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Entr510 Midterm Essay

1267 words - 6 pages

Midterm Case—Ajay Bam
Entrepreneurial Attributes:
From an entrepreneurial standpoint Ajay Bam seemed to have had everything going for. He came from a supportive family that encouraged him to be independent and a critical thinker. He had traveled the world and understood how people from different places lived and how in comparison he was very fortunate to have what he had. He was also well educated and was already in a successful career; however, he still wanted more. He was driven and passionate and knew that he wanted to create something new from the ground up and be in business for himself. So he too upon himself not only to go back to school to pursue his MBA in Entrepreneurialism, but ...view middle of the document...

The first step they took was in the naming of the company, utilizing a little creativity they choose the name “Vayusa”, which is the Sanskrit word for ”rhythm in the air”. They felt that this well represented the effortless mobile transactions they were hoping to create. Moving forward Ajay stayed confident and focused and was able to cope with problems as they arose. I think these were his strongest attributes as they gave him the ability work through difficult times and stay positive through it.
Business Plan Outline:
This case study also included an executive summary that broke down the essence of the Vayusa. It entailed the vision of company and stated the problem they are trying to resolve. It provided a detailed description of the product and revealed that the platform had two separate offerings; one with mobile payments and the other with high-impact loyalty offerings and services. The summary also went into the existing infrastructure and explained how Vayusa was different and how it would benefits both customers and merchants. Below is a short presentation providing most of the information presented in the executive summary.

Bootstrapping:
As detailed throughout the case study, it obvious that Ajay pursed the bootstrapping method to get his company off the ground. It would appear that he at least started the method as a way to stay in school and work part-time while he was building the foundation for the company. This allowed him live off his current income and work on the company on his own schedule. Throughout the study it is evident how Ajay used this bootstrapping method to his benefit as he grew and developed his team.
It all started with finding fellow MBA student Walter Stock at Babson whom became a co-founder in Ajay’s company. Once Ajay and Walter found their vision and created Vayusa, they started looking for legal advice and after hearing attorney John Hession speak at MIT Ajay started pursuing him until he was able to acquire a meeting. The meeting led to an arrangement between Ajay and John, which provided legal counsel to his company. The arrangement also opened doors through leads that John Hession provided to Ajay. In addition to John, Ajay made close connection at school, one of which was with Professor Jeffry Timmons whom connected Ajay with one of his close friends, Tom Huseby the managing partner at Seapoint Ventures. This connection lead to a Thanksgiving meeting with Tom and his family in Seattle which was fruitful in the manner that Ajay now had a venture capitalist contact and mentor for life. Ajay and Walter soon took on a third partner, Troy Chen, another Babson MBA student. This was followed by...

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