https://youtu.be/c59pZOalbqc WATCH VIDEO
What are your thoughts on this episode? How does it apply to what we have learned in our Entrepreneurship Module and your previous modules?
This discussion board should reflect on entrepreneurship and the video link i copied and pasted.
Discussion Board: The Key Lime Pie Company
The CNBC Prime episode focusing on Key West Key Lime Pie Co. demonstrates various challenges that a business faces as well as mistakes which lead to such problems. I think the episode perfectly illuminates the reasons why some businesses fail to make profits despite having huge amounts of sales revenues. Although the company makes sales worth $1.4 million, the shareholders have not been able to make profits. The problems espoused by the episode such as poor planning and low wages for employees are, in my view, reminiscent of those in the contemporary business. I think that the business requires restructuring as proposed in the episode. The concepts which have been proposed to ensure profitability of the entity are viable, considering that the shareholders have not received any salary over the last 6 months.
The episode aligns well with the aspects which we have learned in the entrepreneurship module as well as other modules. In specific, it demonstrates some of the key success factors of an entrepreneur. The willingness of one of the partners to the business to take action shows the importance of entrepreneurs not being afraid of taking real actions which can lead to success of their businesses. Additionally, the episode aligns with the module readings on some of the aspects which lead to failed entrepreneurship. For instance, the lack of creativity in the episode as well as entrepreneurial knowledge, skills, and intelligence are some of the aspects which we have learned in the module. However, the presence of patience and persistence from the owners of Key West Key Lime Pie Co. as demonstrated in the episode are some of the key entrepreneurial success factors studied in the module.