Ted Leonsis and Filmantrophy
1. Describe Leonsis’ concept of “idea generation” and explain the approach you would take as an entrepreneur in this kind of business.
In the case study, Ted Leonsis went to the unchartered territory of film making. Before going in the process of film making he was one of the executives of the AOL. He was not related to the film making business in no way. However, he backed his instincts in the case of filmmaking. According to him, one has to balance between the vision and the execution of the idea. “No matter how excited you might be about vision, you can never lose sight that customers may not buy an idea.” A successful entrepreneur has to make a relation between the strategy and tactics. According to him, an entrepreneur has to develop an expertise of the knowledge in which he wants to do business. He cannot go on blindly financing the activity. Leonsis had read the original story and he went from door to door in search of a director and actors. He was involved in the whole process. One has to passionate enough for the development of the idea. He always wanted to tell the story of Nanking and that was in my opinion the main reason for his success- his passion. He did not do something new, he just presented the old thing in a different way. He told, “You could say I’ve never had an original idea. All I’ve ever done is take one from column a, one from column b, and one from column c, shake it up, and bring it out differently.” (Ted Leonsis and Filmantrophy, n.d.)
In this kind of business, I would also understand the full process and then go about in the execution of the business. I would be involved in the process and would contribute more than providing finance. For the development of the business an entrepreneur has to be involved in a big way and for filmmaking also this is no different.
2. Describe your “big idea” and the methods you would use for finding statistics to validate the market size and growth opportunity for your potential business.
The world is full of opportunities and the economy provides a whole range of activities one might pursue in the development of the business. My “big idea” in the case of entrepreneurship is pet cleaning business. The specialty will be in the segment of the dog cleaning. This business will be of comparatively low investment and can be started at small level. The business will focus on the local neighborhood first. Then we can expand it to the other areas. First of all I will heave to search the internet on the availability of such kind of business in the country. Then I can personally go up to them to get information. Or else I can get to the pet lovers of the city and the locality to ask for their preferences. Some of them may be using cleaning services and from them I can have a idea of the names of the companies. I know that there are big companies in this sector and they operate in the way of franchise. However, I will start on my own at a small level with customized services. (Working at the dog wash, yeah, n.d.)
3. How would you leverage your resources and network of contacts to begin to accomplish your entrepreneurial goal?
The resources are an important part of this business and my neighborhood may be my most useful resource. There are a lot of pet lovers in the area and I have to go up to them to ask if they use the cleaning services for the pets. A chain of contacts may develop that can be used to know some of the companies operating in the area. Their specialties and services will be known. My network of employees will go on to collect information regarding the companies. They will get the utensils and accessories for the business and I will arrange for a place in the locality. An experienced employee from one of the bigger companies has to be drafted in our small concern to teach us some of the techniques. This will help us in the long run.
4. What strategies would you use to set up your network to start your own business?
The strategies for the setting up of the business are simple. The communication with the people of the neighborhood is to be improved. For this, I would go from door to door informing about the start of the business in the locality. Outside our locality, a van has to be hired to promote our company. The van would be covered with posters. Pamphlets and discount cards are to be distributed. The customers who come with the discount cards will be given discounts. The cards will be distributed in the every locality in the vicinity of the company. The door to door publicity will also involve the communication to the about the free service on the first day of the business. For the first day, the experienced employee will handle the activity as that would help to develop our name in this field.
Ted Leonsis and filmantrophy. (n.d.). Cool Daddies.
Working at the dog wash, yeah. (n.d.). Small Business. Msnbc.com. Retrieved on 21st August, 2010 at: http://www.msnbc.msn.com/id/22421795