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Fill out the business model canvas with your team members answering all the questions. In the next two weeks, within your team, aim to talk to 2 industry insiders (they could be developers, sales people or people working in/running comparable businesses) related to your product or service. Take care to get an idea of the technical feasibility for your idea, how best to reach customers and the resources normally needed in this type of industry.
Some key questions you need to answer with your team are: Who do you plan to target? How would you reach them? What’s your pricing model? What’s your projected revenue in the first year? What’s your most important sources of cost? Will you be able to cover your costs and make money?
•Value Proposition – What are the features of the product/service?
•Price – How much will the product/service cost customers?
•Place/Channels – Where will the product/service be distributed?
•Promotion – Where will you communicate with customers?
•Cost – What are the most expensive things in running this business?
Lab 2 Report is an Executive Summary of your business.
The Executive Summary reduces your business plan into a summary that comprehensively describes the business’s key components and clearest selling points. It should include description of Problem and Solution, your VP, pricing structure, your channels to reach the customers. It should also give a 12-month estimate of revenue, describes its most important cost structure, and gives a clear idea of your team.
•Present an actionable & well-reasoned business model that aligns with your value proposition
•Are formatted appealingly and communicated clearly, concisely, coherently, and cohesively.
•Pricing structure is realistic
•Cost structure should identify two most important costs in your business model (item and $)
•The executive summary gives an idea whether your team can take this idea forward.