Page 4 - Entrepreneurship

ENTREPRENEURIAL INVESTIGATION

Weathering the Storm

Gary Rayner founded his business, LifeProof, as a smartphone case com-
pany in 2009. Gary came up with his idea because he loved his iPhone,
but also loved outdoor activities like biking, running, and surfing. Not to
mention, he had small children who would destroy his phone by throwing
it in the garbage and bathtubs. He wanted to find a way to protect his
phone so that he would not worry about it anymore. Other items on the
market were bulky. Or, they made aspects of the phone, like the camera,
unusable. He decided he wanted to design a sleek, thin, and functional
case that was waterproof, dustproof, and childproof!
Today, LifeProof is valued at over $350 million and makes cases for
smartphones and tablets. The company mantra is “Freedom—freedom to
be connected anywhere with your mobile device; freedom to build relation-
ships, gain knowledge, exercise, and juggle work; freedom for all people
anywhere to go everywhere.”

Do some research on LifeProof and Gary Rayner’s story specifically:
t What products do they make today?
t What problems do their products solve for customers?

After you research, respond to the following questions:

t Do you think LifeProof solves a real problem?
t Do you think the LifeProof concept was a good idea? Why or
why not?

Be prepared to share your responses with your teacher or class.

1.1 Entrepre-What?

Have you ever thought about starting your own business? A business is
an organization that provides products or services, usually in order to
make money. An entrepreneur (on-tra-prah-NEWR) is someone who
creates and runs a business. If you have a business idea, you could become
an entrepreneur and create a business. However, entrepreneurship isn’t
for everybody. Many chose to be an employee, a person who works
for a business owned by someone else. Even if you have never thought
about starting your own business, learning about how to think and act
like an entrepreneur, or thinking and acting entrepreneurial, can be
helpful for the future. This unit will show you how thinking and acting
like an entrepreneur can help you develop a plan for your own future.

4 Chapter 1