CASE STUDY 1
Iwould advise Tim to use the $ 500,000 to continue the operations ofthe Skybox as he keeps searching for further funding. In spite of theeconomic downturn, the long-term viability of Tim’s project was notin doubt (Katz & Green, 2013). The presence of various firmswishing to advertise through Skybox and the interest that thisproject was getting from existing players in the media industry wasan indication of the strength of this product. Hence, business acumendictates that Tim uses the money raised to sustain operations as heraises additional funds to complete the project.
Tim’sfirm is facing operational efficiency as a business outcome (Katz &Green, 2013). Considering the inadequacy of resources, Tim hasresulted to finding his employees alternative employers as he seeksto find money to finance the project.
Thereis an ethical and entrepreneurial solution concerning the job offerand Skybox. Tim had spent significant time and resources buildingthis product. Besides, interest from various parties like mediacompanies was further proof that Skybox was a viable product in theproduct in the market (Stokes & Wilson, 2006). Entrepreneurshipdictates that Tim should continue pursuing his dream of finallyputting Skybox into the market. The ethical solution concerns trustshown by friends and family members who financed Tim to the tune of $500,000.
Creativityis one of the lessons that arise from this case. Tim`s idea ofimproving stadium experience through advanced electronics shows a lotof creativeness. As one plans their business, this quality is ofimportance as it helps them compete (Drucker, 2014).
Resilienceis also a crucial lesson from this case. Although Tim ends upspending all his money on the project, he does not give up (Stokes &Wilson, 2012). He explores other sources of funding to ensure thatthis product reaches the completion stage. He raises money fromfriends and family then he engages investment firms.
Anothercrucial lesson is greed. Tim is not greedy as seen by his refusal tosell out despite facing various challenges like inadequate funds.Anyone starting his or her business should avoid greed as it can leadto unfavorable decision making.
Drucker,P. (2014). Innovationand entrepreneurship.London: Routledge.
Katz,J. & Green, R. (2013). EntrepreneurialSmall Business.New York, NY: McGraw-Hill.
Stokes,D & Wilson, N. (2012). SmallBusiness Management and Entrepreneurship.Cengage Learning: Boston