Harvard Case - Micro-entrepreneur Elena Amaru Learns Business Fundamentals and Boosts Self-confidence As A Bonus
"Micro-entrepreneur Elena Amaru Learns Business Fundamentals and Boosts Self-confidence As A Bonus" Harvard business case study is written by Christine Pearson. It deals with the challenges in the field of Entrepreneurship. The case study is 5 page(s) long and it was first published on : Dec 15, 2015
At Fern Fort University, we recommend a comprehensive program designed to equip micro-entrepreneurs like Elena Amaru with the essential business fundamentals, fostering their entrepreneurial spirit and boosting their self-confidence. This program will leverage a combination of practical workshops, mentorship, and networking opportunities, tailored to address the unique challenges faced by micro-entrepreneurs in emerging markets.
2. Background
This case study follows Elena Amaru, a talented micro-entrepreneur in Peru, who possesses a strong entrepreneurial spirit and a passion for her craft - creating and selling artisanal jewelry. Despite her dedication and creativity, Elena lacks formal business training and struggles with managing her business effectively. She faces challenges with pricing, marketing, and scaling her operations. The case highlights the need for micro-entrepreneurs in emerging markets to access resources and support to develop their businesses.
3. Analysis of the Case Study
Elena?s situation exemplifies the common challenges faced by micro-entrepreneurs in emerging markets. These challenges include:
- Limited Access to Resources: Lack of access to formal business education, financial resources, and technology infrastructure hinders their growth.
- Lack of Business Fundamentals: Many micro-entrepreneurs operate on intuition and lack a structured approach to pricing, marketing, and financial management.
- Limited Networking Opportunities: Building connections with other entrepreneurs, mentors, and potential investors is crucial for growth, but often difficult for micro-entrepreneurs.
Applying the Business Model Canvas framework:
- Value Propositions: Elena offers unique, handcrafted jewelry with high quality and cultural significance.
- Customer Segments: Her target market is tourists and locals seeking high-quality, authentic Peruvian crafts.
- Channels: She currently relies on direct sales through her workshop and local markets.
- Customer Relationships: She builds relationships with customers through personalized interactions and word-of-mouth marketing.
- Revenue Streams: She generates revenue through sales of her jewelry.
- Key Resources: Her skills, materials, and workshop are her key resources.
- Key Activities: Designing, crafting, and selling jewelry are her key activities.
- Key Partnerships: She could potentially collaborate with local artisans for sourcing materials or with tourism agencies for marketing.
- Cost Structure: Her costs include materials, workshop rent, and marketing expenses.
Analyzing Elena?s current situation:
- Strengths: Passion, creativity, high-quality products, strong customer relationships.
- Weaknesses: Lack of business knowledge, limited marketing reach, difficulty scaling operations.
- Opportunities: Expand online presence, tap into tourism market, explore partnerships, access micro-financing.
- Threats: Competition from mass-produced jewelry, economic fluctuations, changing consumer preferences.
4. Recommendations
Fern Fort University should implement a comprehensive program for micro-entrepreneurs like Elena, consisting of:
Phase 1: Foundational Business Skills:
- Workshops: Offer practical workshops covering essential business fundamentals such as pricing, costing, financial management, marketing, and basic accounting.
- Mentorship: Connect micro-entrepreneurs with experienced business mentors who can provide guidance and support.
- Networking Events: Facilitate networking opportunities for micro-entrepreneurs to connect with each other, potential investors, and industry experts.
Phase 2: Growth and Expansion:
- Digital Marketing Training: Provide training on digital marketing strategies, including website development, social media marketing, and online sales platforms.
- Business Plan Development: Guide micro-entrepreneurs in developing comprehensive business plans, outlining their growth strategies, financial projections, and key milestones.
- Access to Funding: Connect micro-entrepreneurs with micro-financing institutions and potential investors, providing guidance on securing funding for expansion.
Phase 3: Scaling and Sustainability:
- Supply Chain Management: Provide training on efficient supply chain management, including sourcing materials, inventory control, and production optimization.
- Product Development: Encourage innovation and product development, helping micro-entrepreneurs diversify their offerings and cater to evolving market demands.
- Sustainability Practices: Introduce principles of environmental sustainability, promoting responsible sourcing, waste reduction, and ethical business practices.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Fern Fort University?s mission is to empower individuals and communities through education. This program aligns with this mission by providing micro-entrepreneurs with the skills and resources they need to succeed.
- External Customers and Internal Clients: The program benefits both external customers (micro-entrepreneurs) and internal clients (Fern Fort University). It strengthens the university?s reputation as a leader in entrepreneurship education and provides valuable services to the community.
- Competitors: The program differentiates itself from competitors by focusing on the unique needs of micro-entrepreneurs in emerging markets, providing a holistic approach that combines practical skills, mentorship, and networking opportunities.
- Attractiveness - Quantitative Measures: The program can be assessed through metrics such as participant satisfaction, business growth rates, and job creation.
6. Conclusion
By implementing this comprehensive program, Fern Fort University can empower micro-entrepreneurs like Elena Amaru to overcome their challenges, achieve sustainable growth, and contribute to the economic development of their communities. This program will not only equip them with essential business skills but also foster their entrepreneurial spirit and boost their self-confidence, creating a ripple effect of positive change in the emerging markets.
7. Discussion
Alternative Options:
- Individualized Coaching: While a comprehensive program is recommended, offering individual coaching sessions could provide more personalized support.
- Online Learning Platforms: Utilizing online learning platforms could expand the program?s reach and provide flexibility for micro-entrepreneurs.
Risks and Key Assumptions:
- Program Implementation: Successful implementation requires dedicated resources, effective program design, and strong partnerships with local organizations.
- Participant Engagement: Sustained engagement and commitment from participants are crucial for program success.
- Financial Sustainability: The program needs to secure funding for its operations and ensure long-term sustainability.
8. Next Steps
- Develop a detailed program curriculum: Outline specific workshops, mentorship programs, and networking events.
- Secure funding and partnerships: Identify potential funders and partner organizations to support the program.
- Recruit participants: Reach out to micro-entrepreneurs in the target market and promote the program.
- Monitor and evaluate program effectiveness: Track key metrics to assess the program?s impact and make necessary adjustments.
By taking these steps, Fern Fort University can create a transformative program that empowers micro-entrepreneurs in emerging markets, fostering economic growth and social impact.
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Case Description
Micro-entrepreneurs in developing countries often lack basic business knowledge and personal confidence needed to make the leap that will take their businesses beyond subsistence. In many of these countries, little or no business training is available to women micro-entrepreneurs. In some developing countries, tradition and social convention about gender-determined roles and responsibilities lead women to stay in the home. Those who become micro-entrepreneurs are often driven to the choice by financial need and lack of job alternatives. This case describes the business challenges facing a female micro-entrepreneur who worked from home and who participated in a large-scale, collaborative business education program set in Peru called Proyecto Salta (or, Salta, which means leap in Spanish).
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