ENTR 510 Week 5 Midterm Paper: Case – P’Kolino (Already GRADED A)

Case: P’Kolino Keller Business School of Management/DeVry University Author Note Dr. King – ENTR 510 Abstract P’Kolino is a toy manufacturing company that special ize in play product and accessories for children. The founders have created a robust business plan that depicts their vision and purpose. The plan begins with an executive summary followed by a market analysis and growth projections. I will critique the following case study based on several factors, which include their origin, founders, the business plan itself and funding. Like most plans, this is still a work in progress and will need to be revised and edit as the business continues to grow, so does your plan and course of action. Entrepreneurial Attributes The business plan talks about both founders briefly. I was expecting a little bit more information, however for a business plan, this is sufficient. I will analyze both founders accordingly on their attributes and skill sets based on their plan. Antonio Turco-Rivas is the co- founder and Sales & Operations Manager. Based on his position alone, I have a firm affirmation that Rivas has an extensive background in sales and business operations. He has leadership qualities because he along with his partner has started this venture which exudes confidence. Rivas also has two previously successful technological ventures, which adds to his entrepreneurial tool kit. As an operations manager, he needs to make sure he is focused on the organizational objective and continue to push that notion further. As an operational leader, he must implement areas of flexibility into all stages of operations and facilitate cross-functional communication, enabling adaptability between the team and the different facets of departments. If he wants to become a more effective operations manager, he must appreciate quality. When operations leaders pay attention quality, it helps to inspire their employees to strive to meet leaders’ expectations1. Not only does focusing on quality help operations leaders maintain productive teams by fostering pride in a product or service, but it can also drive down costs therefore helping an organization gain an advantage over the competition. An operations leader like Rivas should be well versed in supply chain management as well. Supply chain management plays a vital role in the success of a company. This is especially the case with P’Kolino, which is a toy manufacturer. As an Operations leader within an organization works to design and execute supply chain strategies that maximize productivity, minimize risk and effectively respond to fluctuations in demand. Supply chain management encompasses the shaping of supply and demand along with the optimal design of products themselves, creating a wide range of responsibilities. He also has a strong background in finance which makes him a good entrepreneur, a manager and sales professional. J.B. Schneider is the other co-founder and is currently the Marketing & Product Development Manager. It is obvious that Schneider is strategic thinker. The product is not just your basic toy. This toy entertains as well as foster and facilitates growth and development in young children. He is a mini CEO; he needs to understand the current product strategy and how it aligns with the overall company strategy. In this case, I believe it has done just that. One of the major factors that he must face however is that if he wants the product to be a long-term success, he needs to envision how the product, industry and competition is going to evolve and develop a long-term roadmap. You can tell that he has a passion for the product because of the mission, purpose and vision statements. It is paramount that Schneider has love for the product to continue to grow and adapt to the times. Building a product is a collaborative process and its take a product manager with collaborative nature to pull it off. Since Rivas and Schneider are both partners in this endeavor, Schneider must be collaborative in his approach to create a healthy synergy. Schneider has also worked for Fortune 500 companies in leading key customer acquisition and retention programs. He too has also been an integral of entrepreneurial ventures and their products/marketing efforts. This is a good indication that Schneider is excellent at prioritizing. These two founders certainly complement one another in the founding of this company. Business Plan P’Kolino is facing stiff competition with Furniture Brands International (Drexel, Maitland-Smith, Henrendon), Lay Z Boy, Ashley Furniture and other local brands like Ethan Allen. For this company to strive, they must bolster their marketing efforts. Their sales strategy also need more substance. Direct calls to companies are their only strategy. Including meetings, conferences and partnership deals will create a robust synergy between the retailers. Possibly highlighting these partnerships on their site would boost morale. If the two would have put much time into the sales strategy as they did with the communication strategy, their sales/profit would be much greater. They would also be in better competition to compete with the larger firms. As for the operations, which is Schneider’s expertise, he is well adept with focusing on design and marketing strategy. It makes perfect sense to outsource all other operational activities like manufacturing, packaging and shipping because it is only the two founders that make up the company. However, outsourcing could have several drawbacks including poor quality control, decreased company loyalty, a lengthy bid process, and a loss of strategic alignment. Schneider must stay abreast on everything as it relates to the many auxiliaries this company has for them to compete. The business plan tells a compelling story, no doubt. However, it lacks connective tissue to bind concepts effectively to achieve optimal profit. It is hard to say if this plan captures all their learnings because time is constant. They will both continue to learn and the business plan is going to alter as time progresses. The strongest part of this plan is its emphasis on potential opportunity and growth. They have plenty of numbers, charts and graphs that supplement their pitch. It also has a clear and concise focus on its target market as well, which is crucial for businesses. They also have a strong sense of who they are and what they provide to the consumers. These three facets is the glue to their survival in the market. Future Questions First, I would like to ask where are they goals and rationale behind those goals? There should be a touchstone to be implemented within their company. Having a touchstone and a point of reference helps them track progress. That way, the company would be in a better position to bounce back from a loss where as if they weren’t properly prepared would sustain a substantial amount of loss. Proper planning also helps concoct better predictions and projections. Business planning also allow the likes of Schneider and Rivas to answer possible questions from stakeholders will ask. Additionally, if the pair decided to create a tagline that encapsulates the very essence and purpose of P’Kolini would be ideal for this company. This will increase exposure and create a connection with the consumers. Another question I would propose is how would they expand once input outweighs output? They currently outsource a plethora of jobs and tasks. Maybe if they build a brick and mortar establishment where it will stand as the corporate edifice will be their next step. In this case, administrative jobs could be kept in-house and hire managers to manage the day-to-day activities. This will be a huge burden off of Schneider as well as Rivas. F