Wild Planet: The Entrepreneurial Spirit

Introduction

The mission at wild planet is to provide a brand of toys that are useful to parents and kids beyond the pre-school age. To achieve this mission, Wild Planet works to ensure that it develops a cool brand of toys that do not lose the interest of kids as they get older (Fox Business). Hence, spelling value for parents who purchase such toys for use over a considerable portion of their kid's childhood years.

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The corporate climate at Wild Planet is autonomous and decentralized. As such, it encourages creativity while at the same time liberating staff members in the creative process of developing ideas meant for developing the company's products (Pearson). Thereby, ensuring the success of the company by maximizing the potential of its creative minds.

The driver behind the company's growth since its founding lies in the satisfaction that comes from customer feedback gathered from parents and kids on the value that the toys offer (Fox Business). For that reason, Daniel Grossman has continuously invested in value-laden toys where value means saving cash for parents while for the kids it means toys that are cool (Pearson).

The reason for starting Wild Planet was to provide a brand of toys that offers kids and parents continuity beyond the early stages of growth in pre-school (Pearson). As such, the kids would grow up loving and enjoying toys from the same brand maker which also gives them fond memories. Indeed, Grossman has achieved this goal because of the positive feedback that the company receives from its customers (Fox Business).

Yes, Daniel Grossman and his Wild Planet firm do fit my concept of a small business startup because it fits the category of an entrepreneurship business. Often, entrepreneurs depend on their income, loans, and grants to start their businesses (Pearson). In Grossman's instance, the same is the case. For that reason, Grossman is an entrepreneur whose finances for the initial investment came about from friends and his income (Fox Business).

Creativity, innovativeness, risk-taking, and courage are a few attributes of an entrepreneur. I find Grossman creative because he thought of how to combine his prior experiences working as a sociologist and at a former toy company to meet modern social toy needs of his clients (Pearson). Innovative because he thought of his unique brand of toys that offers continuity of value. He is also a courageous risk taker because he ventured into the untethered territory and succeeded (Fox Business).

I do not categorize Wild Planet as a franchise, but, I believe it falls under small-medium sized business. A franchise, in my opinion, should be a big company that has multiple extensions both locally and abroad (Pearson). I think Wild Planet needs to expand more to become a franchise.

The secret of Wild Planet's growth and success lies in two attributes. First, its human resource management approach allows for autonomy where staff members are free to brainstorm ideas that become central to the success of the company (Pearson). Secondly, the business thrives on the feedback that it receives from its customers as it forms the foundation of change. As such, the business can note weaknesses and improve on them to make products that suit customer needs best (Fox Business).

Grossman initially raised capital from the business through Angel Investors meaning that he got grants of goodwill from individuals who thought his business was viable (Pearson). Later on, he got some loans that he financed the operations of the company with for a decade up until the point when the company could cover its own costs and he stopped depending on angel investors and loans (Fox Business).

Works Cited

Fox Business. Wild Planet Toys. 05 May 2011. 21 07 2018. <http://video.foxbusiness.com/v/4392053/?#sp=show-clips>.

Pearson. Wild Planet: The Entrepreneurial Spirit: Pursuing the Dream of Success in Small Business. 2013. 21 07 2018. <https://media.pearsoncmg.com/ph/bp//bp_video_links/2013/biz/cb/wildplanet_2013.html>.