The document discusses the suitability of an individual's profile and business idea combination for entrepreneurship. Specifically, it analyzes profile B, which is an economics graduate with an MBA and consulting experience, and their idea A, which is launching a health foods company.
It states that the individual's consulting experience would be useful in the growth stage of the business by providing analytical skills to analyze the market and make decisions focused on profits. However, it also notes that consultants typically work with established companies and structured data, which a startup lacks, so the individual would need to learn how to apply their knowledge in an uncertain environment.
The document concludes that while the consulting background provides benefits like project management skills, the individual should
The document discusses the suitability of an individual's profile and business idea combination for entrepreneurship. Specifically, it analyzes profile B, which is an economics graduate with an MBA and consulting experience, and their idea A, which is launching a health foods company.
It states that the individual's consulting experience would be useful in the growth stage of the business by providing analytical skills to analyze the market and make decisions focused on profits. However, it also notes that consultants typically work with established companies and structured data, which a startup lacks, so the individual would need to learn how to apply their knowledge in an uncertain environment.
The document concludes that while the consulting background provides benefits like project management skills, the individual should
The document discusses the suitability of an individual's profile and business idea combination for entrepreneurship. Specifically, it analyzes profile B, which is an economics graduate with an MBA and consulting experience, and their idea A, which is launching a health foods company.
It states that the individual's consulting experience would be useful in the growth stage of the business by providing analytical skills to analyze the market and make decisions focused on profits. However, it also notes that consultants typically work with established companies and structured data, which a startup lacks, so the individual would need to learn how to apply their knowledge in an uncertain environment.
The document concludes that while the consulting background provides benefits like project management skills, the individual should
The document discusses the suitability of an individual's profile and business idea combination for entrepreneurship. Specifically, it analyzes profile B, which is an economics graduate with an MBA and consulting experience, and their idea A, which is launching a health foods company.
It states that the individual's consulting experience would be useful in the growth stage of the business by providing analytical skills to analyze the market and make decisions focused on profits. However, it also notes that consultants typically work with established companies and structured data, which a startup lacks, so the individual would need to learn how to apply their knowledge in an uncertain environment.
The document concludes that while the consulting background provides benefits like project management skills, the individual should
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Finlatics Investment Banking Experience Program
Name- Anusha Datta
Project 1 1. The most suitable profile-idea combination according to me would be B ( Economics graduate with MBA degree and experience in consultancy) and A ( health foods company). An individual with previous experience of consultancy is the best fit for a venture which involves hitting the right product market and target consumers. It is crucial for an entrepreneur to have high level of strategic and critical thinking especially at a stage where the product has not yet been delivered to the consumers. Stages of Business During the first stage of the business, i.e the idea stage, an entrepreneur decides on the central theme of his start-up. Innovation is crucial in this stage and as someone with experience in management consulting in a corporate setting, the capacity to innovate isn’t very broad as creativity can neither be acquired nor does it flourish out of experience. That being said, the idea stage also requires entrepreneurs to have a good understanding of market demand for their products and their competitive edge. A person with previous experience of management consulting would be able to grasp the dynamics of the industry at an instance. Therefore, in this stage the extent to which Arjun’s experience would be useful would be limited. After the development stage which is the second stage, comes the growth stage. This particular stage involves analytical and decision-making abilities as well as a focus that is directed towards profits. The health foods venture launched by Arjun and seeking the correct product-market fit is at the growth stage as it hasn’t reached the consumers. The analytical skills gained by him through his experience as a management consultant will come in handy here as they are exposed to different scenarios that are challenging. They work with a diverse range of industries, clients and interact with consumers so it wouldn’t be surprising if they are well versed with the growth stage of a start- up. Widening his horizon While Arjun might have an edge with his consulting experience, a fact that cannot be missed is that consultants work with established companies who have a structured data so the consultants know what to work with. In the initial stages of a start-up, no proper data is available and there are no concrete forecasts or projects. Point being, there is a lot of uncertainty and nothing very solid to analyse as consultants would normally do. Therefore, Arjun would have to know how to separate what he has already learnt from situations that are unrelated and where exactly his experience and knowledge as a consultant is required. He would have to keep an open mind towards learning things from scratch Teamwork and Networking Consultants learn working with various projects in teams and delegating tasks quite early on in their careers, they know the value of time and meeting deadlines. Project management skills are important for an entrepreneur as they should know how to track their progress and avoid slacking. Also, Arjun would have developed a network through his consulting experience, this would help him further in his venture. A Similar Story One of the examples in this scenario is Gagan Biyani. He graduated in Economics and began his career as a consultant in Accenture. He co-founded Udemy in 2009, one of the first MOOC platforms. He was also a co-founder and CEO for Sprig, a food delivery company. Another example is Kathryn Minshew- CEO and co-founder of Muse, a career development platform. She was a management Consultant at McKinsey. 2. Contrary to the concept of loans, Private Equity offers quite a few benefits to firms. These include- stamp of quality, network driven benefits, advisory benefits and financial benefits. Keeping in mind the profile-idea combination chosen for Arjun, his focus should be centred around network driven benefits
Network Driven Benefits- Although experience as a management
consultant does come with the benefit of a ready-made network but a lot of times the variety of the network depends on the individual’s social skills and how much he/she takes out of his experience. Also, while a person is associated with a company as a management consultant, the kind of network he/she builds also depends on the brand of the company to a huge extent and after Arjun left his organisation, he might not have access to all of the previous networks he built while he was a part of the organisation. Therefore, he should look at building a network from scratch for his venture by means of his investors. The wide range of contacts that PE investors work with would surely benefit Arjun in his health foods start-up especially since it is currently in the growth stage and in need of distribution channels to reach ultimate consumers.