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College Entrepreneur
What lessons about being a successful entrepreneur did you learn from Ryan and Aaron?
Perhaps the most salient lesson to come from the case study at the center of this discussion is the notion of properly positioning one's self in the marketplace so as to capitalize on an existing but untapped area of need. Indeed, for Ryan and Aaron, a driving force behind the inception of iContact would be the recognition of an as yet unfulfilled need in a broader market. Particularly, by noting the challenges before small companies attempting to reach global buying audiences, iContact would be conceived as a way to create direct marketing channel mailing lists on the behalf of said companies. We may suggest that the greatest reason for their tremendous and rapid success was their capacity to identify an area in which few competitors existed and in which their naturally existing...
This would allow the young entrepreneurs to almost immediately fill a gap in the business services market, creating a valuable resource for smaller companies. By establishing themselves in a niche with few notable competitors, Ryan and Aaron would find an access point into the business marketing sector at a decidedly low cost of entry.
2. Who are the stakeholders of iContact and how are their needs balanced by the company?
It is important to note that Ryan and Aaron were able to enter a market with decidedly low cost of entry. This is because the two young men were their own primary investors and therefore were the leading stakeholders. According to the case, "Ryan had about $12,000 to start -- or about $1,000 a month for the irst year. Sales in the first year reached $17,000, not enough to create much profit. Sales in the second…
Works Cited:
Nickels, W.G., McHugh, J.M., & McHugh, S.M. (2010). Understanding business (9th ed.). New York, NY: McGraw-Hill/Irwin
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