After having spent 11 years working for a large Canadian bank as an account offi

Question

After having spent 11 years working for a large Canadian bank as an account officer in central Vancouver, you have decided to pursue your lifelong dream of opening your own business with your brother (also tired of the corporate rat race). As avid outdoorsmen, you and your brother seek to establish an adventure tour company in Squamish BC, that specifically focuses on kayaking and backwoods skiing. You have an opportunity to apply for seed funding through a local government initiative but you must first complete a 1-2 page elevator speech that addresses the following questions: Why would your business be successful? What ethical concerns should you consider in the establishment of your business? What form of business ownership do you propose and why? Why do you feel you have what it takes to be successful entrepreneurs?

Explanation / Answer

Businesses have always tried to develop new business models in order to cater to the various needs of consumers. A quest to stay ahead of competition has driven corporations to leverage new technologies and business models in order to improve their value proposition. Technologies have played a great role in establishing new ways to reach out to consumers, and it also helps to reduce the number of intermediaries. One such business model which has become quite popular in the recent years is the e-commerce business model, wherein people choose their products online and it is delivered to their doorstep by the company. It started off with smaller consumer items and have now spread to every other consumer product. Therefore, there is a demand for the establishment of such an e-commerce market for adventure sports as well. People are more and more inclined towards adventure sports as a means to break away from their mundane life and use of technology to provide such opportunities to the consumers would be a good value prosposition. As a result, we believe that the concept of setting up an adventure sports business would be successful.

Adventure sports organizing establishments are not easily available. Moreover, they control resources and information which might not be available publicly. As a result, a novice enthusiast might not be aware of the details of the adventure sports industry. It would not be ethical to charge a premium from such a consumer due to information asymmetry. Therefore, the ethical standard of doing business has to be maintained in the form of charging equal remuneration from every consumer for the services provided.

The business ownership would be a partnership firm between myself and my brother. It would help us to have complete control over the operations of the business and also enable us to grow in the long term.

I have been in the industry for quite sometime and understand the challenges present in any organziational setting. Moreover, being an avid sportsman I have been through the hardships faced by a common adventure sports enthusiast. Therefore, I think with my process oriented ways of working and knowledge of the sports industry would help me to solve the pain points of consumers and establish a successful business.

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