Fashion Business Profile of An Entrepreneur Case Study Analysis
Boston University Fashion Business Profile of An Entrepreneur Case Study Analysis
PROFILE OF AN ENTREPRENEUR Neil Blumenthal, Andrew Hunt, David Gilboa, and Jeffrey Raider –
The Warby Parker Story
Warby Parker was founded in 2010 by Neil Blumenthal, Andrew Hunt, David Gilboa, and Jeffrey Raider in the Venture Initiation Program of the Wharton School of the University of Pennsylvania where they all went to school together. It started with $2,500 seed money from the contest and now has grown to over a billion-dollar business. When one of them needed new glasses, they challenged the traditional options and wondered why they were so much money. Turns out, almost all glasses are made by one company that produces them under multiple licenses, while also creating big profits because of limited competition. Not only did they start a new company in a highly competitive industry, they also changed the business model and added the element of good along the way. Warby Parker started as an online model where visitors could try on frames at home and pick out which ones they wanted after showing them to friends and family. The team soon realized people wanted to see all the options in person, and after getting tons of requests to come to their offices (Blumenthal even invited people to his apartment in that early rush of orders), they knew they had a good idea and opened brick-and-mortar stores as well (Figure 9.10). Ninety-five dollars for a pair of glasses, versus the initial $700 pair lost by one of the founders on a backpacking trip, helped create a revolutionary new market place for customer’s hungry to challenge the status quo. With each pair of glasses sold, Warby Parker also helps ensure that someone in need also receives a pair of glasses themselves. Working with VisionSpring, they help people learn how to give eye exams and give them the tools to sell glass es at very affordable prices. They also work with schools to help kids who need glasses get them, so their grades don’t suffer. Warby Parker has donated over 3 billion pairs of glasses to people around the world who need them the most. A lot can be learned from the corporate culture at Warby Parker as well. They truly take a stakeholder (vs. a shareholder) perspective in terms of looking at the long- term success of the business. They value their employees and keep pushing for creativity and innovation. As the team has grown, they realized that they needed a set of core values that guided the company and helped them with hiring. They also work to instill these ideals with each new employee by giving them a copy of Jack Kerouac’s The Dharma Bums (characters from the Kerouac story inspired the company’s name) and a bag of pretzels the founders used to eat all the time when they first launched. Each week they ask them all to contribute an “innovation idea” to keep taking the company to new heights. In addition, the company’s offices are open plan, so everyone can communicate with each other easily. There are also training programs for team members to grow professionally. Warby Parker is investing in employees who in turn feel aligned with the core values of the company and keep innovating the company to move forward.
Profile Questions
1. Discuss how Warby Parker’s organizational culture leads to success for the brand.
2. Explore Warby Parker’s core values on their website. How are these guiding principles for the brand?
3. Warby Parker is built on challenging the status quo. How do you think they keep employees empowered to do this?
4. Leading from Warby Parker’s examples, what are some ways your business can develop strong team members?
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