Budding entrepreneurs are always after the good oil when it comes to superior business know-how.

But what about when superior business know-how is applied to the good oil itself?

AGSM MBA alumnus Jason Luichareonkit has done just that, utilising his key Executive MBA learnings to launch Pure Naturally – a company dedicated to sourcing and packaging the world's best organic virgin coconut oil.

"About 10-years-ago we spent our honeymoon on a tropical island in the south of Thailand and saw heaps of coconut trees," he recalls. "We thought, 'there must be something else you can do with them other than coconut milk and coconut water', so when we came back we did some research and found out that virgin coconut oil is actually quite healthy for you. In fact, recent research suggests it's the healthiest oil to cook with and eat. At the time there wasn't anything out there, so I thought it could be a pretty good business."

While the concept was sound, it wasn't until completing his Executive MBA in 2012 and raising some investment capital that Luichareonkit decided to put his plans into action. During the early stages, research was crucial in establishing the budding company's requirements, especially in relation to factors like coconut source, oil extraction methods, and the ethical and ecological implications of harvesting and production in countries of origin.

"For example, we knew we wanted an extraction process that used no heat whatsoever," he explains. "We knew we wanted our coconuts to come from a single origin rather than from all over the place and we wanted something that looked and felt different, so the design of the bottle was also really important to us. Ultimately, we decided to source our oil from a specialist producer in Thailand. Due to the regulations and manufacturing standards in place over there, we know that coconuts grown in Thailand are probably the best in world."

When it came to the actual formulation of his business model and strategy, Luichareonkit says his Executive MBA played a central role.

"Part of the reason for doing the Executive MBA was to help me to start Pure Naturally," he says. "I learned a lot, especially during the residential year when my assignment was based on this actual business idea. We learned about the key stages in the new business cycle, such as turning an idea into a business and then growing it. It certainly helped me to form strategy, to learn that you can't be everything to everyone, and that with every strategy there's always a trade-off."

Indeed, Luichareonkit believes that being able to identify bad business opportunities is just as critical as spotting good ones.

"When I go out into the market there are a lot of opportunities, but some may be completely opposite to the concept or strategy I've set out. I've learned to stick to my ground and say, 'no, maybe that's not the opportunity for us'."

To find out more about the MBA (Executive) please visit our website.