Need Identification: The essence of entrepreneurship
The core essence of entrepreneurship lies in finding solutions to the problems that are faced by people. In management parlance, the same can be referred to as a customer driven entrepreneurship, where the essential pre-requisite is turning opportunity (need identification) into an idea (possible venture). Stronger is the need identified, better are the prospects of providing a feasible solution to the targeted customers.
Case of ‘Pandere Shoes’
‘Pandere’ is basically a latin word that means to spread, unfold or stretch, thus creating a strong connect between the brand and the essence it delivers. Pandere shoes was founded by Laura Oden in 2016 in Alaska and was born out of a strong need to design and market shoes, specifically to people with hard to fit swollen feet.
Need: Requirement of customized or specifically designed shoes for individuals with swollen feet
Target customers: The brand is aimed towards individuals suffering from conditions as Lymphedema, Diabetes, Chronic venous insufficiency and many others.
Existence of similar players: Minimalist competition, with large virtually untapped market.
Reaching out to target customers: In the initial phase, the company used online surveys posted in social media groups to reach out to target customers.
Driving Force: The opportunity emerged from basic problem of swollen feet that the founder, Laura Oden was facing for past 35 years. For an individual compromised by lymphedema, it was challenge finding the right shoes, as both feet had different sizes. This lead to the conceptualization of ‘Pandere shoes’.
The key to any successful entrepreneurial venture lies in correct identification of an existing market need, for which, either there is no solution or the current solution is not satisfactory. Easier, is the acceptance of the idea in the market, better are the prospects of scaling up the venture.
Pandere shoes, thus highlights, the importance of need identification in order to conceptualize a venture.
In words of the founder team of Pandere, “To date, no existing company has been found that addresses the specific shoe needs that have been identified by this market. Pandere Shoes will be taking a first to market strategy to capture a wholly underserved market segment in the shoe industry. The founders of Pandere Shoes have built a network of contacts in key areas that will help the success of the company, including designers, business owners catering to this market segment, manufacturers, distributors, and medical conferences and their participants.”
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