Question 1
Your group has just graduated from SUSS business school and are thinking of starting a business together. The group members are clear that they do not want to do any F&B business or take a franchise. The group is thinking to commence a start-up, in the hopes that they can sell it in the near future.
You remembered that in your studies at SUSS, you learned about the process of starting a business and the concept of “build-learn-measure’. You also remember something about meeting customer needs. The group decided to apply the knowledge they obtained from their studies and come up with an action plan.
Prepare a reflection statement to describe and analyse the steps you need to take to get the business started. The statement should, at minimal, include the following:
(a) A description of the business concept identifying clearly the product/ service on offer and the value proposition.
(b) Identify one (1) customer pain point and how your product/service offers a solution.
(c) Discuss three (3) assumptions that your business concept is based on. Which of these assumptions is the most critical and why?
(d) Construct the business model canvas for the business, with a brief description of the nine elements and how it relates to your business concept/idea. Appraise and provide an explanation of what drives revenue and what is the cost driver.
(e) Provide a two-year forecast of the income statement showing clearly the assumptions made.
(f) Analyse and construct a list of three (3) legal issues and/or required licenses to operate the business. (Note: These issues/licenses should be different from any discussed in 1(c) or any other requirements above)
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