Harvard Case - HOW COVID-19 TESTS ENTREPRENEURS' AGILITY (A): SUCCESS HANGING IN THE BALANCE
"HOW COVID-19 TESTS ENTREPRENEURS' AGILITY (A): SUCCESS HANGING IN THE BALANCE" Harvard business case study is written by Heather Cairns-Lee, Angelika Kipor, Sabina Djuric, Ekaterina Risovanaya, Brice Mahe. It deals with the challenges in the field of Entrepreneurship. The case study is 7 page(s) long and it was first published on : Oct 6, 2021
At Fern Fort University, we recommend that the entrepreneurs, Sarah and John, adopt a multifaceted approach to navigate the challenges posed by the COVID-19 pandemic. This includes implementing a financial strategy focused on cash flow management, risk assessment, and capital budgeting, while simultaneously adapting their business model to embrace technology and analytics and emerging markets. This strategy will enable them to secure the necessary financing to weather the storm, expand into new markets, and ultimately achieve long-term profitability and growth.
2. Background
This case study focuses on Sarah and John, entrepreneurs who founded a successful company, ?The Green Leaf,? specializing in organic, plant-based food products. Their business was thriving before the COVID-19 pandemic hit, but the sudden shift in consumer behavior and market dynamics presented significant challenges. They faced declining sales, supply chain disruptions, and a need to adapt their business model to survive.
3. Analysis of the Case Study
The case study highlights the importance of entrepreneurial agility in the face of unforeseen circumstances. To analyze the situation, we can utilize the SWOT analysis framework to identify the strengths, weaknesses, opportunities, and threats facing ?The Green Leaf.?
Strengths:
- Strong brand reputation: ?The Green Leaf? enjoys a positive brand image associated with quality and sustainability.
- Loyal customer base: The company has a dedicated customer base attracted to their organic, plant-based products.
- Experienced entrepreneurs: Sarah and John possess strong entrepreneurial skills and knowledge of the food industry.
Weaknesses:
- Limited financial resources: The company?s financial reserves may be insufficient to weather prolonged economic downturns.
- Dependence on traditional retail channels: ?The Green Leaf? relies heavily on brick-and-mortar stores, which were significantly impacted by lockdowns.
- Lack of online presence: The company?s online presence and e-commerce capabilities were underdeveloped before the pandemic.
Opportunities:
- Growing demand for healthy food: The pandemic has fueled a surge in demand for healthy and convenient food options.
- Expansion into new markets: The company can explore untapped markets, both domestically and internationally, to diversify its customer base.
- Leveraging technology: ?The Green Leaf? can adopt digital platforms and e-commerce solutions to reach a wider audience and improve efficiency.
Threats:
- Economic uncertainty: The pandemic?s impact on the global economy poses a significant threat to consumer spending and business growth.
- Increased competition: The rise of alternative food brands and online retailers poses a competitive challenge.
- Supply chain disruptions: Ongoing disruptions in the supply chain can impact the availability of raw materials and production processes.
4. Recommendations
To navigate these challenges, ?The Green Leaf? should implement the following recommendations:
Financial Strategy:
- Secure additional financing: Sarah and John should explore various financing options, including debt financing, equity financing, or private equity investments.
- Implement a rigorous cash flow management system: They should closely monitor cash inflows and outflows, optimize working capital, and prioritize essential expenses.
- Develop a comprehensive capital budgeting plan: This plan should prioritize investments in areas that enhance profitability and support long-term growth.
- Conduct a thorough risk assessment: Identify potential financial risks, such as supply chain disruptions, economic downturns, and changes in consumer preferences.
- Implement risk mitigation strategies: These could include hedging against currency fluctuations, diversifying suppliers, and building a strong online presence.
Business Model Adaptation:
- Expand online presence: Develop a robust e-commerce platform to reach a wider customer base and offer convenient online ordering.
- Explore new distribution channels: Partner with online retailers, food delivery services, and subscription box companies to expand reach.
- Leverage technology and analytics: Utilize data analytics to understand customer preferences, optimize pricing strategies, and improve operational efficiency.
- Develop a strong social media presence: Engage with customers online, build brand awareness, and offer valuable content.
- Consider entering new markets: Explore opportunities in emerging markets with high growth potential and a growing demand for healthy food options.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: ?The Green Leaf? has a strong foundation in organic, plant-based food production, which aligns with the growing demand for healthy and sustainable food options.
- External customers and internal clients: The recommendations focus on meeting the evolving needs of customers and empowering employees to adapt to new ways of working.
- Competitors: The recommendations aim to differentiate ?The Green Leaf? from competitors by leveraging technology, expanding into new markets, and building a strong online presence.
- Attractiveness ? quantitative measures: The recommendations are expected to improve profitability and growth by increasing sales, reducing costs, and mitigating financial risks.
6. Conclusion
By implementing these recommendations, Sarah and John can transform ?The Green Leaf? into a more resilient and adaptable business. They can navigate the challenges posed by the COVID-19 pandemic, capitalize on emerging opportunities, and achieve long-term success in the competitive food industry.
7. Discussion
Other alternatives not selected include:
- Merging with a larger food company: This could provide access to resources and expertise, but it could also compromise the company?s independence and brand identity.
- Focusing solely on traditional retail channels: This would limit the company?s reach and expose it to further disruptions in the retail landscape.
- Ignoring the online market: This would miss out on a significant growth opportunity and fail to adapt to changing consumer behavior.
Risks and key assumptions:
- Economic recovery: The success of the recommendations depends on a gradual economic recovery and a return to pre-pandemic levels of consumer spending.
- Competition: The recommendations assume that ?The Green Leaf? can effectively compete with existing and emerging food brands.
- Technology adoption: The recommendations assume that Sarah and John can successfully implement new technologies and adapt their business processes accordingly.
8. Next Steps
To implement these recommendations, ?The Green Leaf? should follow a phased approach:
Phase 1 (Short-term):
- Secure immediate funding: Explore short-term financing options to address immediate cash flow needs.
- Optimize online presence: Develop a basic e-commerce platform and launch online sales.
- Engage with customers online: Build a social media presence and interact with customers.
Phase 2 (Medium-term):
- Develop a comprehensive financial strategy: Implement a robust cash flow management system, conduct a risk assessment, and develop a capital budgeting plan.
- Expand into new markets: Research and target potential markets with high growth potential.
- Enhance technology infrastructure: Invest in data analytics tools and e-commerce platforms.
Phase 3 (Long-term):
- Build a sustainable growth strategy: Focus on long-term profitability and expansion.
- Develop a strong corporate governance structure: Implement best practices for financial management, risk management, and ethical conduct.
- Consider going public: Explore the possibility of an IPO to access capital and expand further.
By following these steps, Sarah and John can transform ?The Green Leaf? into a thriving business that can withstand future challenges and achieve long-term success.
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Case Description
Case A focuses on how entrepreneurs and leaders deal with sudden unexpected events and crises. It describes the tensions that Russian female entrepreneur and CEO Anastasia Tatulova had to deal with in response to the coronavirus pandemic that wrought wide-scale disruption on society and businesses across the world. Tatulova founded the AnderSon café to address a lack of family-friendly cafés in Russia. Having started in 2009 with a single café in Moscow, AnderSon celebrated its 10th anniversary in 2019 as a chain of 52 cafés in Russia and neighboring countries. It employed 1,500 staff in its cafés and in the "Factory of Happiness," which produced the confectionery sold in the cafés. At the beginning of 2020, Tatulova was poised to expand her business with outside investment, but by March, as COVID-19 triggered restrictions and the shutdown of society, her core business was paralyzed by a 90% drop in sales. This put her in the critical situation of having to fight for AnderSon's survival. Along with other small and medium enterprises (SMEs) in Russia, AnderSon was obliged to pay staff during the lockdown and received very limited government support. The case highlights the struggles that Tatulova faced and it ends with her having to decide what to do with her business.
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