Working in groups you are required to identify and develop a lean business model. You will work together to test and validate your entrepreneurial idea and opportunity and document your processes throughout the learning journey. You will be required to submit a written business report AND your group’s process document. The purpose of this assessment is learn how to validate your business model, to integrate customer data into all aspects of your business model and to get an understanding for entrepreneurship in action. THE CHOSEN ENTREPRENEURIAL IDEA IS: Value Proposition: For customers interested in fashion who must need a proper way of sizing their online purchases, my service is a new software that provides a 3D Body Scanner to help the issue of sizing. Unlike the general sizing charts in online fashion stores, we offer a real visual look of the perfect fit that the customer truly desires. you will need to do the ‘critical assumptions’ and ‘testing’ portion of the assignment: Critical assumptions: Identify at least (5) five high priority (critical) assumptions of your business model. Provide the evidence-based logic and justification as to why your identified assumptions are critical for the viability and success of your business and therefore should be tested. (Critical business assumptions are things that you assume to be true for the purposes of developing a strategy, making decisions and planning. Every business has Critical Assumptions that will define if it can survive or not. An example of a crucial assumption could be if there is only one particular distribution channel suitable for your business, and without having access to it will threaten the viability of your business). Testing: describe how you have tested these assumptions by following a professional and rigorous process in the real context. In order to fulfil this requirement; You must adopt and justify at least (3) three different relevant primary data collection methods (i.e. survey, interview, observation, focus group, participation etc.) to collect data/information from the market. You must justify why your selected methods were most appropriate to bring credible and reliable information. You must explain and justify the process of selection of respondents and the collection of data. You must present your findings, analysis, and interpretation of the data. You will not need to do all 5 critical assumptions, these are the ones you will focus on: That current methods of fitting individuals are not as helpful as a VR Solution Testing: Looking at the number of returns which are lodged due to incorrect sizing (Survey results) & Corporations and Businesses are happy to pay a monthly subscription-type fee for for their customers to use the App Testing: Give big corporations a free or subsidised product to trail it in the real world you can change the testing method if you like to what you think is best. if you need to go over the word limit I am happy to tip you if you do :)) if you have any questions don’t hesitate to send me a message!
