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Entrepreneurial Small Business 4th Edition by Jerome Katz ,Richard Green
Edition 4ISBN: 978-0078029424Entrepreneurial Small Business 4th Edition by Jerome Katz ,Richard Green
Edition 4ISBN: 978-0078029424 Exercise 1
Focus on Small Business: Paul Scheiter, Hedgehog Leatherworks
From a young age, Paul Scheiter had an insatiable passion for the outdoors. As a child he spent his free time exploring, hiking, and camping. As he grew older, Paul began to hone his skills as a minimalist, taking with him only the bare essentials necessary to live in the woods. He quickly learned that the most important tool for survival is a well-made, reliable, sharp knife. This single tool in the hands of a skilled person could be used to provide shelter, water, fire, and food-everything one needed to remain comfortable in the wild.
In 2005, Paul made his first significant investment in a knife. It was a $300 state-of-the-art tool that would handle just about any survival task under the sun. Upon purchasing the tool, he was shocked to discover this expensive knife came with a cheap plastic case (called a "sheath"). The knife rattled inside the sheath, which made noise, dulled the sharp edge, and was uncomfortable to carry. Ultimately the sheath broke while Paul was hiking, and he lost the knife.
After this bad experience, Paul determined to make a better product. He sought the guidance of a former St. Louis County police officer, Bill Shoemake, who had become a master leathersmith in his retirement. Bill helped Paul design a leather sheath that was far superior in fit, finish, strength, and comfort. After benefiting from Bill's mentorship through the early stages of learning his craft, Paul was inspired to share his product with the world.
Paul launched his business, Hedgehog Leatherworks, from his dorm room at Saint Louis University (SLU), while simultaneously declaring his major in entrepreneurship. He connected with the faculty and with the university's network of entrepreneurs to absorb as much business knowledge as possible. By finding great mentors, Paul built and implemented a plan for growing his business, refining it along the way through various business plan competitions. Eventually, Paul won second place in the Global Student Entrepreneurship Awards, a worldwide competition for full-time college students who run fulltime businesses.
Today Hedgehog Leatherworks is the world's leader in producing high-end knife sheaths. Paul's products (the top choice of many elite military operatives) are in wide use by expert survival instructors, and are the prized possessions of many people who appreciate "plain-old" American craftsmanship. Paul's sheath and knife (an innovation he added as his business grew) were one of the prizes given to the weekly winner on the Weather Channel's Fat Guys in the Woods program. Meanwhile, Paul keeps his finger on his community through social media and develops new concepts through the direct input of his consumer base. You can learn more about Paul and his company at www.hedgehogleatherworks.com.
Following the motto Paul learned at SLU to "Do well. Do good," he continues to give back, teaching and mentoring students at Saint Louis University, working with the outdoor community, and guiding young entrepreneurs around the country.
What drove Paul to start a business of his own
From a young age, Paul Scheiter had an insatiable passion for the outdoors. As a child he spent his free time exploring, hiking, and camping. As he grew older, Paul began to hone his skills as a minimalist, taking with him only the bare essentials necessary to live in the woods. He quickly learned that the most important tool for survival is a well-made, reliable, sharp knife. This single tool in the hands of a skilled person could be used to provide shelter, water, fire, and food-everything one needed to remain comfortable in the wild.
In 2005, Paul made his first significant investment in a knife. It was a $300 state-of-the-art tool that would handle just about any survival task under the sun. Upon purchasing the tool, he was shocked to discover this expensive knife came with a cheap plastic case (called a "sheath"). The knife rattled inside the sheath, which made noise, dulled the sharp edge, and was uncomfortable to carry. Ultimately the sheath broke while Paul was hiking, and he lost the knife.
After this bad experience, Paul determined to make a better product. He sought the guidance of a former St. Louis County police officer, Bill Shoemake, who had become a master leathersmith in his retirement. Bill helped Paul design a leather sheath that was far superior in fit, finish, strength, and comfort. After benefiting from Bill's mentorship through the early stages of learning his craft, Paul was inspired to share his product with the world.
Paul launched his business, Hedgehog Leatherworks, from his dorm room at Saint Louis University (SLU), while simultaneously declaring his major in entrepreneurship. He connected with the faculty and with the university's network of entrepreneurs to absorb as much business knowledge as possible. By finding great mentors, Paul built and implemented a plan for growing his business, refining it along the way through various business plan competitions. Eventually, Paul won second place in the Global Student Entrepreneurship Awards, a worldwide competition for full-time college students who run fulltime businesses.
Today Hedgehog Leatherworks is the world's leader in producing high-end knife sheaths. Paul's products (the top choice of many elite military operatives) are in wide use by expert survival instructors, and are the prized possessions of many people who appreciate "plain-old" American craftsmanship. Paul's sheath and knife (an innovation he added as his business grew) were one of the prizes given to the weekly winner on the Weather Channel's Fat Guys in the Woods program. Meanwhile, Paul keeps his finger on his community through social media and develops new concepts through the direct input of his consumer base. You can learn more about Paul and his company at www.hedgehogleatherworks.com.
Following the motto Paul learned at SLU to "Do well. Do good," he continues to give back, teaching and mentoring students at Saint Louis University, working with the outdoor community, and guiding young entrepreneurs around the country.
What drove Paul to start a business of his own
Explanation
Verified
Verified
Ideas, experiences, opportunities and talents are different words but these words are used very commonly. Ideas can come to any at any point in time. Experience comes from relevant work. Opportunities are identified with a right vision and talents are gained with practice. Each person has a skill set, on the basis of that he/she goes forward in life.
In the given case, the driving force for P was the bad experience faced by him. Being an adventurous person, he explored to live in minimum possible requirements. He found that one sharp knife was the essential item to be carried along those trips. He purchased a knife worth $300 which was his biggest investment till date. He lost the knife because of its plastic sheath which was not able to protect his valuable knife. It was then when he decided that sheath of the knife should be made of a durable material. He met a retired police officer who knew the work of leather, under his guidance P made his first leather knife-sheath. Since, he was too happy to make that knife by his own; he decided to make it public.
His bad experience let him towards an idea which he very smartly converted to a business opportunity. It was his skill set and talent which helped him in climbing the stairs of success. He did not plan anything for his career by that time, but his single valuable thought and willingness of doing something made him and his company very popular.
In the given case, the driving force for P was the bad experience faced by him. Being an adventurous person, he explored to live in minimum possible requirements. He found that one sharp knife was the essential item to be carried along those trips. He purchased a knife worth $300 which was his biggest investment till date. He lost the knife because of its plastic sheath which was not able to protect his valuable knife. It was then when he decided that sheath of the knife should be made of a durable material. He met a retired police officer who knew the work of leather, under his guidance P made his first leather knife-sheath. Since, he was too happy to make that knife by his own; he decided to make it public.
His bad experience let him towards an idea which he very smartly converted to a business opportunity. It was his skill set and talent which helped him in climbing the stairs of success. He did not plan anything for his career by that time, but his single valuable thought and willingness of doing something made him and his company very popular.
Entrepreneurial Small Business 4th Edition by Jerome Katz ,Richard Green
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