Question

Case Study 1 MOMA

“I have always been passionate about running something of my own, and a huge believer in the power of breakfast. Couple that with my farming heritage, all the ingredients were there for me to take the jump, and start my awesome roller coaster journey with MOMA”.

                                                                                                                                         -Tom Mercer

Tom Mercer graduated from Cambridge and began work straight away as a Management Consultant in the city. He spent most of my days dreaming up business ideas, but one in particular seemed to stick with me. As a city worker, Tom thought there were loads of options for lunch and dinner but very few healthy and tasty breakfasts that commuters could pick up on their way into work. He ran this by friends and colleagues and it began to feel like this idea actually had legs.

It was now time to think about what this healthy breakfast was actually going to be. Tom settled on a liquid mixture of yoghurt, oats and fruit (the very first draft of our current Breakfast Smoothies). He needed to get the product into the hands of key consumers, so thought what better than a guerrilla style sampling session at Waterloo station. He says: ‘I stayed up through the night chopping fruit, blending it with oats and yoghurts, breaking numerous blenders and pouring into water bottles I’d picked up from Tesco. 200 bottles later, with my trestle table set up outside the station, my friends and I were busily exchanging bottles for email addresses”.

A couple of months later, after receiving positive feedback from those that took a sample, Tom’s company offered him some time off to pursue the idea further. This soon turned into leaving the company officially in August ’05. He had done his research standing in train stations counting the footfall (and getting kicked out of a few for looking too suspicious) and found the best stations to set up my pop-up stall. One converted filing cabinet, an old BT van, and a converted railway arch later, MOMA sold its first breakfast to the city of London’s commuters.

The next few months were hectic to say the least – MOMA opened 2 more sites very quickly – one in Vauxhall and one in Canary Wharf. Tom used to get up at 1.45am, start work in our railway arch kitchens at 2.30am and then start selling at 6.30am. After 4 months, the MOMA team had grown and it was time to hand over the night shift to someone else! By the summer of 2008, MOMA had nine stalls and sold into a few offices and shops, including Selfridges but unfortunately, this was also the beginning of the recession. Commuters just were not as prepared as they were before to spend that little bit extra on healthy breakfast outside of the home. MOMA started to move our focus away from the stalls and onto retailers and soon pulled in some great wins – Waitrose, Ocado, and Virgin Atlantic. Since then they have been through two redesigns, three city wide marketing campaigns, and many great retail listings and taken on some talented team members. MOMA has become the number 1 Bircher Muesli brand in the U.K. and have their products in supermarkets, trains and coffee shops across the country. However, this is still only the beginning; says Tom “we have so much more room for growth and can’t wait to see what’s in store!”

Analyze the entrepreneurial characteristics of the entrepreneurs in the given case studies. You are required to focus on the following entrepreneurial aspects mainly:

• Opportunity Seeking
• Risk-Taking
• Creativity and Innovation
• Resource Management
• Perseverance

Answer 1

Answer: Opportunity Seeking

Entrepreneurial open doors are new items, administrations, crude materials, showcase, or arranging techniques that structure new methods cuts off associations. The continuous procedure of considering, assessing, and seeking after market-based exercises that are accepted to be beneficial for the firm. Related knowledge advises the procedure, however, it might likewise restrain it, opportunity-seeking calls for persistent reexamination and versatile learning. These new methods closures can be accomplished by fulfilling market needs (implies) or making new demand (closes) or by doing both. Fundamental to the presence and distinguishing proof of chances is the information that singular entrepreneurs have concerning showcase irregular characteristics. In this way, the opportunity disclosure procedure can be viewed as a functioning quest behavior and sharpness for imaginative items or administrations which react to the market unevenness among flexibly and demand.

Risk-Taking

Vagueness stays in the writing in regards to the risk-taking conceptualization and its relationship with the firm execution of the new item section. We should unload risk-taking into two measurements: detecting risk-taking that shows in a company's exercises to recognize and/or make new chances and holding onto risk-taking that reflects exercises of advancement and commercialization to address distinguished chances. A central association's new item achievement benefits most from embracing a simultaneously elevated level of detecting risk-taking and holding onto risk-taking when advertise development is high yet a significant level of detecting risk-taking with a low degree of holding onto risk-taking when showcase development is low. Fruitful entrepreneurship includes taking risks. On the off chance that you don't grasp risk-taking, you might need to reevaluate being an entrepreneur. Innumerable entrepreneurs have faced challenges to get their organizations to where they are present. Taking risks, in any case, doesn't mean starting a new business aimlessly and then anticipating incredible outcomes. Taking risks in entrepreneurship includes cautious arranging and difficult work.

Creativity and Innovation

Inventive reasoning moves thoughts, and these thoughts motivate change". Creativity and innovative reasoning are significant parts of any business, particularly entrepreneurship. They are the bedrock of innovation. Let us find out about Creativity and Innovation. Creativity, when all is said in done, is a forerunner to innovation, and Entrepreneurship has consistently been about innovation. The mix of creativity and an entrepreneurial soul in the individual of the business visionary will wind up into innovation in business and worth creation. It's implied that creativity is as of now intrinsic among entrepreneurs; it is in their make-up. This entrepreneurial creativity is the thing that separates them from your standard cardboard-pattern businessperson or ordinary financial specialist. Genuine entrepreneurs are often depicted as having a "blend of creativity and unreasonableness". They are innovative as they have away from what they need later on, and they have the capacities to accomplish what they have imagined, yet they are added to some degree nonsensical, as they are eager to face challenges and face vulnerabilities.

Resource Management

The impacts of entrepreneurial resources on the speed of entrepreneurial achievement and endeavors to discover if the entrepreneurship directs the relationship. For entrepreneurs with more grounded entrepreneurship, the impact of their claimed assets on the speed of entrepreneurial achievement is more huge than those without entrepreneurship. What's more, for entrepreneurs with more grounded entrepreneurship, the impact of system ties on the speed of entrepreneurial achievement is better than those without entrepreneurship. At the point when a business person understands that he doesn't have adequate capital left, he should concentrate carefully on the organization's clients.  It's additionally significant for entrepreneurs to understand their genuine client base and item blend – both during great and terrible occasions. Unit financial aspects are significant and particularly when you understand there is a money crunch.

Perseverance

Perseverance is without a doubt a significant part of effective entrepreneurship. The expression "If from the start you don't succeed, attempt, attempt once more" implies that a couple of people can accomplish incredible things without first beating the snags that stand in their manner. At the point when confronted with a questionable future, numerous individuals decide to sit idle. They stress and shave away time on unimportant make-work. They'll inform everybody regarding their incredible plans, yet will turn and spit and do nearly something besides find a way to push their carries on with ahead. The straightforward truth is that each amazing undertaking must be accomplished in increases. In business, perseverance implies inclining forward, strolling one foot after the other into the chill entrepreneurial breeze until you've arrived at your achievements and in the long run accomplished your objective. Numerous individuals come up short since they surrender whenever there's any hint of trouble. Then again, pretty much every example of overcoming adversity incorporates a component of perseverance and assurance.

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