Entrepreneurship Essay Example | Topics and Well Written Essays - 2000 words - 12

Entrepreneurship - Essay Example Start ups succeed when entrepreneurs are able to correctly anticipate the needs of a niche market and then work steadily to capitalize on the unique points of their service. Cater2me was successful in part because it was self financed and did not opt to achieve quick profit growth as is often required by venture capital funding. The owners can now further expand the business through Format franchising, which will allow Cater2me to reach across the Atlantic into the bustling London market through licensing their brand, operations value and culture to aspiring business owners. The format lets the franchisor keep control of their original idea while including and incorporating local insights from the franchisees and minimizes the risk for both the groups. It is a symbiotic relationship where Cater2me will provide the necessary support (training, managerial and operational processes, brand value etc) to their franchised outlets in overseas centers and the business owners themselves will take on the routine work and risk associated with running the branches. Partners Zach Yungst and Alex Lorton had the idea for their startup Cater2me, while walking across downtown San Francisco, admiring the variety of food options available at street side vendors. They were also aware of how these vendors were limited to a restricted customer base and did not have the options for scalability that were available to restaurants or better financially backed establishments. They saw a market opportunity for bridging the gap between the vendors and the corporate customers who would be eager to sample the vast variety of food items if only it was conveniently packaged and delivered. Cater2me began in 2010 as a service providing quality food options to the various corporate offices and other tech startups operating in San Francisco who are not big enough to afford