Comprehensive Case Study: Dan's Ladder Helper Business

Comprehensive Case Study

Introduction

Entrepreneurship refers to the concept of enhancing newer enterprise or business and being ready to take any kind of risks for this. The comprehensive case study will go through a recommendation about the idea perused by Dan and the additional market research he should do before starting the business at Hamilton. The case study will also estimate that the background and personality trait and the features of the invented product by Dan will foster or foster his entrepreneurial mindset.

Analysis and discussion

1. If Dan came to you asking for advice about whether to pursue this idea, what advice would you provides?

If Dan came to me for a recommendation regarding whether to peruse the business idea t manufacture and selling ladder helper, then my suggestion will be that the idea is unique and implementation of an effective marketing strategy can provide the Dan with a wide amount of earning through sales of ladder helpers. In my opinion, the ladder helpers that are used by the workers of contraction, painting and other businesses have been seeming sometimes wobble, lean and move for which several incidents globally has taken place. The idea of manufacturing ladder helper’s rails of aluminium can attract a wide range of customers anywhere globally as use of aluminium rails can make the ladder helpers more stable and increase the safety of its users (Lee et al., 2019).

I have been aware of several incident news where the workers of construction business have been injured and few have also lost their lives due to accidents that were occurred due to unstable ladder helpers they were using during their work. Therefore, stable and safe ladder helpers can effectively gain the attraction of constriction business owners and painting service providers. Moreover, in my opinion, before, starting the business it few amount of market research can prove to be beneficial for Jan to check whether there are requirements of change in the prices or the aspects of the ladder helpers.

2. What aspects of Dan’s background and personality traits are suited to owning his own business? What aspects might foster his success?

In order to elaborate the background and personality traits that are suited for Dan’s idea of own his own business, it can be stated that Dan can manufacture good ladder helpers that will result as increased safety of its users. The major factor that influences good manufacturing of ladder helpers by Dan is that he has been working for Carpentry Company that builds homes in cities such as Hamilton and Ontario. In my opinion, he has gathered enough idea in what kind of purposes ladder helpers are used and what is the extent to which safety of the ladder helpers are concerned by its users.

Dan also contains ownership experiences that have been gained by him from his father’s restaurant and his idea to expand the stores in four more additional locations provided significant benefit to his father business (Qazi et al., 2020). The success of the expansion of his father's restaurant gave increased the confidant of Dan. These types of entrepreneurial experience of Dan can prove to be beneficial for him to foster his entrepreneurship idea of manufacturing and selling ladder helpers with aluminium rails shortly. Dan's wide Suzie also has a good job for which they have accumulated savings. This can arrive as a significant opportunity for Dan to invest the required capital for the business without worrying about anything and foster his entrepreneurship idea.

Though many entrepreneurs over social media and crowd-sourcing sites provided a negative opinion about the entrepreneurship idea of Dan, the major thing that can foster the entrepreneurship idea of Dan is he never give up personality where he sure that his entrepreneurship idea will give him a vast range of revenue through sales of ladder helpers.

In order to enhance market research for the entrepreneurship idea, Dan has done market research communicating with the friends and his wife is forcing to conduct more traditional market research before taking the entrepreneurship idea into action (Pellegrini et al., 2020). These factors can foster the entrepreneurship idea of Dan in a significant way and provide a positive outcome for the business shortly.

3. Briefly discuss aspects of the product and business that may contribute to or foster its success.

In order to discuss the aspects of the product, it can be stated that the product that has been invented by Dan for his new business can prove to be effective for him in terms of profitability. There are many incidents that have taken place due to weak ladder helper. As the case study reveals the invented ladder helper’s rails will be made of aluminium and it can prove to be hard and long-lasting than other ladders that are used by a wide range of people globally. Using aluminium rails during the manufacturing of the ladders Dan can be able to make the ladder helpers more stable and safe for people as during using this no one will be required to hold it (Gish et al., 2019). This type of product can attract the people that do work for which ladder is a mandatory thing such as in construction purpose or in painting purposes and others.

The ladders that are generally used by these businesses have often been as seen as wobble, lean and move sometimes that has caused many incidents at the workplace globally. These are the main factors that can attract influence these types of business firsts in the local place of Hamilton and then the in the expanded area for the purchase of ladder helper that will be manufactured in the company of Dan. Therefore, based on facts given in the case study it can be said that the features that will be associated with Dan’s newly invented product, can foster his entrepreneurship idea in a significant way.

4. What positive things has Dan done in investigating the new business?

In order to reveal the positive things that have done by Dan investigating his new business it can be stated that enhancing entrepreneurship idea of manufacturing and selling ladder helpers whose rails will be made of aluminium and ensure safety to the customers, is the major positive thing that has been done investigating a new idea for his own business. Manufacturing of these types of ladder helper has seemed unique to me as many incidents in construction businesses has taken place globally due to wobble, lean and moving ladder helpers.

Though Dan’s boss where he works right now suggested him to not to think about this entrepreneurship idea and he posted some information about the entrepreneurial concept in different crowd sourcing site and this social media platforms from where he gathered a significant amount of positive feedbacks (Emami and Khajeheian, 2019). These types of market research can be considered as other positive actions that have been done by Dan during investigating his newer business idea for him.

Another positive action that has been taken by Dan is a discussion with his wide as being a good job holder also, his wife suggested him to conduct more traditional market research for his business. Discussion with his wife also proved to be beneficial for him ensuring that they have a sufficient amount of capital for investment (Tornikoski and Maalaoui, 2019). Moreover, before analysing the demand of the manufactured ladder helpers, Dan posted an ad about the product in different crowd sourcing sites and this can be considered as other significant positive actions that have been covered by Dan before investing for the business a wide range of capital.

5. What additional information should Dan obtain before completing his feasibility analysis?

In order to elaborate the additional information that is needed to be obtained by Dan before implementing the business idea of manufacturing ladder helpers using aluminium rails it can be stated that before implementing any entrepreneurial plan into action, Dan should evaluate his strengths as an entrepreneur. The strengths should not be by other entrepreneurs with a similar business idea in his surroundings. After strengths, Dan should consider his and his products weaknesses before implementing any strategy for the marketing of the newly invented ladder. Evaluation of this additional information can prove to be beneficial for Dan as stree4mngths, weaknesses, and its control s completely depend on the entrepreneurs (Clingingsmith and Shane, 2018). After evaluating the strengths and weaknesses of the entrepreneurial idea, Dan should try to gather the information that can provide his insight about the market opportunities and threats for the business of ladders in the market of Hamilton as well as in the global market for the future.

In order to address the strengths and weaknesses of the entrepreneurial idea more effectively, Dan should conduct an analysis of the external forces that can affect the business of the ladder in both a positive and negative way. Conduction of analysis on the external forces can make Dan aware of the political forces in his own place that can affect his business in both a positive and negative way. Observing the economical forces that can affect his business, Dan can be able to set the appropriate prices for the ladder helper that can provide him with an increased amount of profitability through sales. Observation of the possible social factors can provide him insight about the demands his product can gather after being launched in the market. Observation of the technological factors can help him to choose the bests technological equipment that can prove to beneficial for him in terms of increased manufacturing of ladder in a shorter time (Harrison and Mason, 2017). Observation of the environmental and legal factors can help Dan and his business to avoid different types of legal allegation that are associated with businesses and environmental laws.

Conclusion

It can be concluded that additional market research can prove to be the most significant action that can provide the business insight about the potential threats and opportunities that can affect the business of ladders globally.

Reference list

Clingingsmith, D. and Shane, S., 2018. Training aspiring entrepreneurs to pitch experienced investors: Evidence from a field experiment in the United States. Management Science, 64(11), pp.5164-5179.

Emami, A. and Khajeheian, D., 2019. Social norms and entrepreneurial action: the mediating role of opportunity confidence. Sustainability, 11(1), p.158.

Gish, J.J., Wagner, D.T., Grégoire, D.A. and Barnes, C.M., 2019. Sleep and entrepreneurs' abilities to imagine and form initial beliefs about new venture ideas. Journal of Business Venturing, 34(6), p.105943.

Harrison, R.T. and Mason, C.M., 2017. Backing the horse or the jockey? Due diligence, agency costs, information and the evaluation of risk by business angel investors. International Review of Entrepreneurship, 15(3), pp.269-290.

Lee, S.D. and Butcher, R.M., MAINSTREAM HOLDINGS Inc, 2019. Ladder stand and related method of use. U.S. Patent Application 15/922,993.

Pellegrini, M.M., Rialti, R., Marzi, G. and Caputo, A., 2020. Sport entrepreneurship: A synthesis of existing literature and future perspectives. International Entrepreneurship and Management Journal, pp.1-32.

Qazi, W., Qureshi, J.A., Raza, S.A., Khan, K.A. and Qureshi, M.A., 2020. Impact of personality traits and university green entrepreneurial support on students' green entrepreneurial intentions: the moderating role of environmental values. Journal of Applied Research in Higher Education.

Tornikoski, E. and Maalaoui, A., 2019. Critical reflections–The Theory of Planned Behaviour: An interview with Icek Ajzen with implications for entrepreneurship research. International Small Business Journal, 37(5), pp.536-550.