Mgt 521 Week 4

Topics: Small business, Entrepreneurship, Business Pages: 3 (935 words) Published: June 2, 2013
Wee 4 Team Reflection
Mgt 521
July 22,2012

Ryan and Aaron are an amazing example of modern entrepreneurs. They grew their business from the ground up and did so with little capital. One key lesson apparent from the video is that they had an innovative product that there was a market need for. Email news letters is an excellent tool for a number of reasons and an obvious go to model for the future. Having a product that was an internet based product also gave them easy access to the international market. Another lesson made clear from the video is that re-investing into your business can lead to long term profitability. At the time the video was made, Ryan and Aaron’s company was not yet profitable. They had continually re-invested into their business to obtain growth, meet market demand and increase the companies value. Hiring practices were discussed in the video. Ryan and Aaron hire smart people, train them well and let them run with their work. Diversity is also important to them. Having a diverse staff helps them to better understand their customer base. Most important, was the lesson of knowing when your goal as an entrepreneur has been met. Being happy, making money and helping others at the same time is an excellent way of defining happiness.

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address (Nickels, W. G., McHugh, J. M., & McHugh, S. M 2010). Key stakeholders in a business organization include creditors, customers, directors, employees, government, suppliers, and the community from which the business draws its resources. iContact recognizes some of their stakeholders as their customers, which are entrepreneurs and small business owners, their employees, and the community. One form of iContacts stakeholders is the customers which are entrepreneurs and small businesses. Ryan and Aaron started iContact to provide entrepreneurs...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • MGT 521 Week 2 Essay
  • mgt 521 Essay
  • MGT 311 Week 4 Team Assignment Essay
  • Essay about MGT 521 Week 4
  • Mgt 521 Essay
  • Week 4 MGT 601 Assignment Updated Research Paper
  • Week 4
  • MGT 521 Complete Course Essay

Become a StudyMode Member

Sign Up - It's Free