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| Your Own Boss: Vineyard Vines This video can be found on the Student DVD.Summary: Each year in the United States there are about 600,000 new start-up small businesses and nearly an equal number of failures as shown in the video from BusinessWeek TV on your Student DVD. This segment introduces brothers Shep and Ian Murray who are the successful owners of Vineyard Vines. The Murrays started their business a few years ago by maxing out their credit cards to fund their business start-up--manufacturing ties. Originally, there was no store front and sales were generated by going door to door. During this formative stage, the business was struggling. The struggle is over, however. Today, gross sales will reach 20 million dollars. The Murrays initially had only one product--neckties. Today, however, their product lines include the original neckties and totes, shirts, and belts. Their products are sold in a variety of department and specialty stores. The importance of "passion" for the enterprise is emphasized as the key element in their tremendous success. They don't see themselves as selling ties and other products. Rather, they focus on building relationships as the central activity in growing their business. The video segment concludes with a feature on Columbia University's innovative Business School's program. The "Entrepreneur-in-Residence" provides students with direct exposure to a successful entrepreneur and classes on how to be successful. The professor notes that between 2001 and 2004 the most frequent new business start-ups have been service enterprises such as convenience stores. He concurs with the observations of the Murray brothers that "passion" for what you do is the most important factor in being successful.Discussion Questions
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