NMIMS MBA Entrepreneurship and Venture Capital Management Solved Answer Assignment
16
Oct
2024
Entrepreneurship and Venture Capital Management
1. Write a business plan (executive summary) of your own entrepreneurial idea also suggest and explain what kind of financing would you prefer for the same and why?
Ans:
Introduction
My entrepreneurial idea is to start an online marketplace that connects small, independent farmers and consumers. The marketplace will allow farmers to sell their produce directly to consumers, eliminating the need for intermediaries and reducing the cost of transportation.
Concept and Analysis
Market Analysis:
The market size for this platform is significant, as it caters to both farmers and consumers. According to a report by Allied Market Research, the global online food delivery market is expected to reach $161.74 billion by 2023, with a CAGR of 16.6% from 2017 to 2023. This indicates a growing trend towards online shopping and delivery of food products.
Competitive Advantage:
Our platform will offer several unique features that distinguish it from existing online marketplaces. Firstly, our focus on locally sourced and sustainable agriculture will attract consumers who value healthy food and ethical sourcing. Secondly, by connecting small-scale farmers directly with consumers, we eliminate the need for intermediaries, reducing costs for farmers and consumers.
Conclusion
In conclusion, our online marketplace can disrupt the agricultural industry and create value for farmers and consumers. By leveraging technology and promoting sustainable agriculture, we can offer fresh, locally sourced products to consumers while providing a fair price to farmers. With the right financing and management team, we can develop and scale our platform to become a leading online food delivery market player.
2. Explain in detail business canvas model for a business idea of your own.
Ans:
Introduction
The business canvas model is evaluated as a visual framework, a team’s simple and effective outline to achieve the business’s fundamental elements. Furthermore, as an effective and handy business-related tool, the team can adopt or use the business model canvas to draw the practical or core aspects of the business. It includes the value proposition, customer needs, and competitive platform for analyzing customer acquisitions.
Concept and Analysis
Define business canvas model- Business ideas are affected by the employee’s performances, customer interest, and business activities developed by leaders or managers of a company. Furthermore, a business canvas model is described and evaluated as a visual representation related to drawing an effective business model that highlights the factors and all key strategic elements. Furthermore, it is assessed as a comprehensive overview of organizational customers, revenues, and competitive business streams. For example, for the first time, Alexander Osterwalder, an entrepreneur and consultant proposed the actual business and model canvas to find practical business ideas.
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Conclusion
Therefore, the business model canvas has effectively drawn competitive ideas and strategies to increase business productivity. Furthermore, the company has been allowed the practical intended values and adopted vital elements to deeply analyze the business strategy ideas. This model has developed and designed the existing strategies and complete company information to achieve the outcomes and business goals.
3. Legacy bakers want to expand their business, due to competition and much healthier options available in the market which is kind of becoming a replacement to their products. Legacy bakers are finding it difficult to take effective measures to sustain their business among competitors.
a) What kind of innovation they should select so that they can be one of the most chosen brands of all others?
Introduction
To become one of the most chosen brands in any industry, a company must consistently deliver innovation that satisfies and exceeds customer expectations. Innovation can take many forms, including product design, technological advancements, marketing strategies, and customer service.
Concept and Analysis
Product innovation: This is the most common type of innovation, where a company develops new products that offer improved functionality, convenience, and value to customers. Companies can use market research and customer feedback to identify areas where their current products could be improved or create new products that meet unmet needs. Successful product innovation requires a deep understanding of customer needs and preferences and the ability to develop and deliver high-quality products quickly and efficiently.
Conclusion
Ultimately, the key to becoming one of the most chosen brands in any industry is to innovate in a way that resonates with customers and delivers unique value. Companies must be willing to take risks, invest in research and development, and constantly evaluate and refine their products, services, and marketing strategies to stay ahead of the competition.
b) Do you think they can expand their business by using the franchise model? What will be your advice to them?
Ans:
Introduction
Expanding a business through franchising is a common strategy for many successful companies. Franchising offers a way to quickly and efficiently expand a brand’s reach while enabling franchisees to invest in and grow their businesses. However, franchising is not the right strategy for every company, and several factors must be considered before deciding to franchise a business.
Concept and Analysis
Here are some factors to consider when evaluating whether franchising is the right strategy for expanding a business:
Business model: The first factor to consider is whether the business model is conducive to franchising. Franchising works best for businesses that can be easily replicated, such as retail stores, restaurants, or service businesses with a proven track record of success.
Financial resources: Franchising requires a significant upfront investment to develop a franchise program, including legal and marketing costs and ongoing support for franchisees. The company must have the financial resources to invest in these areas to ensure the franchise program succeeds.
Conclusion
In summary, franchising can effectively expand a business, but it requires careful planning, significant investment, and ongoing commitment. By developing a comprehensive franchise program, choosing the right franchisees,
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