Reginald E. Porter
Dr. Brenda Harper
January 18, 2012
An entrepreneur is someone who goes into business for themselves, hoping to expand and maximize profit. Throughout this report, I will briefly explain two of the premiere entrepreneurs who took a risk and it paid off.
It’s not about the price one charges for his goods and services, nor is it about the competition or how to beat them. It’s all about the customers and clients. Your clients are the ones who generally decided whether your product fails or succeeds (goods, services, 2008).
Many famous and non famous entrepreneurs become who they are for a plethora of reasons. Some embark on this experience to avoid being taken advantage of, conflict in work environment, but most just want to call their own shots and be the boss. When I think of a successful business entrepreneurs, the first name that comes to mind is the gentleman by the name of Sean Combs. Growing up in the mean streets of Harlem, New York, becoming a successful mogul and businessman was only an after thought. Living to see the age 15, in which majority of his childhood friends weren’t fortunate to do was his first priority.
Being an entrepreneur, one has to be willing to take a calculated risk in which you accept all responsibility if your idea fails. Sean Combs came up with a strategic plan to lower the cost of his merchandise and make it more affordable for people on a budget. Aside from having one of, if not the biggest record labels in the industry, he also is the joint owner of a alcoholic beverage that goes simply by the name of Ciroc (Grabow, 2008).
Ciroc is a brand of alcoholic beverage, manufactured in France and marketed as vodka (Grabow, 2008). In 2007, the beverage’s first year of existence, the sales were slow, only moving 120,000 cases that year. By 2009, Comb’s second year with the brand, the cases more...