Spreading Happiness: Warm Fuzz Cards
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In December 2008, Erica Mills and her husband, Craig, were making plans. They had recently decided to start a family within the next 12 months and were now making decisions about how to manage their careers as they were about to take this momentous step. Erica had started Warm Fuzz Cards, a Toronto-based greeting card company, just over two years ago in 2006. The business was growing slowly but profitably. Craig was employed as a human resources executive at a large company. He was very supportive of Erica's business. In fact, he believed that the business could grow much more quickly. Erica, on the other hand, liked her slow growth strategy. However, she was not sure that she could manage the business as it was currently structured and raise a family at the same time. They were going to have to decide what to do soon. They would need time to decide how fast to grow, develop a plan, raise money, and possibly hire staff, all before they started their family. This case provides students with an example of an entrepreneurial start-up and an understanding of: 1) the decision of how fast to grow 2) the decision of how much and where to invest in a growing business 3) how management skills, knowledge and preferences can impact decision-making in entrepreneurial/family business ventures 4) how important cash management is in the early stage of growth 5) how various stages in the development of a new venture will dictate the need for the detailed financial tracking and management of a business. This case is appropriate for a 75-minute introductory entrepreneurship class.
- Category: Small Business & Entrepreneurship
- Published: 09 June 2009
- Publisher: Richard Ivey School of Business Foundation
- Print Length: 8 Pages
- Language: English