Cold Opportunity Case Study
Cold Opportunity Case Study Question 1
In order to protect the ice art from the uncertainty of rain, one of the near term solutions that can be implemented is putting up a simple roofed structure.
The roofed structure would enable the art to be protected from the rain, in addition to offering the artists shelter during their activities. Further, the visitors who attend the shows do not have to worry about being rained on when admiring the art.
Cold Opportunity Case Study Question 2
Based on the means available, it is important to keep the costs low during the process. This is because the project is on its testing phase, and, as such, it is not wise to invest a great deal of resources in a venture that may prove to be unsuccessful in the long run.
Therefore, simple roofing structures in the form of tents can be hired, and later purchased if needed in the long term. In case the project succeeds, durable structures can be considered.
Cold Opportunity Case Study Question 3
How will you minimize your risk?
First, studying the market is the first step that should be taken to minimize risk. It is not worthwhile to continue with a project whose prospects of finding customers is low. Studying the market can be conducted by collecting data on potential customers.
Second, identifying any potential for growth of the business and new opportunities can help in minimizing risk. The higher the potential and the better the opportunities, the less the risk that will be faced in the business.
Lastly, information should be used as the basis for making business decisions. This includes studying how other businesses have solved the issue.
Cold Opportunity Case Study
How will you leverage partnerships with others?
The first step in leveraging partnerships involves having clear objectives. All the involved parties should be on the same page to ensure that a good outcome is achieved. In this particular case, an interest in tourism and adventure may be an advantage.
The second step involves finding a right strategic partner. The partner must have the desire to forge a good connection, and work closely with the company with the aim of achieving success.
The final step involves conducting adequate research to ascertain that the partner has the capability to deliver on the promises made. The research may be in the form of recommendations from networks and other businesses that have worked with them in the past.
How will you manage contingencies?
The first step is studying all the risks involved in the business. The risks include unfavourable climatic conditions, lack of clients, competition and any unexpected occurrences that are specific to the business.
Second, adequate plans should be developed for the specific actions to be taken in case any of the misfortunes takes place. This is because time is a scarce resource during emergencies, and, as such, planning in advance may be necessary.
Finally, getting sufficient insurance cover for the business is a necessary step to offer protection to the business.
Last Updated on September 27, 2018 by EssayPro