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Video 5: “1154 Lill Studio: You Still Going Around with that Old Bag?”


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video NOTES
Twenty videos are available, geared to individual chapter topics. The teaching notes for these videos are also included in the Video Notes section of this Instructor’s Resource Manual, beginning on page V.1.
Video 5: “1154 Lill Studio: You Still Going Around with that Old Bag?”

1154 Lill Studio was founded by Jennifer Velarde, a corporate interior designer. In this video Velarde talks about her experiences as an entrepreneur, her vision and mission for the company, management challenges she has faced, and how she has solved them.

(Bonus Case 5-1, “1154 Lill Studio: You Still Going Around with that Old Bag?” on page 5.Error: Reference source not found of this manual relates to this video.)

Video Title

1154 Lill Studio: You Still Going Around with that Same Old Bag?
learning objectives


  • Define entrepreneurship and describe some key characteristics of entrepreneurial personalities and activities.

  • Identify the key requirements for success in a business enterprise.

  • Discuss why an entrepreneur would decide not to grow his or her business.

  • Identify the ways in which a small business can effectively compete against larger dominant businesses.


key people and companies

Jennifer Velarde, founder of 1154 Lill Studio

Robin Newberry, and Pam Aspbury Burne, Sarah Remus, 1154 Lill Studio employees
overview

Jennifer Velarde was a corporate interior designer when she got the urge to quit her job and strike out on her own by opening a business. The company’s name comes from the first commercial space she occupied in Chicago, Illinois, although she now also has stores in Boston and Kansas City. In this video, Velarde talks about her experiences as an entrepreneur, her vision and mission for the company, management challenges she has faced along the way, and how she has solved them. Her very creative products (handbags) are distributed through home parties. Velarde explains how she has been able to build a team of sales reps who are enthusiastic about selling her handbags to ladies gathered in homes of their friends.


preparing students before the video

Give students ten minutes or so to brainstorm in small clusters. Have the groups identify ideas for new product innovations that would solve some of the problems college students face in a typical day. Make a list of the topic five ideas and then ask students which of those ideas they think would be easiest to market.


major issues in the case

Emphasis is placed various components of business strategy, including vision and mission, the serendipitous way in which this entrepreneur developed her business model, the role of technology in a company, and the importance of surrounding one’s self with a team of talented professionals.

Also:



Additional Discussion questions
1. What does this video show about the roles of risk and uncertainty for business owners?
2. What problems arose from her lack of a business plan?
3. Unfortunately, the small business failure rate is extremely high. What steps can an entrepreneur take to strengthen their probability of success?
Suggested Answers for Discussion Questions
1. What does this video show about the roles of risk and uncertainty for business owners?

If you were a land owner, you could rent or sell your land and the renter/buyer would have to pay you for that right. As a worker, you are entitled to compensation for your labor. An entrepreneur, however, has no intrinsic right to a profit. If one’s business earns more revenue than it spends in expenses, it earns a profit. If it spends more in expenses that it earns, it will suffer a loss. The future of an entrepreneurship involves uncertainty. The entrepreneur must develop a business model that anticipates uncertainty and prepares for change.


2. What problems arose from her lack of a business plan?

Because she did not prepare a formal business plan before launching the company, Velarde admits that some mistakes were made that probably could have been avoided. A business plan helps owners focus their ideas and resources, while also providing a roadmap to which daily operations should adhere.


3. Unfortunately, the small business failure rate is extremely high. What steps can an entrepreneur take to strengthen their probability of success?

First and foremost, prepare a high quality, well researched business plan. Also, make sure that you have strong managerial skills, as well as technical skills. Build an entrepreneurial team to reinforce you in areas where your expertise is weak. Make sure that you have access to enough capital to stave off cash flow difficulties. Also, do not go into business without a clear understanding of how to attract and retain customers.


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