Harvard Case - Azza Al Qubaisi: The Artist Entrepreneur
"Azza Al Qubaisi: The Artist Entrepreneur" Harvard business case study is written by Stephen J. Mezias, Florian Schloderer, Gillian Saint Leger. It deals with the challenges in the field of Entrepreneurship. The case study is 11 page(s) long and it was first published on : Aug 26, 2013
At Fern Fort University, we recommend Azza Al Qubaisi pursue a strategic growth plan that leverages her artistic talent and entrepreneurial drive. This plan should prioritize building a strong brand, expanding her reach through online platforms and strategic partnerships, and exploring options for scaling her business through partnerships or potential fundraising. This approach will allow Azza to achieve her financial goals while maintaining her artistic integrity and passion.
2. Background
Azza Al Qubaisi is a talented Emirati artist facing a critical juncture in her career. While her artistic talent is undeniable, her business model relies heavily on personal connections and traditional art market channels. Azza seeks to expand her reach, increase profitability, and secure her financial future. This case study examines her current situation, identifies key challenges, and proposes a strategic roadmap for her future success.3. Analysis of the Case Study
This case study can be analyzed through the lens of a Strategic Framework that considers the following key elements:
Internal Analysis:
- Strengths: Azza possesses exceptional artistic talent, strong local connections, and a clear understanding of the Emirati art market. Her dedication to her craft and entrepreneurial spirit are invaluable assets.
- Weaknesses: Azza?s current business model relies heavily on personal connections and traditional art market channels, limiting her reach and growth potential. She lacks a robust marketing strategy and a clear financial plan for scaling her business.
- Opportunities: The growing global interest in Emirati art, the rise of online art platforms, and the potential for partnerships with galleries and institutions present significant opportunities for Azza.
- Threats: Competition from established artists, fluctuating art market trends, and the challenges of navigating the complexities of the international art market pose potential threats to her success.
External Analysis:
- Market Trends: The global art market is experiencing a surge in interest in emerging artists, particularly from the Middle East. The rise of online art platforms like Artsy and Saatchi Art is democratizing access to art and creating new opportunities for artists.
- Economic Landscape: The UAE?s economic stability and commitment to supporting the arts create a favorable environment for Azza?s growth. However, global economic fluctuations can impact the art market.
- Competitive Landscape: Azza faces competition from established Emirati artists, as well as international artists seeking to enter the Middle Eastern market.
- Technological Advancements: Emerging technologies like NFTs and virtual reality are creating new avenues for artists to showcase and sell their work, offering potential opportunities for Azza.
Financial Analysis:
- Cash Flow Management: Azza?s current cash flow is dependent on sporadic sales. Building a more predictable cash flow stream is critical for her financial stability and growth.
- Capital Budgeting: Azza needs to carefully assess potential investments in marketing, website development, and other growth initiatives to ensure a positive return on investment.
- Financial Forecasting: Developing a comprehensive financial forecast will help Azza anticipate future cash flows, identify potential financial challenges, and guide her decision-making.
4. Recommendations
To achieve her goals, Azza should implement the following strategic recommendations:
1. Brand Building and Marketing:
- Develop a Strong Brand Identity: Create a cohesive brand identity that reflects Azza?s artistic vision, target audience, and values. This includes a professional website, consistent branding across all platforms, and a clear brand message.
- Leverage Online Platforms: Utilize online platforms like Instagram, Facebook, and Artsy to showcase her work, engage with potential collectors, and build a strong online presence.
- Content Marketing: Create engaging content that highlights her artistic process, inspirations, and unique style. This can include blog posts, videos, and behind-the-scenes glimpses.
- Strategic Partnerships: Collaborate with art galleries, cultural institutions, and other artists to expand her reach and gain exposure to new audiences.
2. Financial Strategy and Growth:
- Develop a Financial Plan: Create a detailed financial plan that outlines her revenue projections, expenses, and investment needs. This will provide a roadmap for her financial stability and growth.
- Explore Funding Options: Consider seeking funding from investors, grants, or crowdfunding platforms to support her expansion plans.
- Strategic Partnerships: Partner with galleries or art advisors who can provide access to new markets, collectors, and resources.
- Pricing Strategy: Develop a clear pricing strategy that reflects the value of her art, market demand, and her financial goals.
3. International Expansion:
- Research International Markets: Identify potential international markets with a strong demand for Emirati art and explore opportunities for exhibitions, collaborations, and sales.
- Develop a Global Marketing Strategy: Tailor her marketing efforts to specific international markets, considering cultural nuances and language preferences.
- Explore International Partnerships: Partner with galleries, collectors, and institutions in target markets to establish a presence and build relationships.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Azza?s core competencies in art creation and her mission to share her artistic vision with a wider audience.
- External Customers and Internal Clients: The recommendations address the needs of both external customers (art collectors) and internal clients (Azza herself), ensuring her artistic integrity and financial success.
- Competitors: The recommendations consider the competitive landscape, emphasizing differentiation through brand building, online presence, and strategic partnerships.
- Attractiveness - Quantitative Measures: The recommendations focus on building a sustainable business model with a clear path to profitability, leveraging online platforms, and exploring funding options to maximize return on investment.
- Assumptions: The recommendations assume a continued growth in the global art market, particularly for emerging artists from the Middle East. They also assume Azza?s commitment to her artistic vision and her willingness to embrace new technologies and marketing strategies.
6. Conclusion
Azza Al Qubaisi has the potential to become a leading artist in the Emirati art scene and beyond. By implementing a strategic growth plan that prioritizes brand building, online presence, and strategic partnerships, she can achieve her financial goals while maintaining her artistic integrity and passion. This approach will allow her to navigate the complexities of the art market, expand her reach, and secure a sustainable future for her art career.
7. Discussion
Other alternatives not selected include:
- Focusing solely on the traditional art market: This approach would limit her reach and growth potential, as the traditional art market is often slow and unpredictable.
- Going public through an IPO: This option would require significant investment and regulatory compliance, and may not be suitable for Azza?s current stage of development.
Risks and Key Assumptions:
- Market Volatility: The art market is inherently volatile, and fluctuations in demand could impact Azza?s sales.
- Competition: Azza faces competition from established artists, both locally and internationally.
- Technology Adoption: The rapid evolution of technology could require Azza to constantly adapt her marketing and business strategies.
8. Next Steps
To implement the recommendations, Azza should take the following steps:
- Develop a detailed financial plan: This should include revenue projections, expenses, and investment needs for the next 3-5 years.
- Create a marketing strategy: This should outline her target audience, key messages, and planned marketing activities across various platforms.
- Build a professional website: This should showcase her artwork, provide information about her artistic process, and facilitate online sales.
- Explore funding options: This could include seeking investment from angel investors, venture capitalists, or crowdfunding platforms.
- Establish strategic partnerships: This could involve partnering with galleries, art advisors, or other artists to expand her reach and access new markets.
By taking these steps, Azza can position herself for success in the competitive art market and achieve her goals of financial stability and artistic recognition.
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Case Description
This case tells the story of Azza Al Qubaisi, a female Emirati role-model entrepreneur - how she successfully developed a novel business idea, established a business, and created a new market for jewellery design "Made in UAE".
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