The Nature of Entrepreneurship
Cain & and Able case study Submitted to
Professor Candice Pendleton
LOS 3100 The Nature of Entrepreneurship
Ideas
Where do our ideas come from; and at what point are we deft enough to understand their significance? I would suggest it rare to have an idea unrelated to past or long standing rituals, routines, and habits.
An idea, in some cases can become the rarest of mind blowing experiences–an epiphany. “A sudden realization of an ordinary but striking occurrence”
Ideas Spawn Ideas
“In late 2003, Candace Leak returned home with her dogs Cain and Able. She had taken them to a creek to play fetch and swim. Leak would wash her dogs before re-entering the apartment” (Dixon 2011).
This was not the first time Leak had washed her dogs, but for some reason it was the first time she thought about the harm she may be causing to their furry bodies. This thought came about because the dogs would shake to remove the water. This is a normal reaction for most furry animals, and wouldn’t have anything to do with a shampoo bath.
Nevertheless, “Leak had an idea…to research the ingredients of her dog shampoo and discovered she was washing her dogs with harsh chemicals” (Dixon 2011).
As we learn later in the case study, Leak was “obsessed by the opportunity to create holistically,” (Spinelli, Neck and Timmons 2007) a shampoo that is beneficial to dogs. She would ensure the ingredients were natural and organic.
Leak’s Strengths and Weaknesses
With no support from friends and family she looked elsewhere for capital, but decided she had no connections and would have to use her savings to start the business; a risky decision.
Leak believed she had some of the qualities needed for the business to succeed; “passion, work ethic, and a marketing degree” (Dixon 2011). She also realized her weaknesses, foremost was a lack of business skills. She pondered the idea of bringing in a partner to fill the gaps, but decided to wait; worried about “her financial situation” (Dixon 2011).
Industry Statistics and Customer Market
“Link concluded after months of research, she had no true competition because nobody was focusing on the high-end, all-natural niche market” (Dixon 2011). Link conducted interviews at local pet stores and was overwhelmed with the number of people concerned about the chemicals in pet products.
Next Leak looked at the industry numbers and concluded there was opportunity and a track record or growth. She looked at the five year trend and the previous year market performance.