DARRELL WADE, CO-FOUNDER AND CEO OF Intrepid Travel It was a long time ago now, way before there was any method or science to startups. Essentially, I was a very keen traveler who couldn't stand the idea of going back to a conventional job! The question was, could I make a business out of the way I loved to travel? A friend and I saw a gap in the marketplace between organized tours (very boring, but efficient from a time perspective) and adventurous backpacking (fantastic fun but time consuming). We hit on the idea of small groups, experienced leaders, and off-the- beaten-path itineraries. Intrepid was born and I guess the rest is history! We did a paper-based MVP (though I'm sure the term didn't exist then!) of what a trip would look like, rough costs, and what we thought we could charge. We ran it past a few people who understood the travel industry and should know if it would work. They all said we'd fail. Having never been one for market research anyway, we pressed ahead and launched anyway. We got a few sales, validated the model, invested every cent we could scrounge up, and then went hungry for a while! It certainly was not an overnight success, but we took 47 travelers to Thailand in our first year and that was just enough for us to have a second year! This year we'll carry over 250,000 travelers to about 120 countries. The secret to success if there is one-is to have a good idea in the first place and then keep testing, iterating, and retesting EVERYTHING you do until you hit on the mix of marketing, distribution, product, pricing, technology and so on that works. ➤ Please answer the following questions: 1. List the characteristics of the Darrell Wade, is he a businessman or an entrepreneur? Explain. 2. What is the strategy Darrell Wade adopt to start his business? 3. What are the mistakes Darrell Wade made through his business process? 4. Write three Lessons Learned from your understanding to the story above.
DARRELL WADE, CO-FOUNDER AND CEO OF Intrepid Travel It was a long time ago now, way before there was any method or science to startups. Essentially, I was a very keen traveler who couldn't stand the idea of going back to a conventional job! The question was, could I make a business out of the way I loved to travel? A friend and I saw a gap in the marketplace between organized tours (very boring, but efficient from a time perspective) and adventurous backpacking (fantastic fun but time consuming). We hit on the idea of small groups, experienced leaders, and off-the- beaten-path itineraries. Intrepid was born and I guess the rest is history! We did a paper-based MVP (though I'm sure the term didn't exist then!) of what a trip would look like, rough costs, and what we thought we could charge. We ran it past a few people who understood the travel industry and should know if it would work. They all said we'd fail. Having never been one for market research anyway, we pressed ahead and launched anyway. We got a few sales, validated the model, invested every cent we could scrounge up, and then went hungry for a while! It certainly was not an overnight success, but we took 47 travelers to Thailand in our first year and that was just enough for us to have a second year! This year we'll carry over 250,000 travelers to about 120 countries. The secret to success if there is one-is to have a good idea in the first place and then keep testing, iterating, and retesting EVERYTHING you do until you hit on the mix of marketing, distribution, product, pricing, technology and so on that works. ➤ Please answer the following questions: 1. List the characteristics of the Darrell Wade, is he a businessman or an entrepreneur? Explain. 2. What is the strategy Darrell Wade adopt to start his business? 3. What are the mistakes Darrell Wade made through his business process? 4. Write three Lessons Learned from your understanding to the story above.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Can you help me with question 4?
Transcribed Image Text:DARRELL WADE, CO-FOUNDER AND CEO OF Intrepid Travel
It was a long time ago now, way before there was any method or science to startups.
Essentially, I was a very keen traveler who couldn't stand the idea of going back to a
conventional job! The question was, could I make a business out of the way I loved to
travel?
A friend and I saw a gap in the marketplace between organized tours (very boring, but
efficient from a time perspective) and adventurous backpacking (fantastic fun but time
consuming). We hit on the idea of small groups, experienced leaders, and off-the-
beaten-path itineraries. Intrepid was born and I guess the rest is history!
We did a paper-based MVP (though I'm sure the term didn't exist then!) of what a trip
would look like, rough costs, and what we thought we could charge. We ran it past a few
people who understood the travel industry and should know if it would work. They all
said we'd fail. Having never been one for market research anyway, we pressed ahead
and launched anyway. We got a few sales, validated the model, invested every cent we
could scrounge up, and then went hungry for a while! It certainly was not an overnight
success, but we took 47 travelers to Thailand in our first year and that was just enough
for us to have a second year!
This year we'll carry over 250,000 travelers to about 120 countries. The secret to
success if there is one is to have a good idea in the first place and then keep testing,
iterating, and retesting EVERYTHING you do until you hit on the mix of marketing,
distribution, product, pricing, technology and so on that works.
➤ Please answer the following questions:
1. List the characteristics of the Darrell Wade, is he a businessman or an entrepreneur?
Explain.
2. What is the strategy Darrell Wade adopt to start his business?
3. What are the mistakes Darrell Wade made through his business process?
4. Write three Lessons Learned from your understanding to the story above.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education