CASE: Introducing: I can see clearly now
Imagine that you are a young entrepreneur and have 'entrepreneurial alertness' about you. Indeed, your friends often comment that where others see a problem, you seem to have an amazing ability to see a unique solution to that problem. What are 'pain points' for some are instead opportunities to you.
You have noticed in recent years that your friend's grandfather's sight is getting increasingly worse, and he now seems to have lost his confidence to go out. Your friend suggests that this is worrying both the grandfather and his family more generally. The eye specialist has checked grandfather's vision, and he must either accept the onset of blindness or have surgery to remove cataracts on his eyes that are progressively impacting his vision. Grandfather does not want to be a burden to the family. It will be difficult for them to raise the $4600 necessary for surgery plus grandfather is scared of having surgery to his eyes. He's trying to say little about the problem and is becoming increasingly depressed.
You have an 'a-huh' moment. Instead of expensive and frightening surgery, you wonder why can't grandfather be fitted with glasses containing special lenses that compensate for the change in vision? If it works, it will remove the fear-factor of eye surgery and will hopefully be affordable also.
You have no technical knowledge in this area and not much money but you know that grandfather is not the only elderly person on planet earth with this same problem. There are very, very many. You think you might be at the beginning of an awesome venture opportunity and enquire at UNSW School of Optometry if anyone else has or is developing a high-tech lens for glasses to remove the need for cataract surgery. They say that your idea is new and exciting and could change lives all around the world. They want to partner with you to develop the lens and promote it all around the world. They see fame for themselves amongst their profession, and you see what might be a massive commercial opportunity.
You realise that this project will require considerable expertise that you don't have and significant investment funds that you don't have. Just like so many entrepreneurs before you, you decide that the potentially massive financial returns outweigh limiting factors like these. You decide to start and develop this venture.
Even your friend's grandfather is pleased and excited that you'll do this even though he realises it will take time to develop this lens. He starts walking around the house singing 'I can see clearly now' which is from a popular song from his youth. Your friend is laughing at his grandfather's excitement singing this song because he vaguely knows the song, and it is so wonderful to see grandfather feeling happy.
Being a curious person (a common trait of many entrepreneurs) you Google 'I can see clearly now', and when referred to YouTube, you hear the 1972 song from singer Johnny Nash at https://www.youtube.com/watch?v=FscIgtDJFXg It even includes the words 'Gone are the dark clouds that had me blind ...it's gonna be a bright, bright, bright sun-shiny day'. Now, you're getting some great ideas. You find out that singer/songwriter Mr Nash is now 80 years old and he'd be pleased to allow you use of his song in your venture's promotion. Actually, he is flattered when you suggest that you'll call your business venture 'I can see clearly now'.
Your venture is still very much in its seed stage of development, but you can see how you will do this. You sense the sweet taste of success. Millions of grandfathers and grandmothers will thank you. They'll all be singing 'I can see clearly now'.
Your task: Answer your choice of four (4) from the six (6) questions below to complete this exam. Each question is of equal value. (If you answer more than four, we will just mark the first four)
As you know, to optimise the grading in answering any question attempted, be sure to integrate entrepreneurship theory from our course in support of your practical answer. You need only refer to the theory employed. Citations are not necessary.
1) Building your I can see clearly now venture over coming years is going to require some clever marketing strategy. To strengthen the prospect of success, you'll start first with market research.
• What sort of things will you want to know from research about your market? (3 marks)
• Present the marketing mix strategies that you propose and give your reasons for each. (7 marks) (10 marks)
2) You may have a great venture idea, and you propose implementation of that idea and much careful expansion of the enterprise into the future.
• Assuming success, what are the likely sources of finance to I can see clearly now at each stage of growth over the next ten years? (4 marks)
• Provide the reason for the selection of each source & why it is appropriate at that business life cycle stage? (6 marks) (10 marks)
3) It's important as I can see clearly now expands to maintain an entrepreneurial spirit amongst your employees. You are never going to allow your venture to become one of those sleepy, boring, ordinary companies like so many others.
• How will you develop and maintain an intrapreneurial culture within your venture? (5 marks)
• Name and explain practical actions that you intend over time relevant to your venture to maintain that entrepreneurial culture. (5 marks) (10 marks)
4) Imagine that you have become a notably successful entrepreneur and you've always aimed to innovate and to disrupt the way those 'ordinary' businesses do business. After all, you achieved great success with I can see clearly now by 'thinking outside the box' to work with thought-leaders in optometry to revolutionise how vision loss in the elderly from cataracts is treated. It is hard for others to compete with you.
• What flaws in strategic growth execution relevant to your venture have you worked hard to avoid; (4 marks) and
• What measures have you taken across various growth dimensions to achieve a more sustainable strategic positioning. Provide examples. (6 marks) (10 marks)
5) You're only 24 years old right now and have only recently graduated, but in dreaming ahead for I can see clearly now, you see great success for the organisation and hopefully also for many that work within it. It feels a bit strange when just beginning the venture to be thinking about leaving it, but you wonder about the future in twenty years' time when you're 44 years old whether you would still want to be part of it. You might want to do other things at that point, and so you start wondering what your exit plan in the future might be to harvest the best possible return for your entrepreneurial efforts.
• What options might there be for you and for I can see clearly now in 20 years or earlier to optimise the reward for success? (3 marks)
• What preparation might you do in advance to achieve any of those options? (7 marks)
6) You just had this crazy idea: instead of the sole pursuit of vast financial fortune as a reward to yourself for the success of I can see clearly now, you decide to use your entrepreneurial skills to achieve social objectives. Your venture is all about bringing sight to millions of elderly people that might otherwise not be able to afford surgery or are simply scared of it. You decide that your venture will be more for accomplishing social good than profit alone.
• How might you collaborate with a social venture capitalist (SVC) to raise additional funds (5 marks)
• What have you learned from a recent YouTube presentation by an SVC that differentiates good social entrepreneurs like you wish to be from the less successful ones? (5 marks)
Hello, can u guys plz send me this answer I am having exam right now and was hoping if you guys can me help me with this. can u help me with this case study? I only need to answer 4 questions. plz do let me know thanks.
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