IB1816104-entrepreneurship.docx - Roll No IB1816104 Name of Institute BIIB Batch 2018-20 Specialization IB Semester 4th Subject Name Entrepreneurship

IB1816104-entrepreneurship.docx - Roll No IB1816104 Name of...

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Roll No. : IB1816104 Name of Institute : BIIB Batch : 2018-20 Specialization : IB Semester : 4th Subject Name : Entrepreneurship Submitted By : Navdha Goel Submitted On Date : 17 th April, 2020 Total No. of Pages : 22 1
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CASE 1: ECOWASH: A BUSINESS OPPORTUNITY WORTH PURSUING? Question 1(a) Aiden Patel was a high spirited personality. He always thought that he is not made for working under someone else. Patel always had a belief that he would start something of his own. After finishing his graduation from the marketing field from the university he was able to start thinking about his entrepreneurial skills and wanted to start his own business venture. While attending a wedding where he met Madelyn Chao, who fancied herself as an inventor, Chao was able to learn from Patel’s studies and wanted to help her by solving the problems Patel mentioned. Earlier, Chao was known to have a personality where she would be making products only for her personal use. These products would only solve the problems in her life by offering her benefits. Here for the first time Chao was able to come up with something that would be beneficial for all. She had a product that would not benefit but she had an eco-friendly car wash. This car wash in the prototype stage was extensively tested by her in the field to find the different shortcomings etc. about the product. This product was ready to be marketed to the potential customers and was ready to solve the cleanliness problem of the car owners out there. This product was designed and patented to clean up any discharge of waste water while cleaning the car from both interior and exterior. This product here was able to provide solution to the user in an eco-friendly way at an economical cost. This product was named Eco-Wash, a product out there which was able to provide economical car washing solutions and services to the customers out there. Being the first time Chao created something not for herself, this approach has a few problems. Here doing so creates a sort of risk, a threat . A threat of marketing myopia. This refers to the scenario when marketers fall in the trap of loving their own product and own product only. They are unable to look into the future possible innovations and solutions that can be offered to the users out there. This refers to a short sighted approach. Being inexperienced in this field of creating solutions for all can lead the marketer and the creator into a trap of failing to meet the expectations and dynamic demands of the consumers out there. So, this approach even though is there for the innovative and inquisitive minds but could possibly falter in the long run. 2
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Question 1(b) Lean start-up methodology refers to the scientific approach where the entrepreneurs would create and manage their start-ups in order to deliver the demanded products to the customer’s hands fast. This method teaches one how to drive and actually run a business, how to steer, when to turn and when to persevere and grow the business with acceleration. This approach can be considered as the principle approach to the new product development. This
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