In 2001, an idea formed in the mind of a Princeston freshman to produce fertilizer out of organic (worm) waste. Ten years later, Princeston drop-out Tom Szaky is the founder of Terracycle, a multi-million dollar company that is revolutionizing the green community.
Wikipedia defines an entrepreneur as “one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods”. Ever since Tom Szaky first submitted his idea to a business plan contest “sponsored by the Princeton Entrepreneurship Club”, he has stubbornly lived out this description. Terracycle now collects non-recyclable waste and transforms them into an assortment of products and materials. This process, often called ‘upcycling’ was, as Szaky initially experienced, a hard business concept to sell. Nevertheless, he persevered: he “saved, borrowed and begged to raise $20,000 to create [his] Worm Gin”, devoted himself to the business by dropping out of university, expanded his business model, and eventually convinced large retailers such as Home Depot and Walmart to buy into the idea. To me, this is the true definition of entrepreneurship. An unwavering self-belief in their product or service, coupled with an astute eye for opportunity, is not only what defines an entrepreneur, but what propels them to success. In accordance to the class reading, Terracycle has generated a considerable amount of wealth in a small time span; at the same time, the company has sustained high risk in its venture while involving momentous innovation.
Word Count: 236
(In response to Class 19: Blog about one company that you consider to be entrepreneurial, and which characteristics it exhibits, based on the reading.)
References:
http://www.terracycle.net/en-US/about-us.html
http://en.wikipedia.org/wiki/TerraCycle
http://en.wikipedia.org/wiki/Entrepreneurship
Image:
http://www.entrepreneur.com/magazine/entrepreneur/2010/june/206722-5.html