From the knowledge in the New Venture Creation class, Read below start-up story and answer all the questions after: 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. (6 points) 2. What is the strategy Darrell Wade adopt to start his business? (5 points) 3. What are the mistakes Darrell Wade made through his business process? (6 points) 4. Write three Lessons Learned from your understanding to the story above. (3 points)