Activity 5: Forum
You are to pick two topics in Scenario 1 and 2 topic
in Scenario 2 for your forum discussion
Welcome, entrepreneurs! Today, we'll use Effectuation principles to tackle real-world business scenarios. Here's how you can participate in the forum discussion:
1. Choose a Scenario:
We have two exciting scenarios.
- The Upcycled Artisan
- The Tech-Savvy Grandma.
Pick the one that resonates most with you or seems most challenging!
2. Think Like an Effectuation Expert:
Each scenario presents a fledgling business idea with some uncertainties. Your job is to guide the entrepreneur(s) through the initial stages using the five Effectuation principles:
Example: The Upcycled Artisan (Let's say you pick this one):
Scenario 1: The Upcycled Artisan:
Sarah, a skilled carpenter with a passion for sustainability, has a workshop overflowing with salvaged wood scraps. She dreams of turning them into handcrafted furniture and home décor items. However, she's unsure if there's a market for upcycled goods and how to reach potential customers.
Bird-in-Hand: Sarah has carpentry skills and a workshop full of salvaged wood.
Lemonade: She might lack online presence and struggle to find a market.
Your Discussion Post:
Briefly summarize Sarah's situation and her desire to launch the upcycled furniture business.
Discuss how Sarah can leverage her existing resources (carpentry skills, wood scraps).
Suggest ways she can turn a potential challenge (limited online presence) into an opportunity (partnering with a local furniture store for consignment sales).
Who could be potential collaborators (local artists, eco-conscious businesses) and how could she engage them?
How can Sarah minimize upfront costs and test market demand?
Suggest initial steps to validate the idea (online portfolio, craft fairs) and gather customer feedback.
Scenario 2: The Tech-Savvy Grandma:
Beatrice, a retired computer programmer, has developed a user-friendly app that helps seniors navigate online banking and financial resources. While she sees a valuable opportunity for her generation, she's unsure how to reach tech-wary seniors and market the app effectively.
Challenge: Can Effectuation principles help Beatrice bring her app to the senior community? How might she utilize her existing skills and network, identify potential partners for promotion, and address the specific needs of her target market?