Innovating and Entrepreneurial Initiatives: Some Cases of Success

Marta Machín, Carmen De Pablos Heredero
Issues in Informing Science and Information Technology  •  Volume 14  •  2017  •  pp. 139-161
Aim/Purpose: To understand the change of entrepreneurial initiatives by analysing some new initiatives that came up the last years based on IT enabled business models

Background: The theme is described from an educational perspective by offering examples of successful entrepreneurship initiatives

Methodology: Description of some cases: Waynabox, Lock up, Uber, Pinterest

Contribution: This project tries to become a guide for youth in order to understand various aspects: first, the entrepreneurial aspects that have to be considered before starting a business; secondly, the characteristics that successful businesses have in common; and finally how an entrepreneur can be innovative and how they can achieve the success

Findings: Only the 10% of the start-ups exist more than three years. Among the causes of failure are the high saturation of the market and the market competition, which are connected to the ignorance of the real necessity of customers.
The company has to identify the needs of customers. They have to define and target their customers by observing and analyzing the market and, above all, getting in touch with the customers.
The business plan is something that has to be carried out before the beginning of the project, and has to exist on paper. Everything has to be planned and organised, and the objectives have to be clearly stated in order to stay focused

Recommendations for Practitioners : To use existent business models as an inspiration for the creation of a new business model. It is really important to avoid copying the business model itself. One thing that a company needs to do is to make the difference offering new characteristics adapted to the current customer’s experiences

Recommendation for Researchers: It is really important to have a good relation with the customer, to attend their needs and to help them with all the doubts that they can have about the company.
An entrepreneur cannot be guided by his own interests. He has to invest in order to know the needs of the potential customers

Impact on Society : Customer experience is key to have success in new business models
entrepreneurial initiatives, case study, customer experiences, knowledge society
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