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Foodtoat Case Study

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3. Analyzing Market Size and Potential

Know Your Customer
From the inception stage, it is extremely critical for startups to zero in on a target market that they want their product / service to cater to. Entrepreneurs should be prudent enough to decide upon a favorable market that is not only profitable, but also scalable in the long run. A lack of vision, choosing an inappropriate market or an effort to target multiple customer segments may not be the best option to go ahead with. In 2009, Blank Label, an online custom shirt maker came up with a concept that enabled customers to design their own shirts. The basic underlying assumption supporting this concept was the fact that Blank Label perceived its customer segment to be a young, trendy …show more content…

Hiring too quickly could result into issues as was the case with FoodtoEat founder, Deepti Sharma Kapur. FoodtoEat is an online food ordering portal that gives consumers access to restaurants, caterers, food trucks etc. Riding on the back of good business, FoodtoEat was looking at expansion plans in 2012 in order to cater to its growing customer base. However, a hurried hiring process didn’t turn out to be a good idea for FoodtoEat as most of its employees had little knowledge about the industry and couldn’t understand the company’s vision or goals. Deepti Sharma Kapur had to eventually let her employees go and rely on references in the industry to sustain the business. Oravel Stays – Market place for bed and breakfast, SASLAB Technologies – A startup for Information Security Services and Products, Uncafe.in – A social networking portal etc. are some of the startups that had to shut down as a result of not being able to build a suitable …show more content…

Hence, it is extremely crucial for founders to understand each other’s needs and requirements. Also, they must ensure presence of a structured framework based on which the business idea can be nurtured and eventually evolved into a successful venture. The team must be extremely prudent when it comes to analyzing the market potential and raise appropriate amount of funds accordingly. Furthermore, hiring the right set of service personnel is equally important as the reputation of the startup is at stake if the conduct of the workforce is in the wrong. It would be really interesting to see how startups tackle these pitfalls and whether the startup bubble in India is just a fad or is here to

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