Startіng a new busіness оr developing an existing one is no simple feat- Therefore, as a young entrepreneur you are faced with either starting a new business or improving an existing one. You have £100,000 in savings that can be used for either project.
To that end, you have been tasked to develop a coherent business model using a 2500-word report- that details a clear route to market. To achieve this- you will have to contextualise your business idea/improvement of existing business prior to developing a narrative that illustrates a route to market.
In order to do this, students are….
Encouraged to use business ideas or existing businesses they are keen on starting or improving.
Adopt or use a business model canvas template.
Use relevant theories, examples and methodologies to provide clarity within their narratives
Use Primary and Secondary data are encouraged (e.g.- when doing a comparative or competitive analysis)
Aspects that may be considered in this process are: –
• Business Idea Generation methods (The Problem that you identify should have a clear, justifiable value proposition)- [Inspiration- Ideation- Implementation]
• Developing of prototypes (Physical products; websites, apps etc.)
• Testing strategies –MVP [Feedback loop]
• How you price your product (different pricing models like cost-plus, no frills)
• Go to market (Licensing, third parties, import /export etc.)
• Operational Plan (Clear time frames and resources required)
• Marketing Plan (With a budget if possible)
• Financial Projections (Sales, Revenue, Income etc.)
• Exit strategies / Fast Fail Strategies
The post Developing a business model
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