I have to do a short report (max 7 pages) in .docx format with graphics and imag
ID: 413113 • Letter: I
Question
I have to do a short report (max 7 pages) in .docx format with graphics and images.
I have to propose a startup idea and create a business model for my new Company following the next instructions:
1. Define and describe your industry as-is and explain how your have spotted the new business opportunity 2. Describe your customer using the empathy map (i.e. what does your customer see, do, feel, hear) 3. Describe your customer's jobs, pains and gains (use Customer profile) 4. Describe your value proposition (use Value map) 5. Describe your three business model prototypes and discuss their pros and cons, present the model of your choice in the end Describe the business model of your choice in more detail Give examples of how you have applied trade-offs, fit and value innovation logic to refine your model Explain which metrics are you going to use to measure the growth and success of your startup 6. 7. 8.Explanation / Answer
Spotting the New Business Opportunity:
The best way to spot a new business opportunity is by looking around your environment and noting down what is missing from the environment and what else can be added up by you in order to enhance the environment. The needs of the customers were studied and a list of their wants and desires was noted down. Moreover to spot a business opportunity customers can be surveyed and interviewed as to know what they are expecting to be opened up in the near future.
After studying the environment I analysed that there is a lack of a good Indian restaurant in and around my locality. The new business opportunity which I spotted was opening up a new Indian Food Restaurant.
Describing the Customers:
The best way to describe your customers is by making a customer empathy map. A customer empathy map is a tool which is used to get deeper knowledge about your customers in terms of what your customers’ see, what they hear, do and feel. An empathy map can be made using 6 different components:
Knowing what the customers think about my business and what they feel about the opening up of a new restaurant. Asking the questions from the customers such as:
Knowing who really influences your customer and how their behaviour and perceptions are being affected. Answers can be gathered for the following questions:
Answers can be gathered for the following questions:
Answers can be gathered for the following questions:
Answers can be gathered for the following questions:
Describing Value Preposition:
A value proposition helps us describe what the customers can expect from the products you are serving and how happy are they from your products. A value map is created and it describes the following:
Three Business Model Prototypes:
A business model is one which helps an entrepreneur describe its business strategy and different ways by which value can be added to the business. The 3 business models for restaurant business are as follows:
A mobile restaurant:
The concept of mobile concept can be adapted and used for getting more success. Instead of locating the restaurant at one single location, it can be made mobile so that it can reach larger sections of the society and hence serve more customers.
It’s Pros:
It’s Cons:
Nowadays where people have less time to sit down and relax it is important to serve the customers as quickly as possible. Customers can be served quickly by offering them food items in the form of take away while drive ins as well.
It’s Pros:
The idea of serving alcohol to the customers along with food is a good idea as it will attract number of customers to the restaurant.
It’s Pros:
It’s Cons:
My Choice in Business Model:
As far as my choice in a business model is concerned, I would like to go ahead with the Idea of starting up a mobile restaurant. It would fetch me more benefits such as:
Applying trade- offs, fit and value innovation logic to refine the model:
A best trade off will be when the costs incurred by me will match up to the satisfaction level of the customers. In order to do this I can make efficient use of the resources/ money and use them in the most required place and taking steps to add up to the satisfaction level of customers by adding new items in the menu, serving hot food always, asking out for the customers’ requirements and serving the customers with customised food items.
A Fit can be achieved when the products and services produce pain relievers, and generate the gains for the customers. It can be done by telling my customers that the quality of every food item is ensured, the prices charged are reasonable and that seasonal discounts will also be offered to the customers.
A value innovative logic is one which can add up to the value of your innovation. It can be applied by following the blue ocean strategy. It is the strategy which involves in creating new market, following new ideas, creating new market space and ways to serve the customers rather that fighting with the rivals in the available market space.
Matrices used to measure the performance of my Business:
In order to check if the business is performing well it is very important to keep a track on number of factors. Some of the factors which I will keep a track on to measure my business success are as follows: