In this last round we didn’t change our strategy because we think our focus should still be the same as last round. This is because we are in our opinion still lacking in some points.We tried to attract some investors because we need money to develop the app at its best. As you could already read our cashflow in general comes from the users of our app and the small fees we take when they rent a parkingspot from eachother. For the money we came short, we took a loan from the bank.We learned from this game that a product can be a great succes or a complete fail depending on the audience you are targeting your product on. This means you really got to do research of your target group before you are going to invest money and create something. We also learned that product specifications not only exist of affordability and quality but to create a good product you should also keep the following subjects in mind: – Design – Perfomance – Features – Usability
Did you make any changes to your strategy in this round? If yes, why? Yes, we want to give our Business model game another way around and see how this works with the new strategy. Did you try to attract one or more sources of finance? Why (not)? No, we are just focused on one source of finance. Please evaluate the game experience for yourself and compare it with the learning objectives you had: what did you learn about entrepreneurship and in what way did the game help you in the learning process? That is really important to know what the other competitors do in the market because if u don´t know how they are working they can take a lead on you and you can stay backwards and losing too much money.
We have made changes, to improve our value proposition to customers and our relationship with them. We have also tried to integrate other distribution channels in line with our business. Firstly we used personal funds as this is the most common. Then we thought about Crowdfunding because our company has a cause that speaks to a lot of people. In addition, we did not think about the Seed Grant because we can benefit from it because of our activities. In addition, we put the Bank Loan because it could be a solution in case of lack. Finally, Angel Investment can be interesting because many wealthy people can invest in our cause. We learned that several criteria must be met to launch a business. A well-constructed business plan is essential for this. Also adapt your way of doing things according to your customers, listen to them, understand their needs and try to answer them as best as possible Please submit the answers of the assignment here…
We kept the same strategy and like last time, we focused on improving our knowledge and skills. We tried to attract two sources of finance. According to our results, those two sources were the most fitting according to our previous results (attitude, design, features, acquisition and credibility). We tried to secure our investments and not bet on criteria we are not the best like knowledge for example. This game helped us look at different aspects of starting a business : looking at the ressources you need for your team, company. It was helpful to understand that we need to understand our persona in order to have the best research score. This game made us grow as a start-up and we will make sure to use those skills and knowledge in the minor.