Joy is a single mother taking care of her family and struggling to make ends meet putting her in an extremely stressful situation. In my knowledge, most people do not succeed when put under stress but in the movie, it shows how it was the complete opposite for joy; An extremely good trait for an aspiring entrepreneur to have. It took a very rocky road for Joy to reach her success but it all came from A seemingly insignificant event, dropping a wine glass, that spun into something so much larger. She discovered a need in the market by creating a type of mop that didn't exist yet, all because she cut her hand trying to clean up her mess, therefore, creating new demand in the market. In the movie, all of the mops that are in the market were the same idea, and pretty inconvenient.
Joy started her venture by seeking funding from her father's new girlfriend, Trudy, who owns a factory that could potentially manufacture her product. At first, she was denied because of the confusion surrounding the concept. Trudy didn't see the market opportunity therefore did not want to invest and risk a large portion of her money. Joy didn't give up and went on to make a prototype of her mop. Joy pitched her idea again and was given a chance but she had to make adequate returns in 6 months. Joy saw a valuable opportunity in the market and she believed in her idea and decided the reward was greater than the risk and she took it.
Joy chose a factory in California that had low costs to be her supplier for parts and began manufacturing at Trudy's factory. Joy takes advantage of people desperately needing jobs and hires them to work at the factory starting up her production. Joy's supplier then billed her $15,000 for the first batch of product due to issues on their end because they too see an opportunity in the market to make money due to their own costs being so low. Joy then started off her business in a Kmart parking lot Demonstrating her mop, but the potential consumers weren't exactly interested in her product due to the way she was presenting it. Joy then pretends to be a customer showing interest, therefore, making other people interested too. No one bought a mop but this experience showed potential for success. Joy went on to advertise her mop to an infomercial retailer and convince them that her mop will change the market. Joy produced 50,000 mops which failed at first due to poor advertising, but when Joy advertised it on TV she convinced around 47,000 people that they had to have this mop creating a high demand. This mop is expensive and many thought that would make people not interested but consumers saw that it is easier to use and more efficient and that there was nothing else comparable to it in the market. Joy's success only skyrocketed from there.
This aspect of entrepreneurship, Joy and her mop, affects society in many different ways. It's like a domino effect but within the market. It all starts with just one person/entrepreneur's idea, for example, Joy's mop. Joy's vision was correct, and the mop ended up kicking off. The mop ended up creating a want from tens of thousands of consumers. The new high demand for this mop created jobs for thousands of unemployed workers, affecting their lives and careers heavily.
consumers are willing to pay four times the price of a regular mop. The money that goes towards purchasing these mops is what pays the employees of the factories where it is produced, without the paycheck the mops aren't going to get made. The high demand of mops is going to cause competitors to create comparable products which could create more job opportunities which would lower unemployment. On the other end The business could go out of business; Causing unemployment to rise within the society. The supplier that provides these materials is going to need to produce a whole lot more and they will potentially profit from all their new buyers or even raise the production cost. This chain reaction affects society by changing employment rates causing the original entrepreneur to either strive in the market or fail, and affecting all of the people who do business within this certain aspect of the market.
Society affects entrepreneurs equally as much as entrepreneurs affect society, but is presented in different ways and scenarios. An entrepreneur's success depends heavily on society or solely considering society is the market. Every single want, need, or desire in society gives entrepreneurs a good, product, or service to create or fill. And now every single person in society has wants and needs, but they can be met in different ways. Creating competition in the market between two businesses. So Joy starts the business of making mops and now her sole income is from consumers wanting nicer more efficient mops. Now everyone in society that wanted one of her mops has one so she has limited options here. She could Mark down the price of her mops by 50% since they are now in low demand to get people who didn't see that much value in her mops to now want to purchase one of them. Joy then takes a big loss of income which could end her business And leave her completely broke. Joy is either gonna have to come up with something that consumers are going to want to buy or make an even better version of her mop so consumers will want to upgrade since they valued the original version so highly. So Joy decides to create a better version of the mop and consumers get uninterested after a while as usual. She could just keep making new and improved mops every couple of years but there are only so many upgrades you can make to a mop. In order to keep growing her business, she is going to need to identify another unknown want or need in the market so she can continue her business. every single decision Joy makes about her business comes from what she thinks society will want or need; Her entire success and livelihood depend on her predictions for what the consumers are going to want. Every single thing about Joy and her business and her decision-making comes from society.
