History of a Retail Organization

Solution Preview

Answer:

For examining the major events in a retail business organization, I would like to select a small retail business's owner named Wendy Newmeyer. She was selected as small retail business person of the year for Maine for transforming a logging waste product into a thriving business.

It is a very natural and an expected quality for being a successful entrepreneur is to possess the quality of thinking differently, creatively and at the same time, he or she needs to identify opportunities in their surrounding environment. Ms. Wendy Newmeyer discovered the potential of balsam branches, considered waste products in her husband's logging business, and transformed it to fragrant pillows and other gift items. The company she started was named as Maine Balsam Fir Products; based in West Paris, Maine. With the passage of time, it has become the leading source of scented pillows in all over the world. Several stages had to be overcome for the company for reaching at the current stage. Major events are discussed below:

The start wasn't easy:

The start of the business was really slow and Wendy and her husband had to sacrifice some part of their daily life's necessities. They first ventured into several businesses such as selling Christmas trees, growing vegetables and herbs and so on. But all of these were resulted in limited success. For saving money, they lived in least facility houses, which was without electricity and even without telephone or running water. Wendy's husband began harvesting and selling lumber from their 111 acres of land. They bought a used bulldozer and cut spruce and fir for pulp. Wendy, having a look at all the waste that was produced in the wood-harvesting course, soon understood that she could make use of her expert seamstress skills and extensive education in drying herbs and flowers to produce a 2nd profitable item. Their savings wasn't enough for doing such a task, but the inherited $10,000 from her grandfather helped the family tide the difficult times [1].

Blinding flash of the obvious:

Wendy started her venture into the balsam business by means of selling the cut branches of the balsam fir trees for a local incense factory. With the ...