Be detailed in your answers. Use the questions presented in this Guide in your interview. Mission and Vision are important.
Specifically, the challenges faced by small or single-person implementation teams are discussed, with suggestions for overcoming these challenges to produce more realistic and viable businesses. Introduction Most entrepreneurs enjoy reading the success stories of technology companies and their leaders, both local and global.
Stories of success are so captivating that we forget that most of what we do as a technology entrepreneurs will be classified as failure. If an entrepreneur is in this game for the long haul, they will fail so many times that they will no longer differentiate failure from success, because like any human endeavour that improves with practice, the art of business building is a steady march of preparation, timing, execution, and aftermath.
And while the current opportunity landscape lets us attempt more experiments than were possible in the past, this only means that we can fail faster and cheaper, ultimately failing more often. While most of the stories we hear are written like victory speeches, this story is about failing.
In this particular case, the story is not about failing particularly fast or cheaply; in fact, the story is perhaps even about failing at failing well. This article is not meant as a means of helping you avoid failure, but instead hopes to serve as a signpost.
If we have no stories like these to tell, we might think our world is made of shining stars and obvious frauds, rather than the richer landscape of many talented, inspired individuals who are earning success one failure at a time.
If we make that mistake, we might not even try. Background In the summer ofI was finally coming to terms with a previous failure to build a business in the dating industry. I was a victim of something I like to call the "Frind Paradox", named after Markus Frind, the programmer that created the Plenty of Fish dating site that, despite its many technical, security, design, and character flaws, and much to the chagrin of a crowded marketplace with demonstrably better solutions, continues to generate more than ten million dollars in advertising revenue annually.
The paradox is defined as the mistaken belief that a terribly executed plan plus perfect timing is always defeated by a well-executed plan after the fact.
Eager to start another chapter, and with the encouragement of new colleagues in a new city, I began development on Lunarbits, an e-commerce platform for selling digital goods.
I had a vision for a platform that gave absolute control to the content creator, whether they wanted a traditional "one URL equals one download" type of experience, or whether they wanted to stream video content within a browser to a subscriber base.
In effect, Lunarbits was meant to possess all of the flexibility of Shopifywithout the out-dated transactional approach to content purchasing of Fetch or Pulleyor countless other market participants. Shortly after the initial flurry of excitement and imagination of what Lunarbits could be, I began product development.
The Lunarbits brand was a happy stroke of luck, as I had found the logo Figure 1complete with its nerd-chic design, on BrandStackan open marketplace for brand identities. In hindsight, the name Lunarbits is not a great brand name.
It suffers from not having an obvious relationship with the proposed solution. This issue is especially problematic for products competing in the consumer Internet.
I had chosen to focus my first marketing vertical on technical content producers - software developers like me that thrive on teaching others - and wanted to look like PeepCodea popular screen-casting platform, while doing it.
Using my own passion about a frustration I had, I replaced my own individual desire to solve the content delivery problem, with the intention of solving it for anyone.
Lead to Win is a six-day, intensive, business-building exercise put on by successful entrepreneurs in the region who are passionate about growing opportunities.
Through a series of keynotes, peer evaluation, and private planning, culminating in a "big pitch" to a small group of successful CEOs and investors, business ideas are put through the ringer to determine if they, and the people behind them, have what it takes to become successful technology businesses.
Each business that passes the evaluation is tasked with creating at least six jobs within three years. Lunarbits was put to the test, and came out the other side with the green light: Validation Is Not Enough Regardless of the size of the team, we routinely seek out the counsel of others when determining the potential value of a new venture.
We support this idea culturally with business incubators, angel and venture capital investments, and strategic partnerships or ecosystem development. In many ways we are seeking permission, from people with experience, from informed business theory, and from ourselves, to invest a significant amount of time, effort, and money developing our vision.
But validation is not enough. In many ways, the act of validation is a brilliant way to postpone the hard work, because it takes you out of the details of delivery and you become engaged in a socially acceptable form of pretending through financial forecasting, customer and market analysis, and partnership development.
These are important tasks that I believe fit further down the spectrum, certainly after the initial launch stage, where validation is no longer on the radar.
With Lunarbits, validation was never the problem; on paper, Lunarbits is still a viable business and its competitor landscape remains largely unchanged after two years.
However, that does not mean it is a good idea. And that does not mean it will not fail for countless other reasons. Mockups Are Not Enough We often hear abstract lessons about failure, but there are plenty of concrete reasons for projects to falter.
One of them, which applies more specifically to software but has broader applications, is designing without mockups. This approach assumes that the vision of your business has its own natural metaphor that can express itself in software without disciplined work. With Lunarbits, I paid up front for quality graphic design of the website i.
When I met with the designer, I had an idea of how the application should "feel", but I only brought feelings to the table. I thought that my vision was obvious and that the design would be self-evident.In this informal case study based on the author's own experiences, the topics of market size and fit, team size, human dynamics, business validation, and interaction design are explored to form a picture of how a business with seemingly promising prospects could still fail.
PSCME Manufacturing Entrepreneurship Case Study phone () , Email: [email protected], monstermanfilm.com Knowing that development of the EC material could take months and that it would be at and questions. Mukesh Pandey, K Sudhir, Raman Ahuja, and Deepali Tewari FieldFresh Foods.
Customer/Marketing, Entrepreneurship, Operations.
By , the FieldFresh team had been able to create an efficient supply chain for baby corn across Punjab and Maharashtra at all levels. A CASE STUDY ON CREATIVITY, INNOVATION AND ENTREPRENEURSHIP EDUCATION OF THE UNIVERSITY IN TAIWAN Hsiang-Yung Feng Institute of Economic and Social Studies, Taiwan.
A Case Study on Rural Entrepreneurship Define Briefly the Entrepreneurial Process Final Question Paper- Question Bank - Production and Operations Management -MBA /5(19). Four Mini Case Studies in Entrepreneurship • Build a wider team to bring in new thinking o n product development issues you might be too close to the opportunity to see its full potential.