This documents contains all notes on the lectures, seminars and workshops given for the subject of Tourism Business Challenge which is a sequence on the course of Creating New Business. Therefore, these 2 courses are connected to each other.
Create New Business Lectures, Workshops & Interviews
Essay Create New Business (CITM3.CNB-01)
Essay Recreation & Hospitality Create Your Own Company (CITM2.RHCC-01)
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NHTV (NHTV)
International Tourism Management
Tourism Business Challenge (CITM3.TBC01)
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TBC All lectures, seminars & workshops
BC Kick-off Lecture:
MPV: Desirable, viable and feasible business model
Product/ Market fit
- Keep on testing
- Identify market and competitive advantage
- Develop and validate a business model
- Develop a desirable, viable and feasible business model
- Create a financial business case
From MVP to a validated business model:
- Testing and learning
- The customer perspective still matters
- Developing your lean canvas -> business model canvas
- The outcome: a desirable, viable and feasible business model
- Resulting in a professional pitch deck and pitch = deliverables
Business model:
- A business model describes the rationale of how an organization creates, delivers
and captures value
Transforming your LEAN canvas into BMC:
Does your idea create impact?
Social impact: Harnessing the power of sport as a unifying force, we're committed to helping
kids reach their greatest potential and creating more equal playing fields for all. Source:
Nike.
Environmental impact: We want to one day manufacture products without mining any new
materials from the earth. To reach this bold goal, Apple is constantly inventing more
efficient ways to recycle materials back into our devices. Source: Apple.
Economic impact: Start-ups are the fastest growing job engine in the economy, spread
across the Netherlands. (Source: Business Insider, 2019)
Is your idea sustainable?
Sustainability: ‘’Development that meets the needs of the present without compromising
the ability of future generations to meet their own needs”
,MVP -> PPP, look at millennial sustainability goals from the UN, Planet, People and Profit.
Revenue model:
A revenue model is a framework for generating revenues. It identifies
which revenue source to pursue, what value to offer, how to price the value, and who pays
for the value.
Pitch deck:
"A pitch deck is a brief presentation, often created using PowerPoint, Keynote or Prezi, used
to provide your audience with a quick overview of your business plan. You will usually use
your pitch deck during face-to-face or online meetings with potential investors, customers,
partners, and co-founders".
Investment pitch:
"An investment pitch is a presentation of a business idea to potential investors. People pitch
a business because they need resources. If the goal is to raise start-up cash, the target of the
pitch is an investor. ... It's important to remember that a pitch to an investor may not strictly
seek start-up capital".
To do:
- Test MVP one more time -> Qualitatively or Quantitatively
- Finalize your MVP
BC Workshop 1:
Desirability:
In order to run a successful business, you have to create something that is desirable (people
want it), feasible (you can actually do it) and it has to be viable (you don’t get broke).
Will our solution full-fill a need?
- Is your solution adding value to customers?
Will it fit into people’s lives?
- Understanding …
Will it appeal to them?
Will they actually want it?
1. Who is they?
- Early adopters: characteristics
- Socio-demographics
- Psychographic (lifestyle)
- Customer-journey
2. What’s their potential -> market size
Market size 1:
TAM (Total Available Market, the whole market) -> SAM (Serviceable Addressable Market,
reachable market) -> SOM (Our share of market, sales divided by SOM)
- How big is the pond in which you fish?
Product market fit: questions to ask
, 1. Did you define your market segment (customer segment) in a specific way and
within that did you identify your early adopters?
2. What are the characteristics of this market segment and what is its market
potential? (online behaviour, spending power, costs that entrepreneurs need to
make when advertising to their customers)
3. Re alternatives of your product/service (= solution) offered and what is the market
position of those alternatives? What you learn from these alternative offerings?
4. Will your product/service create impact: PPP, sustainability, impacts, social,
economic, etc.
5. Can your product/service satisfy your market segment and more specific the early
adopters, based upon your UVP and UA, on a large scale (quantitative)?
6. Can you compose a revenue model that will be adopted by your market segment
and will it contribute to your UVP and UA? (increase willingness to pay)
7. Will the revenue model lead to a profitable and sustainable business model?
(revenue > costs)
(last 2 questions to be answered at the end of the course but other questions are input for
those 2)
Moving from qualitative to quantitative:
- Retrieving facts and figures for measuring feasibility and viability (=proof)
- Composing quantitative instruments based on your specific situation (solution).
- …
Building your BMC:
Progress and changes over the course, therefore again each week versions again.
To do: Customer Journey & Market-Size
Done: what problem do you solve?
Done: How do you deliver your promise?
To do: Touchpoints, where to reach your customers?
To do: How to retain customers?
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