Question

Interview an entrepreneur in an industry or business that interests you. Focus on how and why this entrepreneur started his or her business. Relatives may not be used for this assignment.

Use all of the following questions when submitting the assignment.

a. Contact information

b. The entrepreneur’s name, address, title, company name, and phone number

c. Background

d. How did you find this person and why did you choose her or him?

e. Why is this person an entrepreneur?

f. What influenced the entrepreneur to identify and pursue this opportunity?

g. How did the entrepreneur’s background (family history, prior education, and work experience) affect the opportunity discovered?

h. Describe the opportunity that the entrepreneur decided to pursue and the process the entrepreneur used to evaluate the opportunity.

i. How did the entrepreneur evaluate the opportunity?

j. What criteria did the entrepreneur use to decide whether to pursue the opportunity?

k. What were the perceived risks of this opportunity and how did the entrepreneur expect to manage them?

l. What did the entrepreneur do to turn the opportunity into a business?

m. Identify specific activities the entrepreneur undertook to develop the opportunity into a business.

n. Identify when the entrepreneur did these activities (provide dates: month and year).

o. Identify important contacts and individuals who were helpful during the startup process.

p. What major problems did the entrepreneur encounter along the way?

q. How were these problems solved?

r. What advice would the entrepreneur give to someone thinking about pursuing an opportunity?

s. Why was this entrepreneur successful?

Answer 1

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Accordingly, one example that could easily relate to the above is a case study of an Indian small company called ‘H.J. Vyas Mithaiwala’. This is a sweet company located in the city of Jamnagar in the princely state of Gujarat in the western most part of the country, India.

a. Contact Information: Customer Care

+91 93770 75227 (7:30 AM To 9:30 PM)

b. Entrepreneur’s name: Mr. Parag Vyas : +91 93775 95313

Title of the Company: H.J. Vyas Mithaiwala

Address: H. J. Vyas Mithaiwala
Near Central Bank of India Main Branch, Mandvi Tower Road, Jamnagar -361 001, Gujarat,India

Phone Number: Shop +(91)-(288)-2553330
                                       +(91)-(288)-2551555

c. Background: Right since 1918 ‘H.J.Vyas Mithaiwala’ has been the top most among the sweet manufacturers in the small town called ‘Jamnagar’ in the state Gujarat of the country, India. The competitive advantage that this company shared was being particular about the health & taste of their customers and about the purity & standard of their products. Further, they assure the customers they indeed maintain the purity of quality in each and every grain of all varieties of their products by offering a money back guarantee if the customers are not satisfied with any of the purchased sweets from their shop. Their
vivid varieties of mouth watering sweets & their very special ‘Dry fruit Kachori’ have become inevitable for Indians residing now in different parts of the world.   Perhaps that is how this shop went on to become a small company of its own rights.

d. I found this person on my visit to Jamnagar, a city in Gujarat state. I visited his grand sweet showroom and was highly impressed with the range of sweets and other dairy products that the enterprise offered to its customers. Further, the sweets could be customized as per our request while packing the same. The quality of milk and other input used was also of high standards thus producing delicious results. Their taste of sweets matched like none other and hence the enterprise enjoyed a competitive edge in the whole of state. This was the reason why I chose this entrepreneur.

e. Mr. Parag Vyas is an entrepreneur due to the inherited skills that he received from his grandfather, Mr. H.J. Vyas who incorporated the company. He took the H.J. Vyas Mithaiwala sweet shop a level above by distinguishing its offerings in the following way:

§   Relevance: The Company ventured into preparation and selling of high-quality sweets in the local markets where the consumers are fond of these delicacies. Further, there was no big competition back in 1918 till date in the town owing to which, diversification of the product line to stay efficient in the market place, was again not a necessity. Otherwise, in the western part of the country where two major sweet players such as Bikaner and Haldirams, have already made their mark, HJ. Vyas have still been fortunate enough of not getting invaded by such big players in the market.

§   Distinctiveness: The main distinctiveness of their products is highest quality of input of raw materials that goes into making a sweet with such a premium pricing that the customers are willing to pay.

§   Coherence: From the traditional sweets to the modern age fusion sweets, H.J. Vyas has always remained focus to only sweets and at the most the related snacks market which goes hand-in-hand, with the local taste.

§   Commitment: Their commitment to quality of purity in their products is so high that they offer ‘Money back guarantee’ in case they cannot stand by the expectations of their customers.

§   Durability: The Box packing itself makes these edible products last longer than usual. Also, thanks to the Indians who have settled abroad, the demands for H.J. Vyas sweets have penetrated into the U.A.E. as well which itself means the products are durable in nature. However, H.J. Vyas have not ventured into the foreign markets but their products are carried across by a lot of Indians for future consumption and distribution.

§   Clarity: They give the clarity about the product mix and hence are transparent in approach towards the production of their sweets.

§   Courage: Due to the strong confidence they have in their production, H.J. Vyas has stood the tests of times. Many big players have tried in the past, to venture into the sweet segment of Jamnagar market, however they were unsuccessful owing to the confidence H.J. Vyas shared in their business model.