How can an entrepreneur use an existing product or service as an idea field? Explain with an example.
'Tastebuds Coffee' Company has grown to an international brand. As the world's biggest coffeehouse company, it continues to lead the industry in sustainable business and innovation. Now, the company wants to enter the Indian market. Quoting the lines from the following, evaluate favourable and unfavourable conditions in the country's political, economic, social, technological, legal and environmental setting that the company should consider to enter the Indian market. The Indian economy has been subjected to a series of positive economic reforms since 1991 which had created a better working environment for foreign companies and has made it possible for foreign investors to operate in the country more easily. Taking into consideration the polity in India as a whole, the bureaucracy complications and the regulatory FDI controls and regulations, it is safer for it to enter India only via a joint venture or a strategic alliance with an Indian company that can provide a buffer from possible political tension. Furthermore, it can face some opposition from the existing competitors like CCD, Barista, etc. It has opportunity to increase its revenues based on increasing demand for speciality coffee, which is due to a growing coffee culture and a growing middle class around the world. Also, the company has the opportunity to widen its array of more healthful products to attract health-conscious consumers to its cafés. The company also has the opportunity to improve its supply chain efficiency based on new technologies used by coffee farmers. However, the rising availability of home-use speciality coffee machines is a threat to the company because it increases the availability of substitutes to its products. The company also has planned to offer most of its products in recyclable packaging. However, increasing employment regulation, especially in developing countries, threatens its access to the labour market.