New Venture Creation – Jim Poss Case

New Venture Creation – Jim Poss Case

1. Who is Jim Poss?
 Mr. Poss holds BA degrees with double major in Environmental Science / Policy and Geology with a minor in engineering from Duke University, and an MBA from Babson College. He then worked for a couple of companies in various businesses. Mr. Poss, then considering the right time to proceed did his MBA from Duke University.

Jim Poss demonstrates a strong passion for project even after so many people shot down the idea. His passion translates into determination to getting the idea out to potential customers/investors. Taking risks like going into solar power when the trend was heading toward wind and selling his product even though he didn’t have a finished product to sell. And he craves learning, working 3 jobs, double major and a minor plus an MBA before working his new venture gave him the knowledge and confidence to try for it. 

1. What are some of the entrepreneurial characteristics demonstrated in his activities?

Mr. Jim Poss is a person who is a visionary as he can discover the upcoming problem proving himself to be several steps ahead of the market. He is passionate and driven about his idea and is amazingly creative into his venture to create a solution. He shows flexibility in his venture as he is skeptical and truthful in his initial creation and readily accepts the flaws. Also, he not only sees the flaws but is rather open to accept and change them in order to improve. He has the Tolerance of ambiguity for he keeps his cool through the fear of uncertainties and potential failures”. Though the hardship, Jim Poss is full of self-belief about his idea and the solution. His demonstrates these traits as he shows a rule-breaking tendency where despite wind power being the new innovation he still sticks with the idea of solar-power.

b. Consider yourself: how are you like/unlike Jim Poss?

Mr. Jim Poss demonstrates some amazing and unique entrepreneurial capabilities. I can say at this point of time I do not have a vision of any potential ventures for which I can be confident about though I can assure if at any point in time I see an idea with potential, I will be more than willing to go through and even be persistent in my efforts despite the uncertainties and failures. I do think of myself to be passionate for things I am confident about, despite the associated uncertainties. I surely have a tolerance for ambiguity and am not afraid to break the rules if that is what it takes to make success.

112. What are the most compelling features of the Big Belly new venture?

a. Consider:
i. Market: Energy saving solutions for businesses especially Trash compaction which have potential to save energy and man-power.  

ii. Customer problem solution: Designed and build a solution to future fossil fuel shortage by building a solar-powered portable trash compactor that would reduce trash pick-up frequency and even do trash compaction.

iii. Competitive landscape: The only competition is from traditional dumpster and compactor companies who are not in competition directly at this time but may adopt the technology in future. Also, the competition is about building the scope and feasibility of the solution to incorporate changes to the traditional trash collection and compaction method.