Amrita Aviyente: the Founder of Date My Wardrobe - Essay Example

Summarize and Analyze your Entrepreneur Interview Email: amrita mywardrobe.com Twiter: @ amrita_UX Website: www. AmritaAviyente.com. BACKGROUND Amrita Aviyente, the Founder/CEO of Date My Wardrobe is the entrepreneur selected for this paper. The entrepreneur completed its initial education from the Brad school. Before 2012 the entrepreneur worked as the software engineer in a financial services company for more than seven years. The name of that company was fidelity investments. In 2012 Amrita quitted her job and went back to the Brad school. During that period only she started thinking about her own business. At that point of time only the spark came into her mind. She has completed MS in information technology from Bentley University in Massachusetts (Date My Wardrobe). Amrita belongs to Indian origin. Her father and mother are Indian. Family back ground of the interviewee is very simple and she belongs to a simple Indian family which has migrated from India to USA. The interviewee is also a UX Research associate in User experience centre of Bentley University. Amrita is significantly passionate towards the various extra curriculum activities like playing Cricket, Tennis and reading books and travelling. She is extremely passionate about the lean start up methodology and she has managed it well enough. She is a graduate of Women’s leadership organization. The interviewer has identified her with the help of LinkedIn. All the above information is indicating that background of the entrepreneur is very much simple and she had to start her business from the scratch. But the interviewee has suitable educational background and working experience to come up with new business. OPPORTUNITY IDENTIFICATION Opportunity identification is a fundamental requirement for any entrepreneur. Amrita was travelling from India to USA. She was travelling to attend her high school reunion in USA. She was properly dressed up and she had her dresses in her bags also. But during that trip to reunion party she was missing shoes. She was thinking to borrow it from someone. But unfortunately she had to spend her money to purchase new shoes. At that point of time shoes were not at all required for the interviewee. But as there was no other choice to her, she had to buy it. So opportunity identification was significantly real-time and practical in nature. In this case, situation guided Amrita towards the opportunity. Opportunity identification was very much specific in nature and it helped the interviewee to come up with a successful idea. Here in this case also the interviewee identified the opportunity suitably. Here in this case one thing is crystal clear that opportunities are everywhere. But proper identification is important. Amrita has properly identified the opportunity of rented services and she has capitalized on that. Before settling on this opportunity various business ideas came into her minds. She uses to write down all those business ideas. Even the idea of present business was written in her diary. It means more than one ideas came into her mind but this opportunity attracted him significantly. The overall opportunity identification was very prompt and spontaneous in nature. ENTREPRENEURIAL PROCESS Behind her entrepreneurial process there are significant influences of the various role models like Mark Zuckerberg and Richard Branson. Her role models are mainly belonging to technical domain. Her entrepreneurial process started by reading a book called “Lean Start up Principal”. The book made her realize that one should not build a massive thing for doing business in profitable manner. That book gave her the idea of MVP (Minimum Viable Products). This approach followed by Amrita was definitely suitable. The main idea of the entrepreneur was to create product which has MVP. Then they tried to launch in the market for the customer feedbacks. Apart from launching the product, addition of extra application on the basis of customer feedback was also the integral part of the entrepreneurial process. It is quite sensible, because modern day market has become more customers oriented. Customer’s feedbacks are highly important. The whole entrepreneurial process has been done under a team environment where every morning team members use to get together for their work. Team environment is one of the most important parts of any entrepreneurial process. Here in this case Amrita and her organization has maintained suitable team environment. Financing is also very important for any kind of new venture creation. Without proper financing new business cannot be successful. Here in this case, Amrita used her own finances for the business. There are three cofounders are there for the whole process. The whole entrepreneurial process was not at all very formal in nature. In this model idea of Steve Blanck helped her significantly. The interviewee just followed her vision with the help of Lean canvas. In this process she just kept on fitting her requirements on the canvas. She did not write any business plan. She easily could have done it to reduce the scope of risks. MEASURING SUCCESS Yes the venture is successful. Being a startup company the venture is successful not in terms of revenue or breakeven but it is quite successful in terms of its entrepreneurial process. In terms of team building, good technological innovation, creativity and passion the venture is significantly successful. As far as the customer orientation is concerned the business is successful. The company is coming up with strategic partnership with designers. The business has gone through lots of ups and downs but the interviewee has managed all the ups and downs professionally. So all these criterion have made this venture successful. Obviously the entrepreneur has given up the potential bright career of soft ware engineer where she could have enjoyed the life with lesser responsibility and pressure. She sacrificed her bright career with Fidelity. She has sacrificed her weekend’s parties and night outs. As far as the personal relationships with parents and children are concerned, Amrita has to sacrifice these things a lot. Often she has to stay in office in Saturdays and Sundays as well. Obviously work life balances are hampered. She has sacrificed spending quality time with her spouse. But still she enjoys this thing because feedbacks from the sides of the customers encourage her significantly. JUDGMENT Yes, I would invest in this venture. This venture has managed all the basics things in a right manner. The venture has significant market potential in future. This venture is also have leadership of a good quality entrepreneur. The entrepreneur has very clear cut business vision which is making this business worthy of investments. Passion and psychological strengths of the entrepreneur has made this business suitable for investments. The whole business is significantly customer oriented and it believes in continuous innovation and creativity. All these qualities would have attracted me a lot, to invest into this business. I would definitely work with this entrepreneur. This entrepreneur is practical, sensible and always tries to foster a team environment full of cooperation. As far as the learning is concerned, I would be able to learn a lot from the experiences of the entrepreneur. It would be help me in my future endeavors. This interview has influenced my thinking enormously. It has been an eye opener for me as far as the entrepreneurship is concerned. It has made me more aware about the positivity and negativity of entrepreneurship. I may read various books written on the entrepreneurship. I may fix business role models in my life. I can write down all the opportunities that I find and fit those opportunities in the Lean canvas. I do believe that I could be a successful entrepreneur from this learning. All these detailed learning’s are significantly important for any start-up businesses. These learning’s are guiding stars for me showing me possible multidimensional factors of a new business venture. Thank you letter Dear Amrita, With the help of this letter I want to thank you for your kind cooperation during the time of the interview. In spite of your busy schedule you have given me suitable time. For this unconditional cooperation I am highly grateful to you. Yours Faithfully Interviewer Work cited Date My Wardrobe. Rent FashionBuy or Sell FashionSimply browse Fashion, 2014. Web. 27th October 2014. Retrieved from: https://www.datemywardrobe.com/. Read More