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R&R Case Study

In: Business and Management

Submitted By shoes2loose
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Bob Reiss was a passionate entrepreneur with a strong background in the gaming industry. He was very successful with his new game venture with sales of $12,000,000 in three years. Once successful, Reiss decided to continue in this space and started his own business under the name of R&R. The toy and game industry was an established market with a very short lifecycle, frequently of no more than two years. Based on the case, I think Bob did the following things right which made him highly successful with his Trivia game:
What did he do right? 1. Market awareness- He was an experienced professional when it came to the gaming industry. He acknowledged that entering an established market is going to be challenging and understood the pros and cons of launching the game in such a market. 2. Experience- Bob Reiss had been successful with his last two ventures providing him the necessary experience and strategic vision to start a new business. He was an operations guy with a clear understanding of how products are manufactured for a niche but steady market. He leveraged his experience and successful track record to connect with individuals who could play an influential role for his venture. 3. Realistic Execution- Bob was aware about his strengths and weaknesses from the beginning whether it was funding, resources, etc. When he decided to enter this market, it was very critical for him to execute the strategy for him to make this venture successful and profitable. He defied all the Porter’s five forces when it came to launching the game in a saturated market like toys by developing a game with minimal investment of $30,000, outsourcing manufacturing, shipping and billing with lowest possible operating costs, and then selling, promoting and marketing with a creative platform like TV Guide. This was by far the most important reason for him to be successful with the Trivia game. 4. Willingness to take risk- At every stage of his career, Bob was willing to take some risk which helped him to be successful and gain confidence about his execution strategy. 5. Luck- Many entrepreneurs would agree that luck does play an important role during the initial days of starting a new venture. For Bob, luck was an important factor in his success. He was able to connect with the right people at the right time and also got the appropriate support from all of his supply chain partners.
Application to success of entrepreneurial companies today?
Entrepreneurs should most importantly have a realistic execution strategy when it comes to new business. Bob defied all odds (Porter’s five forces) when it came to starting a new venture in a highly competitive market by executing each and every aspect of the process excellently. Entrepreneurs should be realistic about their expectations and execution strategy. Entrepreneurs should also be willing to take risks. There is no such thing as “safe business strategy” and risk is part of the new venture equation. Lastly, no matter what you want to do, do your homework! Study the market in detail to find your value proposition and at least one differentiator. I think with the three important rules of engagement, entrepreneurial companies can be successful in today’s world.

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