Although clichéd, when I think of entrepreneurial, the first company that comes to mind is definitely Apple Inc. With their vast array of innovative products that have consumers lining up over night during a product launch, it’s clear that Apple has been very successful.
Initially selling only Macintosh computers, Apple has grown into a company that houses iPods, iPod Touches, iPhones, and iPads. With the launch of each new product, Apple has proven that innovation is the key to their company’s continued success. Furthermore, their continued innovation has resulted in the creation of new markets as well as patented production methods.
Compared to a small business-owner, Apple strongly displays the criteria of an entrepreneur given by QuickMBA:
- Amount of wealth creation
- Speed of wealth creation
- Risk
- Innovation
There’s no doubt that Apple excels in the innovation category, but the company also began with a high level of risk involved. As one can’t predict how consumer’s tastes change, new products always run the risk of not being demanded. However, despite the expenses incurred through the first generations of each of Apple’s products, the company has exceedingly become successful in generating millions of dollars in profit in short amounts of time.