Subject category:
Entrepreneurship
Published by:
Allied Business Academies
Length: 7 pages
Data source: Field research
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Abstract
The primary subject matter of this case concerns Lee Tipton, who faced bankruptcy after a union strike, then found an entrepreneurial idea as a gift from God. Creating and successfully operating a small business is a challenge for virtually all entrepreneurs. In particular, the challenges facing rural entrepreneurs can often seem insurmountable. The entrepreneurial subject matter of this case concerns the successful growth of a backyard hobby to a thriving corporation. Willingness to adapt to changing market conditions and customer expectations were key criteria for this entrepreneur who went from bankruptcy to a multimillion dollar organization within one decade. The case emphasizes the organizational growth from a sole proprietorship, to a subchapter S corporation, to a spin-off of subsidiary corporations. Also seen in this case is the pivotal point technology has made for small rural entrepreneurs to compete on a global level. The Teaching Note reviews the pivotal points in the case; entrepreneurship and spirituality, creativity, business evolution and the usefulness of segmented financial statements, which are included. This case is designed for an undergraduate entrepreneurship, accounting or management class and is based on Lee’s own words and interviews. The case has a difficulty level of three, appropriate for junior level. The case is designed to be taught in one 90 minute class and is expected to require 2 hours of outside preparation by students.
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Abstract
The primary subject matter of this case concerns Lee Tipton, who faced bankruptcy after a union strike, then found an entrepreneurial idea as a gift from God. Creating and successfully operating a small business is a challenge for virtually all entrepreneurs. In particular, the challenges facing rural entrepreneurs can often seem insurmountable. The entrepreneurial subject matter of this case concerns the successful growth of a backyard hobby to a thriving corporation. Willingness to adapt to changing market conditions and customer expectations were key criteria for this entrepreneur who went from bankruptcy to a multimillion dollar organization within one decade. The case emphasizes the organizational growth from a sole proprietorship, to a subchapter S corporation, to a spin-off of subsidiary corporations. Also seen in this case is the pivotal point technology has made for small rural entrepreneurs to compete on a global level. The Teaching Note reviews the pivotal points in the case; entrepreneurship and spirituality, creativity, business evolution and the usefulness of segmented financial statements, which are included. This case is designed for an undergraduate entrepreneurship, accounting or management class and is based on Lee’s own words and interviews. The case has a difficulty level of three, appropriate for junior level. The case is designed to be taught in one 90 minute class and is expected to require 2 hours of outside preparation by students.
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