Question

Please answer the following questions in your initial post:

• What is the importance of small business in the United States?
• How did the Telfers finance their start-up?
• Why is it difficult for budding entrepreneurs to secure bank financing or venture capital?
• What is an intrapreneur? How does it differ from an entrepreneur?
• How does the notion of taking an existing idea and making it better relate to the successful launch of Pillow Pets?
• Have you or a friend ever had an idea for a product or a service that would make it better? What was it? What is stopping you from implementing it?

Answer 1

1.Importance of Small Business in the United States:

Whichever is 500 or less number of employees hired in a business and is operated by the same is well regarded as a Small Business. Small Businesses are important in United Statues as they create the venue of lot of employment benefits. Small businesses contribute to the wealth of U.S. by stimulating the industrial and economical growth and value. Tax paid by these sources contribute to the Government policies over the nation and it directly contributes to the economy's growth. Also small businesses promotes product innovation.

2.Telfers Finance and their Start-Up:

Telfer has initiated a start up called as Pillow Pets in 2003, they've financed 50,000$ via credit card. (Source: Jennifer Telfer's Case Study)

3.It's difficult for budding entrepreneurs to secure bank financing because not all the ideas represented before the loan giving authorities will secure trust over the product success as business may face risks of failure. Some banks may sanction the loan but it might not always be the case. And even in the case where loan is offered, higher interest rates are charged over the loans.

4. Intrapreneur is a word that came out taking the words from Innovation+Entrepreneur,which emphasizes as the entrepreneur who introduces new product into the market. Entrepreneur may start up a product which is already existing in the market but Intrapreneurs are the ones who introduce a new product to the market with greater innovation.

5. As per the Telfer's Case, the notion of taking existing idea was that Jennifer Telfer has already seen the demand for rising sales for toys and pillows. And the market audience was massive. She has combined these two to innovate an idea and that's how Pillow Pet's had been a successful launch.