Tuesday, July 23, 2019

Business Biography Essay Example | Topics and Well Written Essays - 1500 words

Business Biography - Essay Example At the tender age of 14, he focused and concentrated his efforts towards the development and growth of his first entrepreneurship venture, which was a web design company in the name of Flyte Design. The SME venture by this young first time entrepreneur went forward to win some of the reputed design awards of Canada. Besides Flyte Design, Tom Szaky also diverted his focus towards the establishment of three dot com companies, which ranged from an online home improvement site to an online fund raising school as well as online grade tracking software. In the year 2001, the serial entrepreneur moved to USA for the purpose of acquiring a degree from the reputed Princeton University. However, in 2002, he shifted his focus from academia to the development of TerraCycle Inc. It can be increasingly said that by the process of early venturing into social entrepreneurship through the formation of TerraCycle in the year 2002, he made it evident that he is an agent of change, who is focused on exp loiting opportunities that keeps on emerging in the social environment from time to time. However, besides being an entrepreneur, he was active member when it comes to community service. He took initiatives in the participation and organizing of various social activities, while increasingly raising and generating values for the stakeholders (CNBC, 2007). About the Business The main objective of TerraCycle is to focus on waste elimination through the process of application of evolutionary economics. Guided by this particular objective, the company focused on national level recycling chain for waste products that were difficult to reuse and recycle. The company focused on setting up a new principle of generating products of innovative nature as well as of high value from already disposed and utilized products by using organic means. The company recycles the waste for the purpose of product creation which focuses on fulfilling the needs of the clients and consumers, while increasingly enabling them to tackle their demand and subsequent elimination of relative and existing pain points (TerraCycle, n.d). The competitive advantage for this business was the fact that the business was started as an innovative venture and in an almost virgin market, in regards to its product portfolio, that Is being offered to the consumers. Hence it can be said that the business had the first movers’ advantage. As of today’s date, the company is focused on the process of value creation through the process of developing a variety of recycled product. The product variety comprises of a wide range of categories ranging from bags, garden accessories and fertilizers, gift accessories, home accessories, office accessories, school accessories. The product category also comprises of items of daily uses likes toys, pet bottles and even winter based essential products (TerraCycle, n.d ). On an overall note, TerraCycle produces over 250 different kinds of products, from a wide rang e of waste streams (Forbes, 2011). Industry Overview The United States, due to its focus on high level of consumption by the government as well as the consumers has become the largest market with the urgent need for waste management services. The waste management industry in the United States is a highly fragmented industry. The sector has grown tremendously over the last few years, till the year 2008. The slowdown all over the

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