Business practice and entrepreneurship busi 8 2010
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Business Practice and Entrepreneurship BUSI 2010 Presentation 8
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Transcript of Business practice and entrepreneurship busi 8 2010
Business Practice and Entrepreneurship BUSI
2010Presentation 8
Current Business Model
Caravan
To use local produce for a quality sandwich that would cost less than our competitors.
What were your hypotheses and experiments to test your partners?
We interviewed 10 persons which included potential partners to find out their preferences on the components that makes up our sandwich.
What were your hypotheses and experiments to test your partners?
Which type/brand of bread do you prefer? A. Kiss Brand or B. _____________
Where do you buy your fresh produce? A. Grocery B. Market C. _______________
How do you find out about new products and services in T&T? A. Billboards B. Facebook & other social websites C. Advertisements (TV/Radio) D. all of the above
What were your hypotheses and experiments to test your partners?
Options selected most would determine how to we chose our partners.
Results: 60% selected Kiss Brand 80% selected Grocery (due to
lack of time to go to the market) 70% selected Facebook
What were your pass/fail tests?
We used our contacts and found a local farmer that we can partner with. Advantage: no middle man to take an extra cut
What were your hypotheses and experiments to test your partners?
Diagram of Partner Relationship
Sandwich Delight
Relationship
Supplies produce Farmer
Supplies Bread
& meat
PrimaryPartner/Channel for advertising
Our partners are primary suppliers of what they offer.
Our potential customers are already familiar and prefer/buy from them.
Insights -What did you learn about your partners
We thought our partners were companies/people we needed to buy or obtain services from to operate our business.
Hypothesis: Here’s what we thought
Our partners as a start-up would only consist of the suppliers of the core things we need to create our product and not necessarily to operate our business.
Hypothesis: Here’s what we found out
Update our business model
So here’s what we are going to do next
Updated Business Model
Caravan
Farmer
Kiss baking Company
End
