The Rise and Fall of The J. Peterman Co.  

Oleh:

Peterman, John

Jenis: Article from Bulletin/Magazine - ilmiah internasional
Dalam koleksi: Harvard Business Review bisa di lihat di link (http://web.b.ebscohost.com/ehost/command/detail?sid=f227f0b4-7315-44a4-a7f7-a7cd8cbad80b%40sessionmgr114&vid=12&hid=105&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&jid=HBR) vol. 77 no. 5 (1999), page 58-69.
Topik: company; business models; corporate culture; corporate strategy; entrepreneurship; growth management; leadership

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Perpustakaan Pusat (Semanggi) Nomor Panggil: HH10.14 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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In 1987, John Peterman started the J. Peterman Co. with a $500 investment and a $20,000 unsecured loan. What began with an ad in the New Yorker and a single product prospered for years. But in 1998, the company slid harrowingly into bankruptcy proceedings. What happened ? As Peterman tells it, it all started with a trip he took to Jackson Hole, Wyoming, where he bought a coat. It was a long, sweeping cowboy duster, and he liked the way wearing it made him feel. He suspected that other people would like to buy something that made them feel romantic and individualistic, too. He was right. With Don Staley writing the copy, Peterman issued the first catalog in 1988. It contained just seven items. By 1989, the company did $4.8 million in sales ; by 1990, that figure had grown to $19.8 million. But the business model was always implicit - a mistake. They should have developed a precise mission statement. In hindsight, Peterman says, it would have been easy. The business concept could have been summed up in six words : unique, authentic, romantic, journey, wondrous, and excellent. The most successful items evoked all of those things. The business grew, and as more items were added to the catalog and the retail stores expanded, everyone in the company had difficulty focusing. Rapid expansion in the late 1990s brought more staff, more backers, more risk, more rules, and less focus. Time ran out when a cash - flow crisis ultimately squeezed the life out of the company. Looking back, Peterman draws a number of transferable lessons about creating a dream and building a culture, and about the nature of trust and control in a growing organization.

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