The first notion that a potential customer receives when they encounter any instance of Teresa Miller’s business, Treats-Unleashed, is the excitement and sensation. Teresa’s passion for her business and the industry generally radiated from her whenever anyone gets a n opportunity to discuss business or casual matters at her premises. Teresa Miller was overflowing with zeal, energy and inspiration in whatever she laid her hands on. When considering the ideal entrepreneur, most people have a perception of an individual possessing the definitive drive and morale to pursue a company’s goal to the end despite the nature of the business or idea. Such gifted individuals are zealous about their business creations and proud of themselves for developing an original piece of work. By starting her own small business, Treats Unleashed, Teresa Miller is an ideal case of transforming an ingenious and simple idea of producing healthy treat for dogs into a multi-million dollar business venture for Teresa and her husband. Personally, Teresa’s passion motivates the production of her merchandise, her proposals, and creative modification to the conventional pet store (Kravetz, 2009). The couple embraced this simple thought of desiring to start their own business and their passion for their domesticated pets, and succeeded in turning it into a successful business that still shared their passion in it.
Key Point Summary
Primarily, entrepreneurship is mainly opportunity inculcated from a person’s realization of a dream and passion, or taking advantage of an in a business environment. In an article that serves testament to her life story, Teresa Miller spoke about the decisions made and activities she and her husband undertook that ultimately oversaw the success of her entrepreneural venture. In 2001, the couple were residing in New York before deciding to head back to St. Louis with their two dachshunds dog breeds, Mickey and Max. Looking after this dog breed is a daunting task and requires intensive attention on various factors such as health and diet. After significant time taking care of these two pets, the couple ultimately became accustomed to serving all-natural and high quality pet food (Miller, 2013).
Hence, settling back in St. Louis did not take them long to realize that the pet food market was lacking a variety of nutritious treats and pet foods in additional to poor alternatives for pet supplies’ stores. Spotting this opportunity is what led to the conception and vision of the idea behind Treats Unleashed. This business deals with providing high quality supplies, all natural solutions, and unique pet accessories to its clients. Initially, the business started small in the form of a kiosk in the form of a test measure for testing consumer reaction towards all natural and high quality fresh baked treats. The customers reacted positively with this idea prompting Teresa to enlarge the business and open a second one (Miller, 2013). With a growing customer base, the business grew and eventually became a company with seven retail locations, and employs above forty-five workers.
According to Teresa, the company has over the years upgraded from a kiosk into a “memorable and comfortable place for pets”. The company works through creating a pet community and for its clients. Additionally, the company has also addresses its corporate social responsibility especially by its recent donation of 50,000-dollar donation to non-profit organizations.
Upon analyzing an article by Scribd website on entrepreneurship, I was able to identify to connect a relationship with Teresa Miller’s business testimony. In accordance with the article, an entrepreneur stands for someone with an innovative tool and uses it as a means of exploiting an opportunity for a business or service. In comparison, Teresa does indeed fall into the category of an entrepreneur. The idea behind her business is centered on an innovation based on an analysis carried out on the environment. In this regard, she was able to realize that the pet food market was lacking a variety of nutritious treats and pet foods in additional to poor alternatives for pet supplies’ stores. Having spotted this opportunity, Teresa quickly connected it with her in-depth knowledge of pet diet and nutrition she had amassed from taking care of her pet dogs. Ultimately, she exploited this opportunity and converted it into a flourishing business endeavor, hence making her an entrepreneur.
The article further goes on to point out the distinguishing features of an entrepreneur. Among these characteristics, include sufficient technical knowledge (Scribd, 2011). Teresa satisfied this factor through having the necessary knowledge regarding pet diet and nutrition and hence had the necessary information to run the business successfully. The other characteristics include long-term involvement, risk taking and self-confidence. Upon comparing these qualities to Teresa, we can infer that she satisfied them all. In this case, Teresa is a risk taker who committed her capital into a business she was not sure would bare fruit. It is possible that the venture might have been a failure but she executed it nonetheless. Additionally, Teresa also exhibited the qualities of long-term involvement and self-confidence. Even though this venture was an unproven success or theory, she was confident enough to ho ahead with her plans.
Furthermore, the article goes on to highlight the prerequisites that facilitate an entrepreneurial opportunity. In terms of economic factors, every entrepreneurial venture requires an environment that lacks adequate overhead specifics (Scribd, 2011). Profitable business innovations need basic facilities such as communication, transportation, power supply etc. The environment Teresa was exposed to was lacking in appropriate means of proving the residents with nutritious and healthy diet for their pets. This hence provided her with the idea of seizing this opportunity and opening the business. Additionally, the basic facilities necessary to launch this venture were available such as the location and nutrition products (Zeelie, 2008).
Additionally, cultural considerations are another factor that led to the success of this venture. The United States is nation rated among the first world with major developments in technology, agriculture and a big economy. With such major developments comes with a society that has high living standards and few problems to deal with compared to second and third world nations such as poverty. This leaves such a society with the resources and time to pursue certain cultures such as keeping and nurturing pets to satisfy ones interests. With this kind of society, a business that revolves around nurturing and taking care of pets would ultimately be successful.
Judging by the success Teresa Miller’s business has been able to garner, few adjustments can be made regarding decision-making and management. However, there are certain suggestions that would make Treats Unleashed a much more renowned and competitive business. Among these include considering enlarging the company and making it global (Rye, 2007). There are many other regions with a similar culture to the United States such Asian and European countries, and these countries have untapped markets for this kind of business. Making Treats Unleashed a global country would enable it to gain a strong brand and a larger competitive advantage. Additionally, other than dealing with pet nutrition and nurturing only, the company may also look to diversify and incorporate other pet related services such as veterinary services. This would extend the company’s customer base. Customers who already trust the company in its current field would not hesitate to seek veterinary services from the same company rather than going elsewhere.
Primarily, entrepreneurship involves an art and an act of undertaking innovations or bringing about new business and finance acumen with a view of transforming this innovation into an economic service or good. This sometimes results to new organizations or revitalizes existing organizations by responding to a business opportunity. Starting a business is one of the common ways of entrepreneurship. Indeed, Teresa Miller among many other people can be used as references that satisfy some of the major qualities of entrepreneurship. Teresa was able to realize that the pet food market in Saint Louis had potential due to its lacking in nutritious treats and foods for pets in additional to poor alternatives for pet supplies’ stores. Ultimately, she exploited this opportunity and turned it into a successful business venture currently a large company with seven retail locations, and employs above forty-five workers. Forming this business and leading it to its current position serves testament to the various entrepreneurial skills that Teresa possesses. Nevertheless, even though the business venture was a success, there are still certain opportunities that could broaden the company’s scope if they are pursued; these include globalization and diversification into veterinary camp.