Shane Ryan's Journey with fiid - Case Study Report Q&A

Shane Ryan's Journey with fiid - Case Study Report

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Q1: Explain the "Pain point" or problem Shane Ryan identified in this case study. What was the solution that fiid offered to solve this problem?

Shane Ryan has identified that there are many people who are in need of a protein-rich diet. He tried to introduce Vegan products in the market and did so but failed in his first two attempts, as he was unaware of the needs and preferences of the people. In his first attempt, he charged a high amount for his products that are being introduced under project fiid 1.0. After this failure, Ryan again tried to introduce the products in the market by establishing a partnership with a large food company. He thought that he would be able to feed the needy once the products will be launched in the market. He has forgotten that he had to make a contract with the partner so that he will not be able to leave the partnership. This was a mistake done by Ryan in the second attempt and keeping all these in mind, he tried again to launch the products in the market under the project fiid 3.0 making a partnership with a small business owner. Fortunately, this was a success and was able to run his business with a profit of $500,000 on the third attempt.

Q2: Provide a practical pivot that Shane Ryan could make to ensure fiid had a winning business model. Justify your answer.

Practically Ryan may have organised a survey for having a better understanding of the needs of the people so that it might be beneficial for him in the beginning and he could have saved a lot of time. This would have helped him in framing the pricing structure of the products according to the ability of the persons to pay for them. There has not been any need to work on framing a partnership with a large food company, as he was unaware of the acts of partnership that need to be considered. Hence, he has to suffer from the side of the partner on the second attempt also.

Q3: What validation methods Shane Ryan could have used to test how customers would respond to his products? Provide a practical validation solution that Ryan could have used.

Ryan could have sold some of the products on a test-sale basis to identify the requirements of the people. This would have been beneficial for him to implement standards for his products as per the requirement of the customers. Then he could have conducted research based on the demands of the market and as per the feedback analysed could have made necessary changes in the selling techniques and the ingredients of the products (Martinelli. and De, 2022). Some people are allergic to some vegetables so the research done by Ryan must consider these facts. Then he could have introduced his products to the customers using social media handles so that there would have been awareness among the people regarding the products before the launch of the products. Furthermore, the customers had known about the benefits of the products and would have shown interest in the first two attempts only.

Q4: Explain the Value Proposition that fiid was based on.

Fiid was based on the value of providing healthy food items to the people who are in need of them. This thought has the aim of reducing global poverty and waste of food items so that the community will last longer. Furthermore, Ryan had thought of donating 5% of these earnings to social projects that will be beneficial for the community (Saari et al. 2021). This will help in generating employment opportunities for poor families who die due to starvation. Currently, his business is running in a well-established state and he had worked in seven different countries including one of the world’s most luxurious hotel companies.

Q5: Was Shane Ryan an Opportunity-driven or Necessity-driven entrepreneur? Explain your answer.

Shane Ryan was a Necessity-driven entrepreneur as he was more concerned with the health benefits of the people. Shane Ryan, the founder of the luxury watch company "Vincero Collective," can be considered an opportunity-driven entrepreneur. Ryan was initially working as a management consultant and started Vincero Collective as a side project. He recognized an opportunity in the luxury watch market, which was dominated by a few established brands, to create a more affordable and stylish option for consumers. Ryan's decision to launch Vincero Collective was not driven by necessity or a lack of other options, as he was already employed and had a stable career. Instead, he saw an opening in the market and took advantage of the opportunity to create a successful business. Moreover, Ryan's approach to building Vincero Collective was also indicative of an opportunity-driven entrepreneur. He focused on creating a unique brand identity, leveraging social media marketing, and collaborating with influencers to increase brand awareness and drive sales. Overall, Shane Ryan's success with Vincero Collective can be attributed to his ability to identify an opportunity in the market and take calculated risks to capitalize on it.

Q6: Explain if in your opinion Shane Ryan could be described as a Social Entrepreneur or a Business Entrepreneur. Justify your answer.

Entrepreneurship has been considered a discovered culture that has been making exploitation of opportunities with organised, processes and considered market abilities. Shane has discovered the activity that can involve the evaluation discovery, as well as the exploitation of opportunities. It has been making an orientation for generations of goods and services. The effective ways related to organizing, raw materials, processes, and markets have been organizing efforts that previously cannot exist (Niederleand Schubert, 2021). Shane has been offered that entrepreneurship can be explained by making a consideration with the nexus of enterprising individuals that can be generated valuable opportunities. The effective using has been making understand the entire process of exploitation and discovery of the opportunities as well as the acquisition of resources through adaptations of entrepreneurial strategy and the organising process. As a result, the rates of food wastages chances can be effectively reduced and the rates of development activities can be increased.

Conclusion

Overall, it can be said that the practices made by Shane Ryan fulfilled the requirements of the people. He thought for the benefit of the economy and introduced Vegan products in the market to prolong the longevity of the lives of people. His main aim is to promote employment by reducing poverty and reducing the wastage of food that is being wasted with the behaviour of rich people who pretend to eat healthily in the name of earning fame and making a name. Overall, it can be said that he was a person concerned with the necessities of the customers so that they can lead a healthy life ahead.

References

Martinelli, E. and De Canio, F., 2022. Non-vegan consumers buying vegan food: the moderating role of conformity. British Food Journal, 124(1), pp.14-30. https://doi.org/10.1108/BFJ-01-2021-0023

Niederle, P. and Schubert, M.N., 2020. HOW does veganism contribute to shape sustainable food systems? Practices, meanings and identities of vegan restaurants in Porto Alegre, Brazil. Journal of Rural studies, 78, pp.304-313. https://doi.org/10.1016/j.jrurstud.2020.06.021

Saari, U.A., Herstatt, C., Tiwari, R., Dedehayir, O. and Mäkinen, S.J., 2021. The vegan trend and the microfoundations of institutional change: A commentary on food producers’ sustainable innovation journeys in Europe. Trends in food science & technology, 107, pp.161-167. https://doi.org/10.1016/j.tifs.2020.10.003