Business Model Game
University of Luxembourg 2024
Below you’ll find an overview of your current value proposition, seen from the eyes of the customer. Also, you will find an Expert Review of your proposition based on 6 different specifications. These product specifications are a direct results of your VP-decisions. Also, you’ll find your current product-market fit.
Below you’ll find information about your customer segment. The higher your research score, the more you’ll uncover about the customer segment.
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1. Yes, we updated our Value proposition to focus on the core values that fit our persona. We also focused on the research and costumer segments in order to increase our credibility. 2. We tried to attract two sources of finance. We chose Personal funds and Bank loan, since we meet the requirements of both sources. After a careful analysis and evaluation, we concluded that these two sources are the best fit for our current goal and strategy. 3. We believe that this game was really intereactive and it was an innovative way to learn about Business planning. It boosted our creativity and teamwork to develop a strategy. It was a efficient way to map the business stages including pitching and cost allocation. Finally, we also highlight the implementation of a new product into the actual market. On the other hand, we believe that Value Proposition can be a little vague.
Did you make any changes to your strategy in this round? If yes, why? we changed our strategy slightly, means since we were going in a stable and positive direction we decided to invest more heavily in the customer segment. With this move we hope to reach the 100% level in the customer segment. Apart from this we didn’t change any strategy since we were going in a stable and consistent way. Did you try to attract one or more sources of finance? Why (not)? By combining personal funding, angel investment, and a seed grant, we aimed to create a diverse financial base. This strategy helps mitigate risk, as relying on a single source can be precarious. Each funding avenue provided unique advantages that contributed to the overall stability of our financial plan.By combining personal funding, angel investment, and a seed grant, we aimed to create a diverse financial base. This strategy helps mitigate risk, as relying on a single source can be precarious. Each funding avenue provided unique advantages that contributed to the overall stability of our financial plan. Attracting angel investors was a strategic move to bring in not just capital, but also valuable mentorship and industry connections. These investors often bring experience and networks that can significantly enhance our business’s growth potential. Their willingness to invest also serves as a validation of our business model and vision.We pursued a seed grant to leverage non-dilutive funding. This allowed us to access funds without giving up equity, which was particularly important in the early stages. The seed grant also provided credibility, as it often requires a solid proposal and validation of our business concept. So we think these three are the best financial resources for our business. 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? Over the past five days, participating in the game utilizing the Business Model Canvas has been an engaging and immersive experience. The game simulates real world entrepreneurial challenges, providing a hands on approach to understanding key business concepts.The game reinforced the importance of various components of a business model, including value propositions, customer segments, and revenue streams.Making strategic decisions in a simulated environment highlighted the complexities involved in entrepreneurship, including risk assessment and resource allocation.Working within a team emphasized the value of diverse perspectives and collaborative problem-solving.Conducting market research during the game underscored the necessity of validating ideas against real customer needs. Overall, the game experience significantly enriched our understanding of entrepreneurship. It provided a practical platform to explore business concepts, develop strategic thinking, and appreciate the importance of teamwork and adaptability in a business context. We now feel more prepared to tackle real-world entrepreneurial challenges, equipped with both theoretical knowledge and practical experience. So it will be a great help for our future business plans and objectives.
Did you make any changes to your strategy in this round? If yes, why? No, he didn’t, he continued with the same strategy. Did you try to attract one or more sources of finance? Why (not)? No, we stay with the same sources 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? It was very original,it was a different way to learn, to guess, like in the real world. Please submit the answers of the assignment here…
Did you make any changes to your strategy in this round? If yes, why? Yes, in this round we are more focused towards in our costumer segments, since we had the hint on the value propositions and we changed to just focus on community building and user community. We did it because the want to provide a better service to our target costumer. So we are able to provide services that they would cherish. Did you try to attract one or more sources of finance? Why (not)? Yes, Personal funds, Friends, Fools and Family, Crowd Funding and Seed Grants, because we have approximately 110 heartbeats, and we wanted to improve the performance and usability. In this round we are focused in crowd funding because our app is focused on community, so people will get some equity or monetary from the shares of our company. 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? The game was tricky and it allowed us to be accurate in our decision making. Nevertheless, there is a gap between the theoretical methods of investing in entrepreneurship and a simulation of it because we saw when we allocated credits in a value proposition, it didn’t always go the way we expected. About the learning process, we learnt that besides being afraid of the failure, we need to take risks and most of all we need to be more focused on specific aspects and not try to reach everything. Another thing that was really important is the teamwork and to delegate tasks. Also, we saw how important it is to have a good value proposition, but it needs to be connected with the correct costumer segment, otherwise it does not work.
We kept a similar strategy as before but now we made our value proposition only the two points in functionality and try before you buy. We realized that these points were the most important and our customer segment values that a lot. We decided to take more risks to boost our score and still continue investing in various points as in previous rounds. We tried to attract our sources of income by investing in crowd funding, personal funds, and seed grants. These were the best options for our group based on our competitive advantage in the market. We had to be strategic with our decisions and this is what we realized was the best route to take. Overall this game experience taught us a lot of valuable skills about entrepreneurship and working together in a group setting. It taught us the importance of taking risks and doing the research in order to do this properly. There are big decisions when it comes to be an entrepreneur along with a lot of risk. It was nice to see how it works in this business setting along with comprising with team members to come to joint decision. This was an amazing experience that taught us a lot of valuable skills when it comes to entrepreneurship.
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Throughout the game, you’ll have the chance to increase your expertise on your key resources, activities and partners. The better your performance, the more likely you’ll be to achieve finance in the last round.
Below you’ll find an overview of your sales funnel and capital injections – a direct results of your investments in marketing & sales.
Below, you’ll find some extra awards that are handed out throughout the game and your overall EntrePulse.