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Expert help when you need it- Q1:Assignment 2 Conduct opportunity analysis and prepare concept statement for your idea.See Answer
- Q2:Assignment 1 Opportunity Analysis/ Idea Generation The following steps to be followed while assessing the ideas. 1. Background research to check if something similar is already offered in the market, or in some other market. 2. Evaluate the problems to check which if a unique solution is required and can be pursued further for your project. The next steps will be followed once you have identified the one idea that you will pursue. For this part the student will prepare a write up for idea evaluation process. 1. The environmental trends which are favorable or unfavorable for your business idea. Here, you can provide findings from research studies, statistical data, reports, etc. The referred resources should be recent. 2. What is unique about your idea? Which needs/problems/ wants of the customer will be addressed by your idea? This part can again be supported with research based evidences as mentioned in point 1. 3. What will be the main resources required for your venture? While answering this point try to be as specific as possible. See Answer
- Q3:Assignment 2 Conduct opportunity analysis and prepare concept statement for your idea.See Answer
- Q4:Assignment 3 Business Idea Pitch The teams will pitch their ideas to the class. Each team will be given a time of 60 to 90 seconds. Either one member or the entire team can pitch the idea. While an idea is being pitched by one team the rest of the class will be carefully evaluating the idea as a venture capitalist. The VC will evaluate the idea focusing on the uniqueness of the idea, market opportunities, capability of the team to start and sustain the venture, overall presentation by the pitcher (confidence, logical, persuasive and handling the questions). The VC can ask questions based on the material covered in this course, what questions would you ask the firm's founders before making your funding decision? What answers would satisfy you? The VC can: make a decision on just the information provided in the pitch, would you fund this company? Why or why not?See Answer
- Q5:Scope and Background: 1) Choose a disruptive technology discussed during the week 8 & 9 content. Summarize your understanding of this technology based on in-class content and external research. 2) Discuss the different uses for the disruptive technology. This includes, but is not limited to: a. Different industries where the disruptive technology is used. b. Has the technology been used in any Disruptive Innovations? c. Potential future developments that could include the disruptive technology.See Answer
- Q6:briefly describes (explains) something for which you have a passion.See Answer
- Q7:Question 1: From Chapter 8, 9, and 10. The Weekly Learning POINT is your chance to reflect on the material from the past week and focus on a specific area of importance to you. Use the word POINT as your guide: P- PERCEPTION- What this week changed your PERCEPTION of Small/Entrepreneurial Businesses and/or yourself and your thinking. O-OBSERVE- What did you OBSERVE in real life that was a reflection of what you studied this week. I - INTEGRATE - How do you see the material integrating or tying into your other courses? N - NOVEL - What was NEW/UNUSUAL for you this week? T - TACTIC - What TACTIC will you now pursue? What practical action will you take because of what you have learned? Example: "What I found most interesting this week was our discussion about the different types of innovation. There are three different "medians" of innovation: Lifestyle, entrepreneurship, and corporate. The latter two I was well aware of, but I had never considered innovating in my day to day life. We learned last semester that innovation can be stifled by putting parameters around the way we think. In my case, I normally look at creativity and innovation in the parameters of entrepreneurship. This means that I'm missing out on tons of opportunities to innovate in my daily life. You also gave us real examples in your own life of ways that you've used your interests and creativity to make some extra cash on the side. Seeing your success and how simple innovation can be encourages me to turn my ideas into reality. I also found the Ted talk we watched on design thinking to be extremely informative. The most beneficial, paradigm shifting point made in the video is that design thinking starts with people. At a fundamental level this is humanitarian design. It is grounded in the needs of others, making it a pragmatic way of thinking that isn't so much concerned with making money as it is with helping others."See Answer
- Q8:. Question 2: A key aspect of entrepreneurship is opportunity identification. In order or build a habit of seeing possible products and businesses you will identify and submit 2 ideas. You should write about the need/opportunity that you noticed and the importance of the idea. Does it save time, money, etc.? Will it promote efficiency, add value, or just be a new outlet for fun? Consider your location, situation, and what is happing in the world currently and use these for inspiration. You can include sketches or drawings as well. In your journal write-up include at least the following information (but you can include more as well): The idea What promoted the idea Who would be an ideal customer What is the value of the ideaSee Answer
- Q9:Question 3: The creation of the Internet rapidly increased the ability of companies to succeed in business with a freemium revenue model. This Application Assignment has two parts. Part 1 is to identify a company that offer free products or services. For this company identify the following: • The company and what is provided free? What services and/or products cost additional money? Which of the following three types of free financial models do they represent and why: Direct cross- subsidies, Multi-Party Markets, The freemium model. In Part 2 you will take one of your own business ideas and imagine it with a freemium revenue model. For your own idea please address the same points as in Part 1. The company and what is provided free? • What services and/or products cost additional money? Which of the following three types of free financial models do they represent and why: Direct cross- subsidies, Multi-Party Markets, The freemium model.See Answer
- Q10: Purpose: The entrepreneurial process is, at its core, concerned with "the pursuit of opportunity without regard to the resources already under control." This process is as applicable to your career as it is to creating and exploiting innovative solutions. This assignment aims to identify where you want to be and how you will get there over the next 5 years. Do not worry about your current resources. Think entrepreneurial! Task: For the first part of this individual assignment, you will use design thinking to explore the possibilities of an entrepreneurial plan for your life, highlighting how entrepreneurship and innovation could affect your personal and career paths** over the next 5 years.* ** The process and key learnings from the Logbook will be synthesized into a final deliverable in the final assignment, highlighting your inspiration, ideation, and implementation process. Deliverables: A completed logbook, using this template https://docs.google.com/document/d/1FQKwirAgRlC7VLa30UeJ56rJe83x8vdeMmXL6z7UTr4/ edit?usp=sharing A final deliverable sharing the key information from your inspiration, ideation, and implementation. This should highlight the key information, learnings, and insights from the logbook into an entrepreneurial plan for the next 5 years of your life. You can choose the format of how you will showcase the elements of your plan. For example, you can do a TED-style talk, podcast, a Mural board, a graphic novel, a stop-motion film, a traditional report, etc. Whichever format you choose, it should follow the conventions of that format and have all the key findings, needs, and insights from required content (Part 1, 2, and 3). Part 1 - Inspiration -** Current state & reflection:** - your health (physical, mental, spiritual); - relationships (quality of relationships with family, friends, spouse(s), children, etc.); - play (things you do for the joy of it); - **university & work **(things you are required to do) and **Two sides of yourself: **Imagine, sketch, and reflect two different future versions of yourself to help draw out what is important to you Reflection on the two sides of yourself. What is your current balance? Would you like the balance to be different and why University-view statement: describe your ideas about what university is for and what it means to you. (200 words or fewer) Life-view statement: describe your ideas about the world and values you hold (200 words or fewer) Part 2 Ideation - ** Daily Activity Journal: Record a minimum of 7 days **including how engaged or energized you were and if you were in a state of flow. (Optional, but recommended timeframe for your activity journal - 3 weeks) Reflection on Activity Journal: What did you notice about the activities that you spend most of your time doing? (200 words or fewer) 3 Mind maps & mashup job descriptions: From your Daily Activity Journal, choose three different activities: one that was engaging, one activity you were energized by, and one activity that brought you into a state of flow and draw/sketch a mind map for each (three total). Then create a mashup of potential job titles and descriptions from each of the mind maps. 3 Life Plans: Draw or sketch (don't type!) three different 5-year timelines for your life. Include title, goals/milestones for the 5 years, including health, relationships, play, and university/work. 1st life plan: **Top of Mind Plan **- your plan that comes easily to mind, or that you most often share with other people. 2nd life plan: **Pivot Plan **- your plan if you had to do something entirely different because your Top of Mind plan was disrupted and no longer available. 3rd life plan: Constraint-Free Plan - your plan if you had no constraints like if salary or people's opinions were not something you were considering (money, time, geography, family obligations, nobody would think less of you or judge you) For each plan include responses in the logbook including: 6-word title Image of your sketch with goals/milestones Your opinion rating of the following characteristics: Resources Likability Confidence Coherence Questions you have about the particular life plan, constraints, and ideas for exploring the plan. Part 3 - Implementation -** Personal Board of Directors:** A brief description (table, paragraph, or bulleted list, etc) of 3 people that now do something you have mapped out in each of your 3 life plans. Include one person for each life plan, including: - Image (if possible) - Who they are - What they do and how it reflects one of your life plans - What skills and abilities you hope to learn from them to better be able to execute your life plan Criteria: Your assignment will be assessed for the following LOS: #LO6_YourCareer: Students will appreciate how to connect design thinking, innovation, and entrepreneurship to their own career development and paths Grading guide: https://docs.google.com/document/d/1JxyKTJec9-1pHr03KJj6RXTx-84ET2QzyLtjaTprRao/edit? usp=sharing Tips: Innovative mindsets: Being innovative requires some simple mindsets, ones that you have practiced throughout this course and will be essential for getting the most out of this project. Those mindsets are: **Be curious: **Curiosity makes everything new. It invites exploration. It makes everything play. It's the reason some people see opportunities everywhere. **Try stuff: **When you have a bias toward action, you are committed to building your way forward. Innovators and entrepreneurs try things. They create prototype after prototype, fail often, until they find out what the problem is, what works, and what best solves the problem. **Reframe problems: **Reframing is how innovators get unstuck. It also helps us make sure we are working on the right problem. Reframing helps you step back, examine your biases, see new opportunities, and open up new ways to solve problems. **Know it's a process: **Life is messy. Mistakes will be made, and prototypes will be thrown away. An important part of the process is letting go of your first idea and of a good-but-not-great solution—and trusting that something amazing can emerge from the mess. Collaborate: The best innovators and entrepreneurs know that bring truly innovative ideas to life requires radical collaboration. Innovation is a team sport. Many of the best ideas will be sparked by other people. You just need to ask, and know the right questions to ask. When you reach out to the world, the world reaches back. **Assignment Information: **Weight (20%) References: Much of the content was used or inspired from: Burnett, W., & Evans, D. J. (2016). Designing your life: How to build a well-lived, joyful life (First edition). Alfred A. Knopf. Assignment Information Weight: 20% Learning Outcomes Added LO6_YourCareer: Recognize how to connect design thinking, innovation, and entrepreneurship to their own career development and paths.See Answer
- Q11:/n London Business School John Bates Tim Rea London Business School REF: LBS-CS-17-025 Date: 2017 Decision time at WT Mobile Abstract As Tim Rea, CEO of WT Mobile, sat down with James and Mark Rodell, founders of the business, he knew they had some important decisions to make. Rea and his partners were in the process of funding their mobile communications company. Over previous few months, they had presented the business to an array of professional and Angel investors. Their response had taken them by surprise: all the investors were keen to invest. Now they had to make some decisions. Which investors would be best for the business? How many shares should they allocate to different investors? How much money should they raise? To answer these questions they would need to take into account several different, and related considerations: the future profile and growth expectations of the business; the likely value of the company; the contribution that each of the investors would be able to make to the business, now and in the future; and of course, the investors' own needs. And overshadowing the fundraising was the attitude of the Rodell's; they were, Rea was increasingly aware, leaning towards a smaller investment round. Their biggest concern seemed to be dilution, as they did not want their shareholding to fall below 50%. Rea's own instinct was to take whatever money was on the table, and he felt that they would need a much more substantial funding round sooner rather than later. One way or another, Rea and his partners would need to balance these diverse perspectives and needs and make the best decision for the company. The Case was prepared by Tim Rea with the assistance of Fergal Byrne under the direction of John Bates, Adjunct Professor of Strategy and Entrepreneurship at London Business School. This case has been prepared as the basis for class discussion rather than to illustrate either the effective or ineffective handling of an administrative situation. Copyright © 2017 London Business School. All rights reserved. No part of this case study may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, photocopying, recording or otherwise without written permission of London Business school. London Business School Riches in Sunderland? When Tim Rea first travelled with Alex Gordon to Sunderland to meet some local entrepreneurs in April 2006 he felt that he might be on a wild goose chase. Sunderland was not exactly known as a technology hotspot and it did not have a strong culture of entrepreneurship. Tim had agreed to come on the request of Alex, a colleague who was part of ETS Ventures, a new, £30m VC co-investment fund supported by government and EU funds. Alex had worked with Tim on several projects in the past and was hoping that Tim could provide some validation and perhaps some support for one or more local companies. Alex was quite excited by a couple of recent propositions and was particularly keen to introduce Tim to the Rodells, a father/son team that had developed a range of mobile communication applications. "I'm sure you will find this interesting," Alex had told him as they arrived at the Rodell's house. “These guys live in the home of the future and everything is controlled via mobile phone. There's got to be something here to build a business around..." If anyone would be able to give Alex advice on the viability of the project it was Rea. A former research technologist, MBA, and experienced technology entrepreneur, Rea had spent many years working in the mobile industry and more recently financing technology companies working with leading VC companies globally. Tim's mobile industry knowledge and contacts were second to none. As they travelled up Tim tried to dampen Alex's enthusiasm for the technical prowess of the team they were heading to meet. "My general view is that it is difficult to differentiate a mobile proposition on the basis of technology when the really difficult issues are associated with delivery and general commercial execution." As they approached the Rodell's home, the gates to the drive opened automatically and James Rodell came out to greet them. He was in his late 40's and, as he escorted Tim and Alex into the sitting room, he explained his background: "My background is in mechanical engineering and I have been working at Sunderland University for quite a few years, at the same time as building up a niche consulting business over 10 years measuring stress in difficult mechanical environments. My clients include BMW, Rolls Royce, Siemens..." James had recently resigned from the university to concentrate on developing the business further with Mark his son. Mark, who was 21, was nearing the conclusion of his electronic and electrical engineering degree course at Sunderland University. James was keen to establish his son's credentials: Copyright 2017 London Business School 2 London Business School "Mark became the technical director of our business at the age of eight and very quickly developed a reputation for innovative software developments. For example, all of the UK frigates and submarines are running software that was developed by Mark when he was 14. He also won many awards including first prize for the Young Electronics Designer Awards for five consecutive years, Young Engineer of the Year award and several others..." Mark was quieter about his accomplishments, but picked up the story to explain some of their recent activities: "My father's business requires an ability to collect and analyse data and many of the installations are abroad, so we started developing mobile applications that would allow us to retrieve data. This then led us to develop quite a few other things that make use of mobile data capabilities." James presented several projects, including an alarm system that Mark had recently developed. An add-on to existing fire alarm systems, it allowed people to use their mobile phones like walkie-talkies in order to deal with the alarm situation. Although Tim felt the actual alarm application was not extraordinary, he was interested in the way the messaging system worked with different mobile operating operators. On the way back from the meeting, he gave his view: "These guys are definitely strong on the technical side and appear to have a decent understanding of mobile technology. My feeling is that they could potentially develop an operator-independent messaging platform, but I'll have to think it through." Market Context Tim's project portfolio was split between VC-related and corporate work. On the corporate side, Tim was an advisor to an Asian mobile supplier of equipment and handsets and also regularly worked with mobile operators. On the VC side, Tim had spent a couple of years doing ad hoc work for several firms, but recently begun working exclusively as a venture partner with a leading global fund, STech Ventures. This enabled him to be involved in the full lifecycle of sourcing, executing and managing investments and maintain involvement in other projects. Tim was particularly interested in Instant Messaging (IM) and, to a lesser degree, Push-to- Talk systems (which provided walkie-talkie like function for mobile phones). Although these services seemed a natural fit for mobile handsets, there were no decent offerings by mobile operators. Tim felt was that this was because mobile operators' wanted to preserve SMS revenues. But he believed that the recent trend for mobile operators to reduce data charges and open their networks to third party service providers could create an opportunity for an independent service provider to emerge. Copyright 2017 London Business School 3 London Business School "The mobile messaging market is so massive despite the fact that SMS is such a poor medium. If WT Mobile can define a proposition that is easily accessible by the mass market, this could be interesting," he later explained to Alex. Rea's interest piqued, he decided he needed to get a better understanding of the status of the emerging push-to-talk services that were proving popular in the US, but were basically non-existent elsewhere. Details of the market, general context and some data regarding mobile messaging and IM are included in Exhibit 1; details of recent comments regarding the Push-to-Talk market are outlined in Exhibit 2. Tim also called a close contact within Orange to learn more about their recent attempts to launch a push-to-talk service in the UK. The project, he discovered, had been effectively abandoned despite some reasonable marketing efforts. Tim felt this was not related to the proposition itself, but to the way it was packaged by Orange. In particular, because it was based on one particular handset, required a special tariff and the only worked between users of that handset that have subscribed to the right tariff. Tim's thinking on the mobile messaging service was particularly influenced by the recent success of Skype, where he felt some were some clear parallels. Defining the Proposition Alex arranged for Tim to be paid for a few days work with Mark and James to advise them on how to establish a business that could attract funding. At a follow-up meeting a few days later, Tim outlined his ideas to Alex to get some indication as to whether or not Alex would invest in such a proposition. As a starting point, Tim proposed creating a messaging service that would enable groups of mobile users to communicate by voice or text on a many-to-many basis in real time via an IM-like interface across all networks. Tim proposed that a client application could be available as a free download and customers would get a basic service using the standard client for free (i.e. user only pays the associated data charges to the mobile operator). Beyond a defined level, users would pay for specific events, but the bulk of revenues were expected to come from users paying a modest subscription to use a premium client that could offer a number of features that are necessary for active users. Following several email exchanges with Mark, Tim proposed that the key characteristics of the proposed service would be as follows: A user can define a new channel and invite contacts to join that channel. Once connected, all members of a channel remain connected and any member of the group can speak to all of the other members in real time by pressing a button (e.g. the menu key) and speaking into the microphone. Copyright 2017 London Business School 4 London Business School - A user may be connected to the service via a compatible mobile device on any operator network or via an internet connected PC. The service will provide an effective bridge between PC connected users and mobile users. The application supports text-based messages in cases where text is preferred. Users will be able to send pictures to all the members of a particular channel on a one-to-many basis along with a voice message. Group interaction is facilitated by a server-side system which collects input, holds messages in the correct order and re-transmits the messages in the correct order to prevent the over-talking that would be encountered in a normal simplex radio system. Users can define channels on the basis of proximity so that, for example, a user can pre-define a channel to consist of all contacts that are within a certain range. This function is enabled by a positioning function that is contained within our application. Users can elect to have discussions on their subscribed channels held on the central server for subsequent play-back. The application will interface to the most popular IM systems so that users of those existing IM systems will be able to work with their existing buddy lists and can use our client to communicate with users that connected via the dedicated MSN/AOL/Yahoo clients. This approach helps to get around the initial lack of a community using our client only. Users will be able to manage multiple channels so that it is possible to be connected to several channels simultaneously. A graphical representation of the service is outlined in the diagram below. Copyright 2017 London Business School 5See Answer
- Q12:Note the following in your answer: • How much money is to be raised in total Which investors should participate, how much they are to invest and what they are to receive in return Other matters you consider relevant to your deal structure You should also provide a commentary on your deal structure, noting why you have selected each investor and the extent to which the demands and concerns of each of the investors have been satisfied. Your paper should be no longer than two sides of A4 plus exhibits if necessary. You will be given credit for use of courseSee Answer
- Q13:Task You will need to choose a business idea that you think could be successfully implemented in your country of origin. You will develop and submit the initial part (Midterm) of the business plan for your idea including the following points:See Answer
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