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Ajay Bam - Essay Example

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According to Brad Sugars (2010), founder and chairman of ActionCOACH and an entrepreneur as well as a business coach, one of the skills an aspiring businessman needs to have and focus on is knowledge of the business he wanted to put up. Ajay came from parents who owned…
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Ajay Bam
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Ajay Bam Case Study According to Brad Sugars , founder and chairman of ActionCOACH and an entrepreneur as well as a business coach, one of theskills an aspiring businessman needs to have and focus on is knowledge of the business he wanted to put up. Ajay came from parents who owned businesses. He has an undergraduate and master’s degree in computer and software engineering; respectively, which would help him in his venture because his business involves computers and mobile phones. Ajay is also able to set and achieve goals, organize and manage his time and prioritize which are other skills of a good entrepreneur. (MacGregor, 2001) He wanted an MBA so he enrolled at Babson. He had a vision to put-up Vayusa so he set out to find people who could help him and sources of funds for his venture. Amazingly, he was able to juggle setting up Vayusa while completing his MBA degree. Lastly, Ajay was enthusiastic about the business he wanted to set-up because he had personal experience of what it was like not to have Vayusa. He knew the convenience it was going to bring to both consumers and merchants. This enthusiasm was a key in acquiring the people and funding he needed. This resulted to his diligence and persistence in meeting people and following-up tasks.
A rocket pitch is a 3-minute presentation, usually via 3 Powerpoint slides, of several entrepreneurs’ business plans to a large audience made up of, among others, investors and service providers. (BABSON, 2012) Ajay’s pitch was sound. Vayusa had more than what competitors individually offered. However, a potential investor would have a few concerns such as stability and long-term security against fraud. Indeed, Vayusa may offer more than the other loyalty programs and wireless payment companies. Nevertheless, combining both in a mobile application which is Vayusa is the first of its kind. There is no current measure if this kind of business will be successful. Moreover, in a world where computer hacking is very common, there is no existing proof that the Vayusa system is not “hackable”. In addition, there is the concern of probable mobile charges in the future for using the Vayusa application. If the business does become successful, consumers will be using their mobile phone services more. Still, given the benefits of Vayusa and the fact that it could be the first successful business of its kind, it would be a good investment.
As of now, Ajay has a prototype and a team composed of himself, the driven leader, and experts from companies such as NYNEX, Citibank, GenRed and Verifone. As described in the reading, the merchants did not want to commit until they had a prototype. To make a prototype, investors did not want to put up cash for a prototype without merchants. Even with a working prototype, Ajay’s team still had time getting merchants and investors. Basically, to move forward, Ajay needed to show proof that his idea worked to be more credible and get the venture capital he needed. There would probably be additional expenses and loss but Ajay should start looking inside his backyard. Phuc Truong, one of his partners, owns a club and can be the team’s first merchant. If Truong’s club starts using the working prototype with its customers, then Ajay’s team would have actual numbers to show to potential investors and merchants. It would be starting out very small but it would provide everyone with answers to their doubts about Vayusa.
References:
BABSON, (2012). Rocket Pitch. Retrieved from http://www.babson.edu/Academics/centers/blank-center/venture-accelerator/rocket-pitch/Pages/rocket-pitch.aspx
MacGregor, L. (2001). Choose a Career as an Entrepreneur. New York, NY: The Rosen Publishing Group, Inc.
Sugars, B. (2010, March 2). Your Entrepreneurial To-Do List. Retrieved from http://www.entrepreneur.com/article/205234. Read More
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