Below are the questions we need to answer. It is an assignment that we as studen
ID: 386288 • Letter: B
Question
Below are the questions we need to answer. It is an assignment that we as students need to interview an entrepreneuer. The entrepreneur I have interviewed is a fruit and vegetable industry entrepreneur.Answer them. (Few sentences, dont have to be paragraphs)
What influenced the entrepreneur to identify and pursue this opportunity?
How did the entrepreneur’s background (family history, prior education, and work experience) affect the opportunity discovered?
Describe the opportunity that the entrepreneur decided to pursue and the process the entrepreneur used to evaluate the opportunity.
How did the entrepreneur evaluate the opportunity?
What criteria did the entrepreneur use to decide whether to pursue the opportunity?
What were the perceived risks of this opportunity and how did the entrepreneur expect to manage them?
What did the entrepreneur do to turn the opportunity into a business?
Identify specific activities the entrepreneur undertook to develop the opportunity into a business.
Identify when the entrepreneur did these activities (provide dates: month and year).
Identify important contacts and individuals who were helpful during the startup process.
What major problems did the entrepreneur encounter along the way?
How were these problems solved?
What advice would the entrepreneur give to someone thinking about pursuing an opportunity?
Explanation / Answer
The quest to do something different and innovate in own ways leads to entrepreneurship. He was fascinated by how the vegetable vendors sell and bargain and sometimes leading to
losses too then urge to make situations better, is the reason behind exploration of this opportunity.
The entrepreneur’s parents were involved in some business and they have been the
support to him whilst they were busy doing other chores. He developed the affinity to change
things for good and learned form the experiences he got along the way. Preliminary education
plays a role in balancing the statistics and evaluating profit loss and new ways to raise profit bar.
The entrepreneur has decided to start an independent or a partnership based business. He explored all the pros and cons of the same, including the investment concerns and the amount he can invest along with the probable future of the business.
The person’s parents have been involved in several short-term businesses and he got a good
exposure to evaluate his inclination for certain business and hence he decided to land up in
vegetable business.
The entrepreneur weighted the pros and cons, the investment to the profit ratio, the
space a certain business needs and the investment required in it etc. He also consulted
people having an upper hand in business to know more.
The perceived risks were to manage the investment to the profit concerns. Instant profit isn’t always
possible. Reserve cash needs to be kept aside to meet the urgent expenses and unforeseen costs
too. The business landing in a loss is another concern too. He manage things by
proper planning and a systematic approach towards the problems.
The entrepreneur has researched various things required to delve into the business of
a certain domain. He searched high and low for the people involved in it, how they took a
leap of faith and how are they doing. Someones has extended a partnership opportunity too
after realizing the person’s acumen for business.
The activities the entrepreneur undertook to flourish his business , is market his business and
advertise it properly without wasting too much cash, or introducing customer attracting schemes to
improvise more sales.
The entrepreneur required 1-2 months to evaluate the business opportunity and decide
the investment schemes. He has taken a fortnight to consult people concerned in the same
business to evaluate the market conditions. It would take another 2-3 month to set up contact and
business, purchase/ rent land etc.
The individuals who would be of greater help would be the ones who are already into this and
doing great. People who had been in the same business but have changed their areas also help in evaluating the risks associated.
The major problems encountered were investment scheme plans and the contacts he might need
to start a business or consult someone from the same business line.
To solve the problem, he joined some partnership to know more about the business and thus subsequently know more about the types of risks involved. Contacts are established through networking.
The only advice that works is originality and logic in the idea would take you places. Belief in one’s
ideas and oneself wouldn’t let you deter even after numerous failures.
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