The context in the given assignment describes that one of the key point in the directed drifting of an entrepreneur towards the mountain of success, which is for the entrepreneur to be at the right place and at the right time. Even though there were some entrepreneurs like Henry Ford, at the right place and at the right time, but he was joined by five hundred other entrepreneurs, all wishing for bringing a revolution in the automobile industry. So, the key element for the success of Ford Motors was the uniqueness in the design of its automobiles, and the efficiency and performance as compared to others.
Also, the example of Facebook has been cited in the paragraph. It has been mentioned that at its initial phases, even Facebook faced a lot many problems. Due to the presence of many other social networking sites, Facebook faced a rocky start. Many people thought that what would be new in Facebook, since they could find almost all the functions of their interests in other social networking sites. But, a key element in the success of the business, also referred to as the secret sauce, is to identify the customer’s needs and respond to it by framing a solution or creating a product which satisfies those needs and demands and also which are efficient and user friendly. This creation or development of product must be customer centric. Facebook identified that key element: connection of people online in an innovative way. Facebook identified that people would love to make new friends online and chat with them and thus increase their networking. Moreover, if they see their friends online they are bound to start chatting. This would mean that the website of Facebook could help people to connect with others in real time. Thus, more people started using the website and it gained popularity. The success and popularity it gained in a small timeframe was such that initially, their server crashed due to overload. But, now it is a billion-dollar company. The quality matters the most to the customer.
So, to accomplish a successful milestone, the start-ups have to be “needs for the present and future situation” minded along with no compromise in quality of the product they build or service they offer. One example of a start-up which is failed is Eatonomist. It was founded in 2014. The main idea behind it was the control of food making kitchens and delivery services. Major reasons for its shutdown were lack of funding, unsustainable costs, negative margins, and unreliable quality. A successful start-up like Swiggy (which was also founded in 2014) saw the people’s demands of healthy and good quality food delivery services at reasonable rates. It correctly identified the people’s needs and dwelled upon those to cater the people to their best. The journey of success for any entrepreneur is always filled with ups and downs, and that’s a part of what makes the rewards at the end so sweet. But any entrepreneur will tell that those moments of doubt, failure, and almost giving up were not easy to swallow at the time. But eventually it teaches them the life lessons and gives them hope and courage to overcome those moments and achieve a great position in life. There’s a quote which fits perfectly in the given scenario: “When you’re on the track and you’re running, you can’t really see what’s around the bend. You might be so close to success, but you’ll never know if you stop.
So, don’t stop running. ”The main task given to us in this question is that we have to make a web-portal for promotion of businesses of Homestay for tourists in various tourist places. The main stakeholders in this project would comprise of the local hotels or residencies (local, referring to the tourist places), the nearby shops or rental retailers, the travelling medium for the tourists (taxies or auto rickshaws), tourist guides, etc. The main or primary stakeholder in this entire project are the set of customers (tourists) without which this project is incapable of flourishing and becoming successful. In this project we would have to partner with various parties like the hotels or residencies (which would provide residence for the tourists), the nearby shops or rental vendors (which would provide the necessary items to the tourists or bikes or cars on rental basis to the tourists), the travelling medium (who would ensure that the tourists are picked up and dropped at the particular spots at their convenient time), and the tourist guides (who could help the tourists know about the particular place, its speciality, its history, etc. ). In this, the tourist guides can be considered as optional stakeholders and need not be necessarily the part of the project’s stakeholders.
To attract the business stakeholders, we would need to make a lucrative web page which would attract them to register themselves on the website which provides a variety of options regarding the services to the customers. Also, we would have to convince them about the profits they would be making. Generally, if a service is charged Rs. X for the customers (which includes a huge profit margins for the service providers), we could help them get many tourists as their customers (from our web portals) and in return can ask them to cut down some amount in their profits and also earn our commission. This could ensure that all the parties are happy; i. e. the customers are happy to get services at somewhat reduced costs than before, the service providers get a huge number of customers for business and also, we get our commission. But this project could only work and become a success if the mainstream business stakeholders; the customers view our web portal and decide to get the required services through the online portal. The only way of doing this is by providing them with good deals and offers. By this, they (the customers) would get attracted to the web portal and would use it.
Also, if the options of pre-booking hotels, cabs, trains, etc. are also provided to the customers through our web portal, it would become easy and convenient for the customers to plan their entire trip through our web platform and thus increase our profits. The main factor is of trust between us and the customers. If we can guarantee them of the final confirmation of their services, the trust factor would increase along with our customer base. Since, many of the hotels or other places available for pre-booking book for the customers and cancel the bookings at last moment because of unforeseen circumstances, it becomes a real difficult situation for the tourists to find another service of the same kind at the last moment and at reasonable rates. So, there is a requirement of trust between the web portals and the tourists which would not allow any last moment cancellations thus providing ease in planning the trip for the tourists.