1. Critically evaluate the Business Model Canvas (BMC) framework as a tool for new venture development. Use journal articles, contrasting academic theory, rather than your own business idea/project to support your discussion.
Instruction for question no 1:-
• Summary , definition ,FACTS ,Rationale.
BMC
Entrepreneurs
Business start up support
• Synthesis:- elements of canvas 9 parts –
• Analysis :- Strength and weakness , theory, models explain lead users or new product development.
• Authorizationsuse the above to answer the questions :-
Question no 2 :-
2. Using ONE of the alternative approaches to New Venture Development, discussed in Q1 (NOT the Business Model Canvas), how would your groups’ product or service be different. Briefly outline the outcomes of a different approach and conclude which framework is best.
Instruction for question no 2 :-
Question number 2 the beginning summaries about my business idea which is attached down here.
MY BUSINESS PROPOSAL :- For question number 2 please read before you starting the assignment and make 100 words summary about the business, then answer the second question.
Hello, I’m (insert name) and this is my business partner (insert name) and we are looking to get into the tourism sector.
1. Qatarhas a project, The 2030 National Vison, this project has the aim of developing and diversifying the economy allowing for self-sustainability by 2030. One of the methods of doing this is by increasing and sustaining tourism.
For years the tourism industry in Qatar steadily grew reaching a peak of 65.1 billion QR of revenue in 2019 (10.4% of the county’s GDP), but there was a large drop in 2020 due to covid which brought it down to 42.7 billion.
Thing is with the vaccine out, FIFA 2022 on the horizon and more people traveling again this number is bound to go up.
2. Now it wouldn’t be smart to ignore the fact that many businesses in Qatar fail, but most have some things in common. They have too much in common, that’s the issue, repetition. There is a real lack of new, unique, or original ideas.
3. People want something fun and unique; they want something new, something that leaves them with a lasting memory of their time spent.
People want and experience, this coupled with the country’s craving for tourism leaves an opening in the market for a business that both caters to the peoples wants and needs, as well as supports the vision the county has for its future.
That’s where we come in, we would like to start a multipurpose business serving as
Described while showing drawing
• A Restaurant
• A Café
• A Members Access lounge
• Most importantly an attraction/landmark the country can use when marketing itself.
4. We’ve approximated the start-up cost to be in the neighborhood of 50Million QR, this will be used for everything from licensing & permits to marketing and construction.
We’ll be looking to organizations& banks which help businesses for a % of the Capital, such as Bedaya or the Qatar Development Bank.
Due to the size and nature of the project, specifically having our vision aligned with the 2030 Sustainability initiative. We will also be Applying for some form of subsides or grant from the government.
5. Our main revenue streams will consist of the members Lounge, thein-house restaurant and café (this includes deliveries from our partnerships with online ordering services)
& Lastly Educational classes like Cooking & learning about Qatar’s rich history in fishing and Pearl diving – Which will begin after we’ve been open long enough to have accurate statistical analysis showing when our slowest times and days are allowing us to optimize our profit and offset our costs.
6. Here we have our optimistic and pessimistic estimations for our revenues and Break-Even Points. (Insert Talking about the graphs short term/long-term & best/worst case)
7. Now let’s talk about risks and setbacks and our approach to dealing with them.
• Permits & licensing delays – We will make sure to have all the necessary paperwork filed and drawn up with the upmost attention to detail while still in a timely manner.
• Construction times – the largest portion of capital will be going towards the hastily but safe construction of the structure ensuring the building best time possible.
• Competition – this idea is hard to copy, it’s unique, costly, and most importantly will have immaculate execution. so even if anyone could accrue the funds, I guarantee it will not be executed to the same standards.
8. Some stuff to note, once we get the capital, we will be beginning construction as soon as possible, coupled with the beginning of our marketing strategy.
So,whether you care about Qatar’s sustainability &would like to have your name on a project like this, or just want an impressive project like this in your investment portfolio, the way I look at it is we are offering an opportunity to be a part of an amazing business with potential for international expandability, and we would like to have as many people on board as possible but once we reach our target we will be closing off to investors for the foreseeable future.
