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2. What evidence indicated that it was feasible for Kaneb to pursue this
potential opportunity, what evidence suggested the opposite?
Evidences Favouring:
There is a strong consumer interest for the product because it solves a problem
faced by majority of the hearing loss community. Hence the interest and the
market opportunities are available.
Evidences Against:
There is a scepticism about the materialisation of the idea from concept to the
final stage. Since there is a lot of technicalities involved, there is a huge uncertainty
surrounding the idea.
5. If you had been in Kaneb’s position and you had decided to continue
pursuing your new venture, which of the alternative approaches for
addressing each of the most critical issues would you have
implemented?
Firstly, I would address the gap in the feasibility study. Then I would
find a suitable founder who can be a valuable asset in the development
and management of the ventures. Then I would form a team of experts
who can lead various parts of product development and management.
Then I would build a network of mentors and leaders in the tech field
to help with the product development. Consequently, look for new
venture capitalist and sources of funds. Also set up a team for dealing
with regulators or hiring consultants to help with the regulation part
of the product development. Then look for various exit strategies and
involve in increasing the value of the firm.
Source of inspiration:
She has been involved with various community and NGOs for serving the society.
This sense of serving might have motivated her to take this drastic shift from home
maker to the entrepreneur. Also her husband is a great support in all her activities.
This might have also pushed her to do something tangible for the society.
Sources of Concern:
This situation must be faced by many aspiring entrepreneurs as to jump into the
entrepreneurial journey or be safe in a corporate job. This situation will probably help me in
evaluating the methodologies to undertake before switching to the venture. Proper analysis
of the opportunities and the potential payoffs and risk has to be done.