Joy Mangano and the Economy
The movie, “Joy” tells the true journey of entrepreneur Joy Mangano. The movie begins at a point in Joy’s life where she is divorced with two children and struggling financially. Joy’s home life is complicated from her ex-husband still being her best friend, her insecurities surrounding her dad’s lack of sympathy, and her mom’s ideology regarding rejection in the world. Restricted by her assets (debt, mortgage on the house, and lack of money), she had no value or credibility to her name. Therefore, she had to start from the ground up with her startup company. Her invention, “Miracle Mop” was initially sketched out on paper with her daughters' crayons. She created the idea by coming up with a solution to an inconvenience she faces day-to-day as well as others. Joy knew what made her product stand out in a competitive market. Joy hit rock bottom from the lack of encouragement from her family, as well as them trying to mooch her ideas. She tried numerous different opportunities but no one was interested, she even stood in a KMart parking lot and got her mops stolen trying to promote her product. Then, Joy’s ex-husband connected her to meeting with Neil Walker, a credible businessman in charge of all products sold in KMart as well as a tv sales show network. When she presented her product to Neil, he asked her to make 50,000 units before the next week for her product's appearance on the show. It was a flop, she didn’t sell a single unit and was screwed over by the man that presented the Miracle Mop. She did not give up and convinced Neil to let her present her product and redeem one more chance. She sold over 400,000 units during the first show and continued to grow. She then faced a patenting issue where she had her ideas stolen and a hugely competitive market that arouse afterward. She faced the challenge of getting her business back while her family and the company tried to steal her ideas.
This movie is quite intriguing as it explains the risks entrepreneurs face and the reality of the economy. It shows how prominent greed is in our country to the extent of even those whom you love and trust. It tells a tale of never backing down and never taking failure as an option. One quote specific that caught my attention was, > “the world doesn’t give you opportunities, it crushes them.” Although this quote is negative, it relates to millions of entrepreneurs today who feel in a rut and the reality of the truth. The word “truth,” means if you want something, you have to work to get it and you can’t take failure as an option. I feel as if this movie portrays the average struggling American and informs them that anything is possible.
The book “The Seen, the Unseen, and the Unrealized,” explains that every entrepreneur has risks that they have to take, such as limited assets. The movie centralizes on the competitiveness and risk of the economy. Today, however, the opportunities presented in this movie are not necessarily the best advertising and marketing strategies to present date. This movie was based on the actual events which occurred in the 1990s. The tv sales show and callers on the line is not the most reliable nor most profitable strategy. Yes, back in the ’90s this was a great marketing strategy but it is not something to reliably take note of and attempt. The book, “The Seen, the Unseen, and the Unrealized” states that there is no perfect market or economy. An example in which this statement is proven is in the movie whenever Joy’s ideas are stolen and patented. Although the book refers to this statement as means to what is the best economy and market strategy, this statement does apply to Joy’s situation.
Entrepreneurship and society interactions are self-inflicted. The movie demonstrates the hardships and realities one may face. There is no hand-me-out to being a successful entrepreneur, it takes effort and motivation. The interactions can be good and they can be bad. It all comes down to the preparation before a potential big hit. You have to have the right connections, demographic, product in mind, knowledge of the other marketing competitors, a reliable marketing/sales strategy, and pro forma financials. Whenever you supply the wants/needs of your demographic, the economy can affect you greatly. And, if you don’t, you will have negative repercussions such as debt. One good example from the movie that pertains to this is how Joy created 50,000 units while using her last assets (inventory and cash) and having a liability of taking out two mortgages and filing for bankruptcy.
The movie in terms of entrepreneurship is extremely realistic. The abundance of challenges faced when starting up a business displays the reality and informs you of what you potentially would face. Connections are key in the business world, who you know maybe who guide you to success. Joy’s ex-husband and his connection to Neil created an opportunity for Joy which changed everything. Always act on opportunities because without taking action and attempting you will always be let down. Greed is also an important component of facing the economy as an entrepreneur. You will always have others who underestimate your potential and try and screw you over. This is just the reality of the economy, hints at the keyword “competitive” in a competitive market. The economy is greatly impacted in a capitalistic economy by political and economic forces. The debate about if the economy is good or bad mentioned in “The Seen, the Unseen, and the Unrealized” explains that although there is no perfect economy, capitalism is the best form of government to aid the economy. With the risks entrepreneurs face, it is extremely important to understand the challenges ahead and be prepared.
