Analyse entrepreneurial characteristics such as resilience, creativity, persistence and risk-taking, linking personal qualities to innovation, problem-solving and business success.
Sources for use with Extract A Indian based Bambrew is helping to put an end to single-use plastic straws For Vaibhav Anant to see a tortoise struggling in pain because it was caught up in plastic waste, was a difficult sight to witness. Plastic waste, including plastic straws, is accumulating in lakes and oceans, becoming a global crisis. Anant used product innovation to help tackle this problem and formed his business Bambrew. After researching for over a year and a half for materials that do not harm the environment, Vaibhav Anant found that bamboo was the best alternative material to plastic to make straws. Bamboo is available in high quantities in India. Bambrew developed a technology for making straws from bamboo fibres and bamboo waste. These materials are natural and biodegradable which means the products can decay naturally and do not have a negative impact on the environment. Secondary research helped him to collect quantitative data. He found that there are about 137 bamboo species, but not all of them are suitable for making straws. He researched the best areas in India to source the bamboo and identified communities in India who could manufacture the straws. Bambrew is now developing disposable bamboo food containers and packaging as well as straws and exporting these to the US, UK, and Canada. The marketing strategy used by Bambrew is business to business (B2B). Customers include Zomato, a food delivery business, and Lalit Hotels, a luxury hotel chain. According to reports, the global biodegradable packaging market, which was valued at $3.92bn in 2018, will be worth $21bn by 2025. Extract B Bambrew: Our products At Bambrew we believe the Earth has the right to live without pollution. All our products are 100% handmade, reusable and the perfect natural substitute for plastic. They are lightweight and fully biodegradable. No chemicals or pesticides are used in the production of our products. Our aim is not just to protect the environment, but to help and support local communities who produce our products. We act ethically to ensure the communities are supported and are paid a fair price for the straws.
Analyse two entrepreneurial characteristics shown by Vaibhav Anant that may
have helped Bambrew to succeed.
Knowledge 2, Application 2, Analysis 2
Up to 2 marks for defining entrepreneurial characteristics, e.g.:
- Qualities or traits (1) demonstrated by an individual starting
up and running a business (1)
OR
For giving two entrepreneurial characteristics, e.g.
Application
Up to 2 marks for answers contextualised to Vaibhav Anant
e.g.:
- Vaibhav Anant looked for alternative materials and methods
to produce biodegradable food packaging (1)
- Vaibhav Anant wanted to help tackle the global problem of
waste in the oceans and the damage to wildlife (1)
Analysis
Up to 2 marks for reasons / causes / consequences for
Bambrew, e.g.:
- This has enabled Vaibhav Anant to establish a unique selling
point for his straws and other packaging resulting in growth
of the business (1)
- This passion has attracted interest from international
businesses that are sourcing ethically and has led to
increased sales revenue (1)
Question
Discuss the benefits for Vaibhav Anant of using secondary market
research when starting his business