This case talks about Christy Jones intentions of starting a business. Jones was able to find an opportunity through the inspiration that she got from her mother at a young age. This encouraged her to explore many openings in life. Besides, her decision to join a student investment club at Stanford was an eye opener than improved her business skills. Therefore, the decision to enter any business or profession depends on one’s attitudes. This was demonstrated in Jones case that refused to join the medical career and instead followed her passion in industry. Anybody can listen to his or her voice by doing what one loves most. Her decision to join the business world matches with his resume since she studied economics in college. Jones opportunity emerged from societal and new technologies. For instance, as a member of society, Jones mother played an essential role in encouraging her to accomplish her goals. This converges with the new technology because she also used it to learn many things. Christy decided to focus on fertility issues because of the gaps she had identified in this business which needed to be filled. The kind of services that were offered by competitors did not meet the expectations of the clients.
Christy entrepreneurial behaviors can be presented as a trustee or a promoter. First, she acted as a trustee when her company partnered with Serono pharmaceutical. In this case, she was not working for her benefit alone but also for the advantage of her associates. As a promoter, she actively participated in registering Extend Fertility Company and committed her funds to ensure that the entity thrives. Christy’s company has many openings of making money, but egg freezing and storage has a capability of attracting many clients to the company. The potential competitors in the industry comprise of fertility and IVF clinics and hospitals. One of the ways of dealing with rivalry is by creating awareness of why it is essential to extend fertility in one’s life. It can influence the clients to buy her products. The second approach is to ensure that are the stakeholders are happy. For instance, the suppliers of drugs should be paid on time, and patients should get quality services.
Other types of competition can also originate from suppliers of the cord blood. They can offer it as a way of extending fertility among women. Her answer to this potential is to provide something that has minimal side effects on the users. One of the competitive barriers facing her is that individuals might not be ready to change what they are used to. The use of cord blood is not good for extending fertility because it can cause infections and bleeding in women. The business uses various ways to build credibility. One of the techniques is by being honest to their customers and offering reliable services. Building credibility is essential in business as it helps in getting the trust of people.
Additionally, partnering with Serono was a wise move as it enables the company to enjoy economies of scale. It is also essential to spread risks. Serono can benefit from the vast experience that Jones has in business. The other stakeholders that she can use to create value in the industry are the media and competitors. In this case, the former can be used for promotion while fair competition can build a better relationship among rivals. Christy uses various methods to carry out market research. Some of the ways are through the use of observation and surveys. In this case, she watches the customers buying trends before concluding. She also interviews her clients to know their demands. Observation is advantageous since it involves fewer costs to conduct. However, one can fail to see some of the essential aspects of the research. Surveys are useful in market research because one can get an immediate response from the audience. Though, they are time-consuming. The surveys by phone were done by sending bulk SMS. She asked about better approaches to extending fertility during the research. If I was the one conducting the interviews, I could have asked about the side effects of each procedure
The prospects of the business are to provide better customer service. Another opportunity is to reduce the side effects caused by fertility extensions. Lastly, the enterprise intends to comply with all government regulations. Jones business won the Harvard competition because it was straight forward and it showed her vision for the future. I like her plan because it intends to search for resources from cheap sources such as friends. Therefore, the business cannot struggle to repay the loans before the company grows. I think she needs around $ 1,000 because health is a sensitive issue that needs substantial resources.
The business should invest in other promotional strategies such as mass media to ensure that it beats the competition in the industry. Additionally, it can involve the clients in significant decision-making processes such as the pricing of their products and services. This can create a better relationship between the business and customers. Additionally, the enterprise should engage in healthy competition and avoid using unethical means to win customers. As a result, this can assist in decreasing conflicts between the entity and the competitors. Besides, it will improve the corporate image of the company.
Additionally, the business should review its performance from one period to the other. This will make it easy to identify its weaknesses and improve in the future. Finally, the businesses should bring on board other stakeholders in the industry and discuss how to improve its efficiency. It is also essential for the enterprise to invest in research and innovation to discover new ideas. The measure can assist the business to serve their clients in a better manner in the future.
The business has good chances of growth because of the high demand for its services in the market. Research indicates that most women are not willing to give birth until they reach thirty-five years old. This is when most of the people are eager to settle and start their families. Therefore, it is an indication that the business has a huge market to sell its products and services.
There are other things that I would like to see in the plan as a potential investor. Some of them comprise the projected income statement, cash flows, and balance sheet. This can assist the business to plan where it is heading. Moreover, some of these statements might be needed by financial institutions such as banks. I might also want to see the description of the corporation’s management. This includes people like managers, accountants and the CEO of the enterprise. Therefore, it will enable the outsiders to know the specific people who they can address in the company if they need any help. It will also show the levels of seniority in the firm. The business plan should also include the addresses of the top management.
Consequently, the business should indicate the promotional strategies it anticipates to use to promote its products and services. Sales promotion is essential as it will help it to remain competitive in the industry. Advertising can also help the firm to get referrals from satisfied customers.
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