Case Two Element Bars2
1. Analyze the strengths and weaknesses of Jonathan Miller and Element Bars.
Strengths
Strengths
Jonathan Miller is the founder and owner of the company called Element Bars. He has a professional background in venture capital, which means that he has experience with entrepreneurial endeavors and they risk they entail. Miller has successfully started other businesses in the past, beginning his entrepreneurial career in 1999. The skills he gained during these endeavors has won him a widely-recognized business plan award, as well as the money to start Element Bars. Miller has impressive entrepreneurial acumen, presentation skills, and negotiation skills. He is incredibly passionate about Element Bars, and believes strongly in the potential and success of this business. He seems to have knowledge about his customer base and the potential market for his product.
Element Bar’s value proposition is the ability given to customers to create their own custom energy bars through the selection of organic ingredients. This can be done conveniently through the company’s online website, and even includes the design of custom labels. Element Bar attempts to solve several problems that consumers could face. These include: the ability to customize the energy bars
Customizable ingredients and label. This gives the customer the ability to construct a bar that is most suitable to their nutritional needs and individual tastes. There is also the option to choose from pre-made popular energy bar flavors for less adventurous consumers.
All-natural ingredients
No artificial additives, preservatives or color
Convenience, accessibility, and freshness customers can order as few as twelve bars bars are baked and delivered in 7-10 days
Lower cost model
By establishing its business online, Element bars avoids the major overhead costs of owning and operating a physical location. This does, however, introduce the challenge of logistics
Weaknesses
Miller has very little background in the food
Strengths
Strengths
Jonathan Miller is the founder and owner of the company called Element Bars. He has a professional background in venture capital, which means that he has experience with entrepreneurial endeavors and they risk they entail. Miller has successfully started other businesses in the past, beginning his entrepreneurial career in 1999. The skills he gained during these endeavors has won him a widely-recognized business plan award, as well as the money to start Element Bars. Miller has impressive entrepreneurial acumen, presentation skills, and negotiation skills. He is incredibly passionate about Element Bars, and believes strongly in the potential and success of this business. He seems to have knowledge about his customer base and the potential market for his product.
Element Bar’s value proposition is the ability given to customers to create their own custom energy bars through the selection of organic ingredients. This can be done conveniently through the company’s online website, and even includes the design of custom labels. Element Bar attempts to solve several problems that consumers could face. These include: the ability to customize the energy bars
Customizable ingredients and label. This gives the customer the ability to construct a bar that is most suitable to their nutritional needs and individual tastes. There is also the option to choose from pre-made popular energy bar flavors for less adventurous consumers.
All-natural ingredients
No artificial additives, preservatives or color
Convenience, accessibility, and freshness customers can order as few as twelve bars bars are baked and delivered in 7-10 days
Lower cost model
By establishing its business online, Element bars avoids the major overhead costs of owning and operating a physical location. This does, however, introduce the challenge of logistics
Weaknesses
Miller has very little background in the food
References: Barringer, B. R. (2009). Preparing Effective Business Plans: An Entrepreneurial Approach. Harlow: Pearson Education Limited. CalcXML. (2015). Business Valuation Calculator. Retrieved from Business Valuation Calculator: http://www.calcxml.com/calculators/business-valuation?skn=#results Element Bars. (n.d.). Personalized energy bars - but is it scalable? . Retrieved from Business Pitch Element Bars : http://foodbeverage.about.com/od/Business_Pitches/a/Business-Pitch-Element-Bars-Customizable-Food-via-Facebook-App.htm Shein, J. B. (2011). Jonathon Miller: Custom energy bar entrepreneur pitches sharks. Kellog School of Management , 3-4.