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Introduction To The Business
The Term Entrepreneurial Method Or Process Means The Steps Taken By The Entrepreneur To Settle Down A New Business. It Is A Four-Step Process Which Includes Ideation, Execution, Scaling And Profit-Making Strategies. Mr. Edoardo Del Bino Is The Founder And CEO Of A Business Entity Named Orkestro. His Company Indulges In Providing A Better Logistics Experience To The Clients By Improving The Existing Process By Implementing New And Innovative Methods. The Idea Of His Business Is Relevant To The Theories Which I Have Learned In A Way That An Entrepreneur Should Be Focused Towards His Business And Be Ethical In Implementing Policies.
Entrepreneurial Mindset And The Ethical Dilemmas Faced While Staring The Business
Mr. Edoardo Del Bino Did Studies At Architectural Association In Berlin Where He Studied Architecture And Dwelling. After This He Studied Shipping And Naval Engineering From Webb Institution. Then He Studied Master In Engineering From The University Of Southampton. His First Job Was At Skipper A European Travel Venture Where He Worked For Two Years (Edoardo Del Bino Profile, 2023). Further, Second Job Was At Ripley Group Where He Was In Delivery Operations For Five Years. Then He Started His Own Company Called White Bear Delivers Where He Was The Co-Founder For Two Years. This Was London's First Electric Last-Mile Delivery Company After This He Started Orkestro In 2018 A Logistics Company.
In His Journey, Mr. Edoardo Del Bino Demonstrates The Ethical Dilemmas And Entrepreneurial Mindset He Faced. Precisely Mr. Edoardo Del Bino Expresses Throughout His Conversation, That Past Ideas About What Constitutes The Ideal Attitude Toward Entrepreneurship Have Been More In Line With Having Been A Problem Solver (Edoardo Del Bino Profile, 2023). Nonetheless, This Has Motivated Him To Stumble Upon An Entirely Novel Route Toward Attaining The Ideal Entrepreneur Mentality. He Believes Is The Genuine Phase That Involves Heading From An Isolated Goals Perspective To An Equitable One The Fact That Guarantees Success For Every Person In One's Individual Effort To Achieve Victory. This Was His Mindset When He Started Own Company.
As Mentioned Above The Entrepreneurial Mindset Comprises Of Universal Vision Which The Entrepreneur Has To Look At. Mr Edoardo Del Bino Mentions That The Entrepreneurial Mindset Is The Lens Of An Entrepreneur Which He Uses To Solve People's Problems. The Entrepreneurial Mindset Is Evolved Around Business Strategies And Marketing Which The Business Entity Focuses On. According To Mr Edoardo Del Bino, Ethical Dilemmas Happen For Something Good. He Believes In The Fact That Ethical Dilemmas Are The Portion Of The Entire Business And Being An Entrepreneur One Should Ignore This And Move Forward. He Has Faced A Lot Of Ethical Dilemmas In His Journey And Has Learned A Lot From Them. Ethical Issues Like Supply Chain Management, Working Conditions, Equal Wages, And Labor Exploitation Have Been Faced By Mr Edoardo Del Bino. To Solve These Problems He Has Implemented Some Moral Principles In Order To Get Support From His Team (Rosca, Et Al., 2020). While Talking To Him I Also Discovered A Similar Mindset Of Working And Creating A Sustainable Mindset For A Sustainable Future.
Venturing Process Of Orkestro Taken By Mr Edoardo Del Bino
The Venturing Process Of Mr Edoardo Del Bino To His Own Business Was Full Of Challenges Initially Faced. He Mentioned That He And His Team Worked Day & Night In Arranging Of The Deliveries, Warehousing, Distribution And Shipping. With The Start Of Orkestro His Idea Was To Develop The Operation Management Platform In Order To Assist The Existing Delivery Companies. Orkestro Offers Platform To Other Delivery Services. It Also Manages The Logistics, Network Of The National And Local Providers. Orkestro Enables Price, Availability And Order Delivery To Other Retailers To Fasten Up Their Process Of Delivery With Cost Reduction And Risk Minimization. His Perspective Was To Enhance The Working Of The Already Existing Logistics By Increasing Efficiency. In This Job, He Learned A Lot About Logistics And Discovered Problems Related To Logistics Divisions. In This Way, He Got Provoked To Start His New Company.
After Working For Years Mr Edoardo Del Bino Reached A Point Where He Decided To Start His Own Venture In Order To Innovate And Create Something New Which Nobody Has Done Before. His Idea Was To Introduce Newer Technologies In The Field Of Logistics To Make Work More Efficient And To Manage Time. To Do This He Started Talking To His Friends, Colleagues In His Office And A Few Family Members (Guerrero, Et Al., 2021). They All Helped Mr Edoardo Del Bino A Lot And Supported His Idea And His New Journey. Along With This, Main Focus Of Edoardo Del Bino's Is On To Establish A Company Which Poses Zero Defect Service Standards In Logistics. He Also Believed That People Management Is Important For Good Company Performance. Mr Edoardo Del Bino Had Put A Great Emphasis On Two Factors First Public Relations And Second People Management. Without These Two Factors, A Company Cannot Run Successfully. These Two Skills Are Required For The Company's Survival. Along With These Skills Edoardo Del Bino Had Discovered A New Skill Set Which Is Technology Without Technology A Company Cannot Run Especially In Logistics.
Orkestro' Venturing Process Also Includes Multiple Tasks Such As Consulting, Marketing, And Engaging With Other Retail Companies. These Small Tasks Were Quite Necessary In Building The Business (Skute, 2019). Getting Engaged With Other Minor Small Logistics Companies Helped The New Venture In Developing Technologies To Improve Performance And Efficiency In The Business (Manley, Et Al., 2021). In The Eyes Of Mr. Edoardo Del Bino, This Was A Great Opportunity For His Business. Moreover, Due To This Engagement, His New Venture Will Learn To Manage Logistics. This Opportunity Is Also Linked With Managing The Logistics Of Some Auto Ancillary Companies. After Some Kickstart Now Orkestro Is Handling Logistics Of Multi-National Companies In The UK.
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Innovation In The Business And How It Helped Mr Edoardo Del Bino To Be Successful And Why
The Innovation Of The Business Is Related To The Introduction Of New Technologies And Innovative Methods To Simplify The Working Of The Existing Logistics. In Mr Edoardo Del Bino's Point Of View, This Will Help In Increasing Efficiency In His Business. He Believes In The Fact That Innovation In The Business Comes From These Five Measures. Those Are Man, Material, Machine, Measurement And Method (Edoardo Del Bino, 2023). During The Interview, He Said That Orkestro Has Implemented An Enterprise Resource Planning System In The Process Which Tracks The Business Resources. By Tracking The Business Resources The Company Can Maintain Its Routine Functionality And Can Develop And Create Operations Efficiently (Dencker, Et Al., 2021). Other Than This, Orkestro Has Also Implemented An Operational Efficiency Tracker To Track Its Daily Operations. The Innovation Is Related To Implementing These Trackers In The Business With Core Logistics As These Things Have Not Been Done Before By Other Companies.
The Other New Innovation Is Related To Involving People And Building A Team. Orkestro' In-House Developing Team Comprises Not Only Data Scientists But Also Fleet Managers, Ground Staff, Labour, Drivers And Warehouse Managers. To Understand The Operational Managing Efficiency The Company Has Adopted These Above-Mentioned Tactics. With Such Innovation, The Company Has Overcome Its Business Resource And Operational Challenges (Belchior And Lyons, 2021). These Innovations Are A Great Help In Designing Workflow Management And Countermeasures For Constant Growth In The Business (Gieure, Et Al., 2020). I Myself Believe That The Idea Of Innovation Of Mr Edoardo Del Bino Is Positive And Will Boost His Business To Greater Heights. The Integration Of These Innovative Technologies Is Good In Performance Management At Orkestro.
Opportunities Done By Mr Edoardo Del Bino To Perceive And Exploit To Develop His Business In Relation To The Forces In The Competitive Environment
To Manage The Business In A Competitive Environment, Mr Edoardo Del Bino Has Taken His Business Functioning In UK's Logistics Market Directly Which Is A Great Competitive Advantage Over Others. Operating The Business Directly In The Logistics Market Is Advantageous Because Of The Existing Logistics Companies Which Are Not Able To Work Directly (Lounsbury And Glynn, 2019). The Biggest Opportunity For Orkestro Lies In Implanting Its Technologies In The Business. The Two Forces Mentioned Above (Business Resource Tracking And Operational Tracking) Are The Most Privileged Technologies That Edoardo Del Bino Has Implemented In His Business. Concerned Technologies Are The Only Factor Which Provides A Competitive Edge To The Business. These Technologies Adopted By Orkestro Are Directly Linked To Core Logistics Which Are Directly Used By Some Retail Companies. This Linkage Is The Greatest Competitive Edge And The Opportunity For Orkestro Over Other Logistics Companies In The UK. Adopting These Innovations Has Helped The Company Increase Its Consumer Base.
The Other Competitive Advantages Associated With Orkestro Are Usage Of Modern Apis And Digital Slas. With This Technology Orkestro Provides Direct Access To The Future –Proof Platform To The Global Courier Partners. For Urgent Delivery, Orkestro Uses Chatbot Shopper And Omnichannel Store And For Same-Day Order It Uses E-Commerce Platform. The API Software Used By Orkestro Is Apiray And MENUU Which Makes Work Easy (Elia, Et Al., 2020). Mr Edoardo Del Bino Had Also Mentioned That He Had Hired Data Scientists, Data Analysts And Business Analysts And Had Developed A Smart And Efficient Team To Manage The Work. For Example, Apiary Will Help In Customer Integration. It Will Help In Integrating Orkestro Marketplace Capabilities To Its Platform. This Will Also Help In Bringing And Submitting Orders, Get Status Updated And Cancel It Through Webhooks. Next Is MENUU This Helps Orkestro To Take Delivery Orders Directly From Its Official Website And App. MENUU Gives Two-Way Integration With POS Solution To The Professionals At Orkestro. Low Capital Investment Technologies Are Not Everyone's Cup Of Tea And Orkestro Has Proven That It Can Come Over Its Completion On A Low Budget And Not Spending Much. Last But Not Least With The Help Of These Technologies, Mr Edoardo Del Bino Is Able To Work From Any Point At Any Time At Any Place. These Technologies Will Not Stop The Workflow And Will Help In Managing Any Gaps. In Order To Manage The Competition Mr Edoardo Del Bino Is A Self-Development-Focused Person Who Thinks That Challenges Are Necessary For Innovation To Begin And Hence In This Viewpoint Challenges Should Be Tough Enough So That One Can Think And Innovate.
Funding Sources Of Orkestro
Mr Edoardo Del Bino Mentioned In The Interview That From The Ideation Stage Till The Seeding Stage, Orkesrto Has Raised Its First Round Of Funding In The Year 2017 In The Month Of April. The Amount Was About $15k. Again He Raised His Second Round Of Funding In 2019 In The Same Month. In 2021, He Raised About $1.48 Million In The Month Of February. From The Very First Day, He Was Clear With The Thing That He Had To Start His Own Business And To Do This He Needed Huge Capital And Investment. From That Day Mr Edoardo Del Bino Started Saving His Money From The Salary That He Earned During His First Job. He Also Started Seeking Investment For Orkestro From His Friends, Family Members And Some Office Colleagues. He Was Ready To Give Equity To Those Who Were Ready To Invest In His Business. Mr Edoardo Del Bino Has Taken Loans From Commercial Banks In The UK As Well As From Other Banks Outside The UK. He Was Quite Sure That His Business Idea Would Be Going To Work In The Future That's Why He Started Asking For More Money. He Also Stated In The Interview That He Asked For Private Equity Funds For His Business In Order To Drive Its Growth Faster. Private Equity Funding Has Increased About 167 Per Cent In The Year 2020 To 2021 (Startup Funding In Logistics, 2023). This In Turn Will Also Prove To Be More Beneficial For The Business Growth And Success.
Conclusion
In Conclusion, I Have Learned A Lot From Mr. Edoardo Del Bino About His Journey And His Mindset Before Starting His Career As An Entrepreneur And Leaving His Job. In My View Mr Edoardo Del Bino's Journey Of Being An Entrepreneur Is Challenging But At The Same Time, It's Also Rewarding. Mr Edoardo Del Bino's Journey Is Full Of Excitement And Challenges Which He Has Overcome And Developed Ways To Avoid Such Problems. During The Interview, I Realised That If I Had Been There In His Place I Would Have Done Differently By Implementing Control Over Plans, Targeting The Right People And Businesses, Creating A Strong Plan For The Business, Identifying Long And Short-Term Goals, And Behaving Realistically With Resources And Time.
Graphic Essay
Supporting Evidence
Interview Questions
Interviewer: How You Have Started Your Entrepreneurial Journey?
Interviewee: My Entrepreneurial Journey Was Difficult As I Have Studied Architecture And Then I Switched To Naval And Shipping Engineering. Starting A Logistics Company Was Quite Different And Difficult. But Yet I Developed Myself In This Field.
Interviewer: What Was Your Learning Throughout Your Journey?
Interviewee: My Learning Is Related To The Usage Of Technology In Career Development. I Believe That Without Using Software In Cannot Grow. Learning And Doing With Technology Is Essential For A Start-Up Entrepreneur.
Interviewer: What Opportunities And Chances Have You Discovered In Your Business?
Interviewee: The Opportunities Which I Have Discovered Is First Of Course Related To Technology And Second Is With The Market Growth In Logistics Around The World.
Interviewer: How Did You Seek Funding For Your Business Idea?
Interviewee: Funding Was Available To Me With Talking To Different Investors. I Also Had My Own Savings From My Previous Jobs.
Interviewer: Any Suggestions To The Upcoming Entrepreneurs?
Interviewee: My Suggestion Will Be Related To Maintain The Spirit To Work Hard On The Field And Do Not Worry About Any Losses Because Bearing Losses Is Part Of A Business.
References
Books And Journals
- Belchior, R.F. And Lyons, R., 2021. Explaining Entrepreneurial Intentions, Nascent Entrepreneurial Behavior And New Business Creation With Social Cognitive Career Theory–A 5-Year Longitudinal Analysis. International Entrepreneurship And Management Journal, 17(4), Pp.1945-1972.
- Dencker, J.C., Bacq, S., Gruber, M. And Haas, M., 2021. Reconceptualizing Necessity Entrepreneurship: A Contextualized Framework Of Entrepreneurial Processes Under The Condition Of Basic Needs. Academy Of Management Review, 46(1), Pp.60-79.
- Elia, G., Margherita, A. And Passiante, G., 2020. Digital Entrepreneurship Ecosystem: How Digital Technologies And Collective Intelligence Are Reshaping The Entrepreneurial Process. Technological Forecasting And Social Change, 150, P.119791.
- Gieure, C., Del Mar Benavides-Espinosa, M. And Roig-Dobón, S., 2020. The Entrepreneurial Process: The Link Between Intentions And Behavior. Journal Of Business Research, 112, Pp.541-548.
- Guerrero, M., Liñán, F. And Cáceres-Carrasco, F.R., 2021. The Influence Of Ecosystems On The Entrepreneurship Process: A Comparison Across Developed And Developing Economies. Small Business Economics, 57(4), Pp.1733-1759.
- Lounsbury, M. And Glynn, M.A., 2019. Cultural Entrepreneurship: A New Agenda For The Study Of Entrepreneurial Processes And Possibilities. Cambridge University Press.
- Manley, S.C., Hair, J.F., Williams, R.I. And Mcdowell, W.C., 2021. Essential New PLS-SEM Analysis Methods For Your Entrepreneurship Analytical Toolbox. International Entrepreneurship And Management Journal, 17, Pp.1805-1825.
- Rosca, E., Agarwal, N. And Brem, A., 2020. Women Entrepreneurs As Agents Of Change: A Comparative Analysis Of Social Entrepreneurship Processes In Emerging Markets. Technological Forecasting And Social Change, 157, P.120067.
- Skute, I., 2019. Opening The Black Box Of Academic Entrepreneurship: A Bibliometric Analysis. Scientometrics, 120(1), Pp.237-265.
Online
- Edoardo Del Bino Profile. 2023. Online Available Through: < Https://Uk.Linkedin.Com/In/Edoardodelbino >
- Edoardo Del Bino. 2023. Online Available Through: < Https://Theorg.Com/Org/Orkestro/Org-Chart/Edoardo-Del-Bino>.
- Startup Funding In Logistics. 2023. Online Available Through: < Https://Www.Mckinsey.Com/Industries/Travel-Logistics-And-Infrastructure/Our-Insights/Startup-Funding-In-Logistics-Focused-Investment-In-A-Growing-Industry >
