Question

1.3 Exploring Entrepreneurship Your responses should be thoughtful and in paragraph form. Remember, proper spelling punctuation, capitalization and grammar is expected-2 points each 1. What product or service will you provide? 2. How will this product or service fill a demand, need, want or scarcity? 3. Is this demand, need, want or scarcity local, regional or global? 4. Is there a particular target customer? Ifso, what characteristics does this target customer portray? 5. What uncertainties do you anticipate? a. Known risks b. Economic ambiguities: c. True uncertainties: What plan do you have for minimizing these uncertainties? Given the general challenges faced by all entrepreneurs detailed in the lesson, how do 6. 7. you plan to manage/overcome some of these obstacles? a- Challenge #1 : b. Management strategy #1: c. Challenge #2: d. Management strategy #2: What short-term and long-term positive impacts can you imagine your product, service or financial gain having on a community, region or the entire world? 8. 9. How does your product or service impact others? 10. How could you use your new-found fame and fortune to help others? Are you struggle with ideas? Try doing some Internet research on the philanthropic activities of people like Bill Gates, Steve Jobs, and/or Elon Musk)

Answer 1

1. In todays competitive world its best to choose ever evolving markets with high growth opportunities like in food space in cloud kitchen segment likes of Zomato, Swiggy, UberEats  
2. A similar model although more hyperlocal and target specific will create niche segment and higher revenues maximization. In this model, the firm focusses on health specific customised food delivery from hotel partners and chefs at premium prices to customers siiting at home.
3. Strategy is focussed on local and domestic level to achieve market share first and then expansion to newer markets as market penetrative strategy .
4. Target customers including fitness specific gym enthusiasts as well as young and middle aged well educated people
5. Uncertainty is definitely expected in terms of changing consumers behaviour, willingness to buy only discounted products, switching to newer tastes and preferences
6. To minimize uncertainity its important to collrct data of these customers through surveys and analyze custoner profiles using analytical and ERP tools.
7. Biggest challenge faced by entrepreneurs is micromanagement from investors which creates change in management strategy and hence collaboration and inclusive development is key. Convincing negotiations with investors is important to get things executed as planned and not move away at eleventh hour.
8. This is all set to create short term impacts like switching to keto diet and vegan diet as well as create collaboration with newer players and joints for customers. Long term impacts like better shelf life and health is guaranteed with this initiative.
9. The products will impact regular restaurants who serve high saturated foods and unhygienic foods. This will create new mindset for customers to switch to high quality and healthy diet.
10. Successful business models can help newer startups on managing investors and implementing newer strategies as well as raising newer fund rounds.