Entrepreneur's Portfolio

Step #1: Problem Definition - Margaret Rudkin

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Reflection Questions

Watch the video above, then answer these questions about Margaret Rudkin.

1 What fundamental problem was she trying to address which led to her free market solution?

2 What unique decision did she make on how to price her new product?

3 Who did she like to hire at her company and why?

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Step #1: Problem Definition

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Portfolio Questions

Apply what you learned from Margaret Rudkin to your own business idea.

1 Pinpoint a current societal problem that you feel needs to be addressed. State the problem below.

2 Propose an innovative solution (ie. a product or service) that tackles this problem, attracts the modern consumer, and describe it below.

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Step #2: Target Audience - Annie Malone

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Reflection Questions

Watch the video above, then answer these questions about Annie Malone.

1 What problem with existing hair products encouraged her to start her business?

2 How did Malone's direct sales model, along with offering free product demonstrations, allow her to bypass traditional distribution channels and build a large, loyal customer base?

3 Despite being one of America's first female millionaires, Malone faced both legal and financial challenges. What can you learn about perseverance and resilience in continuing her business and philanthropic efforts despite these obstacles?

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Step #2: Target Audience

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Portfolio Questions

Apply what you learned from Annie Malone to your own business idea.

1 Who is the main group of customers (target audience) your business is trying to reach?

2 How will your understanding of a specific target audience help you identify and define the genuine problem that needs solving?

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Step #3: Value Proposition - Thomas Cook

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Reflection Questions

Watch the video above, then answer these questions about Thomas Cook.

1 What social movement inspired the creation of Thomas Cook's business?

2 How did Thomas Cook's concept, which bundled transportation and accommodations, make travel accessible to a broader segment of society beyond the wealthy elite?

3 Despite immense success, the company Cook founded folded in 2019. What lessons can modern entrepreneurs learn from the long history of Thomas Cook regarding adaptability, embracing new technologies and responding to consumer demands?

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Step #3: Value Proposition

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Portfolio Questions

Apply what you learned from Thomas Cook to your own business idea.

1 Why should potential customers choose your product?

2 How does your product or service differentiate itself in the market?

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Step #4: Market Landscape & Competitive Analysis - Clarence Saunders

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Reflection Questions

Watch the video above, then answer these questions about Clarence Saunders.

1 How did Saunder's idea of the self-service model challenge the traditional way people bought groceries where store clerks retrieved items?

2 How did the self-serve model benefit both customers and store owners? Were there drawbacks?

3 What strategies did Saunders use to overcome resistance and convince both consumers and other entrepreneurs that his self-help model was the future of grocery retail?

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Step #4: Market Landscape & Competitive Analysis

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Portfolio Questions

Apply what you learned from Clarence Saunders to your own business idea.

1 What trends or shifts are currently happening in the market? Are there economic, social or technological trends you need to be aware of that could disrupt your business?

2 Are you aware of changes among competitors or industry dynamics that could affect your position?

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Step #5: Business Objectives & Goals - Fred Harvey

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Reflection Questions

Watch the video above, then answer these questions about Fred Harvey.

1 What unmet needs did Fred Harvey target, and how did this shape his goals?

2 How did Fred Harvey's focus on customer service help him reach his business goals?

3 Are there lessons that today's entrepreneurs can learn from his success? Explain.

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Step #5: Business Objectives & Goals

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Portfolio Questions

Apply what you learned from Fred Harvey to your own business idea.

1 Define your key business objectives. These could include financial goals (revenue, profit), expansion (market share, customer service), or operational goals (efficiency, scalability).

2 What goals beyond profits (e.g., leadership in customer experience) can a business set that still drive competitive advantage?

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Step #6: Revenue Model - A.P. Giannini

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Reflection Questions

Watch the video above, then answer these questions about A.P. Giannini.

1 How did Giannini's philosophy of providing loans to working-class individuals lay the foundation for his historic success in banking?

2 What types of revenue streams did Giannini focus on to grow his business?

3 How did Giannini's focus on an underserved market become a key to his entrepreneurial success, and what specific banking services did he offer that were uncommon at the time?

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Step #6: Revenue Model

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Portfolio Questions

Apply what you learned from A.P. Giannini to your own business idea.

1 How will your business make money? Explain how money will flow from customers to your business. What are the different types of transactions? (For example, sales of one or more products, renting, leasing, etc.)

2 Who are your target customers and how will your business create value for them?

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Step #7: Marketing & Sales Strategy - Lena Malsin

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Reflection Questions

Watch the video above, then answer these questions about Lena Malsin.

1 How revolutionary was Malsin's concept for her time, and what does it tell us about the societal expectations and fashion industry of the early 20th century?

2 When newspapers were reluctant to accept Malsin's advertisement, she successfully utilized mail-order catalogs. Research the advantages and challenges of mail-order business in the 1900's.

3 Lane Bryant offered employee benefits like profit-sharing pensions and medical benefits, even in the early 20th century. Research the standard employee treatment practices in the garment industry during that era. How did Lena Malsin's approach to employee welfare demonstrate a forward-thinking entrepreneurial mindset?

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Step #7: Marketing & Sales Strategy

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Portfolio Questions

Apply what you learned from Lena Malsin to your own business idea.

1 How will you conduct effective market research to identify an unmet need or a specific consumer market?

2 Outline how you will attract, convert and retain customers. This includes your marketing strategy (social media, content marketing) and tactics (advertising, promotions, partnerships, influencer marketing, etc.)

3 How will you go beyond initial sales to build strong brand loyalty and encourage repeat business and business expansion?

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Step #8: Operations & Resources - Frank Woolworth

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Reflection Questions

Watch the video above, then answer these questions about Frank Woolworth.

1 Imagine you're Frank Woolworth. What factors would drive your selection of products to be sold in your store? (eg., price, appearance, availability etc)

2 Woolworth's stores were strategically located in high-traffic urban areas and near public transportation. How does location contribute to increased sales volume and overall business success? What does this say about consumer accessibility?

3 Woolworth's stores were known for their open display of merchandise, a big difference from the more popular counter service at the time. How did this change in store layout enhance the customer experience and contribute to increased sales volume?

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Step #8: Operations & Resources

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Portfolio Questions

Apply what you learned from Frank Woolworth to your own business idea.

1 How will you deliver your product or resource? Where will your business live? (ie. online, retail store)

2 Detail the key operational processes (eg. supply chain, customer service, technology, infrastructure)

3 What are the key resources you'll need for your business to thrive? Consider both financial and human capital requirements.

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Step #9: Risk Assessment & Contingency Plans - Ruth Handler

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Reflection Questions

Watch the video above, then answer these questions about Ruth Handler.

1 What did Ruth Handler learn from watching her daughter play? How can entrepreneurs use similar observation strategies today?

2 What were the major challenges Ruth Handler faced in launching Barbie?

3 What were the big mistakes the Handlers made?

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Step #9: Risk Assessment & Contingency Plans

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Portfolio Questions

Apply what you learned from Ruth Handler to your own business idea.

1 What potential risks could impact your business's growth? Consider factors such as market shifts, operational challenges, regulatory changes, or financial pressures.

2 How would you respond if a particular approach in your business doesn't achieve the desired results? For instance, if your marketing strategy isn't performing as expected, what steps might you take next?

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Step #10: Performance Milestones and Legacy - Garrett Morgan

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Reflection Questions

Watch the video above, then answer these questions about Garrett Morgan.

1 Explain why the ability to identify pressing societal needs, like Morgan did with the safety hood and traffic signal, is important for entrepreneurial success.

2 Garrett Morgan didn't limit himself to one type of business. He developed a diverse portfolio of products, including hair-refining cream, improvements to the sewing machine, the safety hood (gas mask), and the traffic signal. He even started a newspaper. What are the potential benefits and risks of such diversification for an entrepreneur?

3 Which of Garrett Morgan's achievements had the biggest impact on society, and how do they reflect the milestones that define his legacy?

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Step #10: Performance Milestones and Legacy

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Portfolio Questions

Apply what you learned from Garrett Morgan to your own business idea.

1 What are the most important milestones for your business in its first year? How can you measure progress toward these milestones?

2 How do your business goals improve life for others as well as yourself?

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Entrepreneur's Portfolio

Reflection Questions

Step #1: Problem Definition

Portfolio Questions

Reflection Questions

Step #2: Target Audience

Portfolio Questions

Reflection Questions

Step #3: Value Proposition

Portfolio Questions

Reflection Questions

Step #4: Market Landscape & Competitive Analysis

Portfolio Questions

Reflection Questions

Step #5: Business Objectives & Goals

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Reflection Questions

Step #6: Revenue Model

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Reflection Questions

Step #7: Marketing & Sales Strategy

Portfolio Questions

Reflection Questions

Step #8: Operations & Resources

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Reflection Questions

Step #9: Risk Assessment & Contingency Plans

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Reflection Questions

Step #10: Performance Milestones and Legacy

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