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Tucker: A Man and His Dreams Discussion Paper
The film, Tucker: The Man and His Dream delineates the history behind the man who was building “the car for the future.” Preston Tucker, a Detroit engineer, made a successful attempt to produce and enter the car market with the efficient 1948 Tucker Sedan. This car held many features and benefits for their prospective customers including shatter proof glass, winged doors, power steering, engine in the back, and windshield pop outs. These perks began to set his business apart. Unfortunately being thrown with a plethora of challenges by society, production problems and allegations of stock fraud, Tucker was left to vindicate his dream and honesty in court. When discussing Tucker’s main intent for the purpose of his business, plotting out a SWOT for Tucker’s company and concisely analyzing Tucker’s marketing plan, are all ways to accurately figure out how Tucker accomplished his childhood dreams and aspirations. The main intent for the purpose of Preston Tucker’s business, mentioned heavily in the film, was safety.
Some of the biggest threats Tucker had to face was that of competition and accusations. Already established automobile companies, such as “The Big Three”; Chrysler , Ford, and GM. These companies weren't worried about Tucker’s development; but once seeing the unique design and the increased demand for the Sedan, they were very fearful of loss of business, so Chrysler, Ford, and GM teamed up with the Exchange and Securities Commission to file a hefty stock fraud lawsuit. Tucker's paradigm of the Big Three was that they were only out for profit. Along with the threats of new entrants, Tucker’s production had a few weaknesses as well. Majority of his weaknesses came from his lack of capital and having financial struggles from his lack of stewardship . With the lack of steel and not minimal labor capabilities, it was difficult for Tucker to construct his car. During his journey he had received several opportunities when he was in dire need of millions to make his new car a reality.
To get Tucker’s production started Abe and Bennington and even stockholders started to give him incremental investments. He was soon offered a factory building; he was only able to produce 50 cars given his current circumstances. One of his biggest opportunities shown in the film was when he was given the opportunity to purchase steel at a reasonable price and the ability to use a helicopter motor in his car. Tucker possessed many strengths that made him worthy of being considered a true entrepreneur, being a risk taker, innovative and a team player, over took all. Those skills Tucker honed created an environment of freedom, where he believed and trusted wholeheartedly in the capabilities of his team and their decisions. Tucker was a great communicator and his willingness to take on new ideas motivated himself and his men to do and give their all day in and out, allowing them to accomplish their goals. Though Tucker had great ideas, he unfortunately didn't have the full concept on the construction of his business. That ultimately affects and even can stifle our entrepreneurs today. Within this film that simple interaction of an entrepreneur unsure of which direction to pursue can breed many trials and tribulations.
There are also some entrepreneurial pitfalls that were shown in the film that can help business owners in our society today avoid. First, there’s the question and application of corporate structure and personnel selection. Corporate structure is focally the organization of different departments or business parts within a company and this is a vital part of your business elevating. While the active moral support of friends and family is needed , you will also need financial and professional assistance from proven rainmakers. Throughout the film, Tucker’s most critical demand was money. More than anything else, he needed someone who could raise the capital. Abe Karatz is then introduced and we are unsure on where or how Tucker found Karatz, but being so desperate to gain traction he wasn't too aware of his background. Karatz was confident in his abilities to raise money, and it was directly from the public, but his methods were questionable and would ultimately require the company to answer the legal obstacles when their focus needed to be building cars. In the movie, we love old Abe. Karatz 'discernment was strong and provided Tucker with sound advice on his need for strong management as a prerequisite for raising the necessary capital. For Tucker to succeed he must pivot and weigh his options, he would need support and Karatz wouldn't be enough.
Throughout the film and our interactions in society it is evident that support is the key to igniting true success within a company. In order for you and your business venture to succeed, it is a must for your industry as a whole to succeed, too. When you begin to support your competitors, you are allowing the growth of the environment in which you both need to thrive and increase, which attracts more potential customers, and in turn resulting in creating more opportunities for the both of you. By growing the industry, this will create more space for each entrepreneur and the competitor to grow and carve out their niches. This helps both of them because, majority of the time, they begin to complement one another, allowing for cross-promotions and referrals increasing benefits for both parties. So in theory if you have a direct competitor that is very similar to the products or services you provide, chances are the volume and or demand will need to be shared at some point in time. In essence, being on good terms, that rival company could potentially push those prospective customers to you. That statement that was just mentioned is shown within the film, a competitive advantage was presented. This is when a product or service that an organization's consumers place a greater value on a similar offering from a current competitor. Tucker presented these factors which allowed him to produce more sales and even generate superior margins compared to his market rivals.
