Entrepreneurship Essay Example | Topics and Well Written Essays - 4750 words

Entrepreneurship - Essay Example and urge to start a new business is not as difficult and important as sustaining the business through the full lifespan of the business lifecycle (Nowak, 1996). This essay therefore uses Zaarly as a case study of a startup business to understand from the perspective of Scott and Bruce (1987) and other scholars, what makes or unmake businesses in the first five years after they have been set up. Set up in February 2011, Zaarly is a private company founded by Eric Koester, Bo Fishback and Ian Hunter. The company is in the online retail industry with some unique dynamism that focuses on the creation of platform for users or anyone to hire a minion or sell whatever they have to sell to neighbours. Proximity is a central business idea for the founders, making Zaarly a proximity-based, real-time, and buyer-powered market platform (Steiner, 2011). Through the use of online platform, anyone can find people around them who offer services they are looking for, or products they are seeking to buy. In effect, Zaarly is a local marketplace that operates from an electronic basis. As serial entrepreneurs, each of the founders of Zaarly already has several start-ups that they personally manage. Zaarly has however been confirmed to be something different as it was set up with the objective of becoming the turning point in the online retail marketplace business (Swartz, 2011). Because of this objective, the three founders seem to have given Zaarly a lot more attention and focus, given the existing competition in the industry. Into the next five years, the company has been tagged to be a common household name for all who want to find the closest place around them where they can have their services and products provided. Shontell (2011) reports a seed capital of $1 million was raised for the official opening of Zaarly. This start-up capital however received a major investment boost when the company received Series A financing that amounted to $14.1 million. The main financiers of