaces to help in improving the eco-friendly image of various companies that use them. However, due to time constrain, Jim and his team did not take much time to figure out the manufacturing process of the Big Belly.
The other point from the case study is that entrepreneurs shape up their ideas depending on the surrounding circumstances. For instance, entrepreneurs can shape their ideas depending on who they are, who they know, and what they know. The case discusses how Big Belly and the Seahorse Power Company address various technological problems. However, it is clear that the whole thing began with Jim Poss. The idea relates to the problems that he experienced during his life. Jim was able to link the idea to his expertise within the solar technology. By connecting the idea with other people around him as well as the broader networks, Jim succeeded in his plans.
Management of resources is a key to entrepreneurship. In the case, the Seahorse Power Company did not have adequate resources and support. However, there were better resource management ideas. Jim Poss used all the resources he had at his disposal to execute his business plan. He relied on his ability to control the limited resources for the success of his company. As a result, there was minimization of the resources consumed, whereas focus was directed towards maximizing the output from the resources. He used all means to obtain the resources such as from the academic peers, friends, personal saving, among others (Bygrave, 2010). For this reason, it is evidence that once a business idea, has been developed, financing the idea may be easier in case there is a better resource management measures put in place.
In a nutshell, the success of a business primarily depends on the strategies put in place. It is important to use the correct growth strategy in order to be successful entrepreneurship. It is advisable to invest in sectors or companies that grow at a fast pace.
Bygrave, W. (2010). The portable MBA in entrepreneurship (4th ed.). Hoboken, N.J.: Wiley.