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Entrepreneurship College - Case Study Example

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Summary
Stockbyte's research for product development is based primarily on anticipating future trends, and then undertaking market research based on these predictions. The research is conducted by being in touch with fashion trends, sourcing information from international magazines, selected TV shows and other media…
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Entrepreneurship College Case Study
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Download file to see previous pages Here, it is the ability to recognize which bit of information/ event/ transaction, though on the face of it appearing routine, is significant for developing leads to produce a fresh product.
The research process here is not about collecting data through lengthy or formalized processes, but more about using the data creatively-to predict; and to be able to see what the customer will need, before the customer knows it himself. (p4) The techniques have therefore to be flexible, going hand in hand with the actual production process, enabling the company to add pictures, or junk obsolete product, quickly.
The company's research techniques are inherent in their lean structure (forty employees, headed by Jerry and his wife), and Jerry's creative, hands-on approach. (p3) Therefore, research here is not necessarily separate from production. The ability of production personnel to envision what kind of pictures is needed, in future, is an inherent part of the research of such a company. It is likely that there may not be much formal demarcation between research and production, which is evident from the fact that Jerry himself participates in the process of conducting photo shoots.
Being the first to do it, has always been an essential part of Jerry's, and therefore, Stockbyte's, entrepreneurial philosophy. For instance, they were the first to seek venture capital assistance in Ireland, the first "significant European publisher" of royalty free stock photography, as well as the first in Ireland to offer downloadable e-commerce by way of virtual CD's (p6) Relying on his gut feeling, and striding boldly into a new venture, backed by his own past background of working in his family's photography unit had helped Jerry to move forward successfully. Apart from this, the company's explicitly stated entrepreneurial objectives, which include the whole organization in its sweep, sets down commendable objectives like exceeding expectations, being "passionately creative" crafting "relevant images", "leveraging the best technologies", and even one enjoining one to "enjoy the ride"(p7) clearly are motivating and entrepreneurial strategies, needed to keep ahead in a competitive industry.
The company has always enjoyed the benefits of the first comer, avoiding the rush, and therefore being able to build up clientele, before the field became crowded. And, being flexible, adaptable, and quick to notice new opportunities, they have succeeded by being equally quick in dumping ideas that no longer worked. Jerry's ability to work with a relatively small team has ensured that they responded quickly to the demands of a market.
It is not clear, however, whether Jerry has grown an effective second line of management-most likely not-to handle any contingency that could affect his personal functioning: bad health, for instance. The question is how long can a company, which is driven by a single person, withstand competition from giants, and continue to resist a sell-out How long would it be possible for Jerry to be personally there to deal with crises-it could be a mudslide in Asia today, something else ...Download file to see next pagesRead More
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