Entrepreneurs operate on three notions: risk, uncertainty and prediction. Entrepreneurs use the above three to estimate the demand and supply to enter the market. Predictions allow for entry in the market and risk taking and uncertainty management enable the entrepreneur to earn high profits.
It means that one has to identify market trends with sufficient market history and stability that future events can be predicted. Using a prediction model effort are made to refine or finesse prior efforts that are made in the market such as product enhancement.
Risk taking requires handling variance or anomalies. In this case a general trend or data is present however no localized data or information about local consumers / market is available. Hence the entrepreneur has to take risks since there is a possibility that things might not go as predicted.
Uncertainty is when there is no data or historical trends present in the market for analysis and entrepreneurs only rely on their expertise and situation handling techniques to enter the market.
The idea of introducing vegan alternative to leather by Asif Ali Gohar has checked all the three of the above boxes. His idea is original, new and extremely innovative. If explored at its full potential, it can exponentially change the leather industry of the country. Pakistan is a country that is known for its leather products. However, as Veganism is becoming excessively popular all over the world, the use of animal-based products is decreasing. While this decrease is only in small numbers for now, in the near future a large population would break free from the use of animal-based products.
Asif Ali Gohar is a Pakistani expat who moved to Germany with his family in 2004. He is a student of university of Hamburg where he studied business administration. It allowed him to develop business insights and understand how everything works. Asif has been a vegan since the age of 15. During his time at the university, he also researched and experimented for finding vegan alternative for leather. After multiple experiments he was finally able to come up with a substitute based on rice. It uses rice, yeast and acetic acid as the main ingredients.
The global trends of are changing. As mentioned above, veganism is on the rise. Therefore, conventional leather production would ultimately be discontinued because of both cruelty to animals and that the process is expensive. Other vegan alternatives are cheaper and are not a burden on the eco system. Asif is currently planning out his business and has strong intentions for starting it in Pakistan. He is looking for a team that would help navigate in the local economy. If he is able to assemble a team, he can add a completely new segment to the leather industry of the country.
Andrea Parker is a reporter for Zobuz. She previously worked at Huffington Post and Vanity Fair. Andrea is based in NYC and covers issues affecting her city. In addition to her severe coffee addiction, she’s a Netflix enthusiast, a red wine drinker, and a voracious reader.