Schumpeter (1934) (cited in James et al. 1984) proposes five phases of behavior, which are the characteristics of the entrepreneurial firm: introduction of new goods, introduction of new methods of production, opening of new markets, opening of new sources of supply and industrial reorganization. Fraser Doherty, a young entrepreneur, made his dreams come true when he started his own 'Super Jam' business when he was 14, using his grandfather's secret jam recipes. His goal was to make it healthier and better in taste than any other regular jam. Start selling jam in local areas. Eventually his success increased as he produced thousands of jars in a month. Super Jam now supplies major stores such as Waitrose, Asda, Tesco and Morrison. Doherty plans to expand his work abroad (Sky News, 2010). Jam in the UK has suffered in the past from consumer perceptions that it is old fashioned and suitable for older people and most is unhealthy. Storey et al. (2010, p2) states that companies should compete on quality rather than price as this is an important element of success for entrepreneurial companies. Super Jam revitalizes the jam through an original focus which has been the main reason for its success. It contains superfruits, giving the jam a new positioning as a functional food that meets consumers' health needs. The super fruit contains antioxidants; a chemical that can help fight the damage caused by disease and aging (DataMonitor, 2009). Super Jam has also been successful because it engages customers and Doherty reaches out to customers who often buy jam, for example by organizing "Super Jam Tea Parties" for older people living alone, in care homes or in sheltered accommodation. Doherty's main target was older citizens as he quoted "Everything... half the paper... current factors such as exchange rate fluctuations or tariff barriers could affect the company (Burns, P. 2007, p264 ) The product life cycle has some important implications for the entrepreneur. Once the product has matured, it is necessary to make the most of the cash flow it can generate (West, A. 1992, p16). effective way to address risk is to create a business plan, which is a document that outlines how and why you will run your business. The business plan includes financial forecasts, market research and number of employees your business idea is reasonable, help the owners convince investors that the company is a reliable location, reassure potential investors that it is a sensible investment opportunity, map the future of the company, list specific goals and objectives and manages cash flow (Smarta.com. 2010).