Entre Group5 Assignment5
Entre Group5 Assignment5
ENTREPRENEURSHIP
FINAL ASSIGNMENT – BUSINESS PLAN EXERCISE
Sem 1, 2023-2024
TABLE OF CONTENT
LIST OF FIGURES ................................................................................................................... 4
LIST OF TABLES ..................................................................................................................... 5
Question 1 .................................................................................................................................. 6
a. Explain when and why do we need to use a lean canvas? ............................................. 6
b. Write a lean canvas for your selected business idea, i.e., the business idea that you
have been developing during the Entrepreneurship course. .................................................. 7
1. Problem ...................................................................................................................... 8
2. Solution ...................................................................................................................... 9
3. Key Metrics .............................................................................................................. 10
4. Unit Value Proposition ............................................................................................ 10
5. Unfair Advantage ..................................................................................................... 11
6. Channels ................................................................................................................... 11
7. Customer Segment ................................................................................................... 11
8. Cost Structure........................................................................................................... 11
9. Revenue Streams ...................................................................................................... 11
Question 2 ............................................................................................................................... 12
1. Executive Summary ..................................................................................................... 12
2. Business Description .................................................................................................... 12
3. Market Strategies ......................................................................................................... 13
4. Marketing Plan ............................................................................................................. 13
5. Competitive Analysis ................................................................................................... 14
5.1. Competitive Analysis Grid ................................................................................... 14
5.2. 3. Circles Approach ............................................................................................. 15
6. Operations and Management Plan ............................................................................... 15
6.1. Business Structure ................................................................................................ 15
6.2. Operations Overview ........................................................................................... 16
6.3. Fleet Management ............................................................................................... 16
6.4. Human Resources ................................................................................................ 16
6.5. Financial Management ........................................................................................ 17
6.6. Sustainability Initiatives....................................................................................... 17
6.7. Monitoring and Evaluation .................................................................................. 18
6.8. Contingency Plans ............................................................................................... 18
6.9. Exit Strategy......................................................................................................... 18
7. Financial Analysis ........................................................................................................ 19
7.1. Establishment Costs ............................................................................................. 19
7.2. Operating costs (per year) ................................................................................... 20
7.3. Break-Even Turnover ........................................................................................... 20
7.4. Capital Needed..................................................................................................... 21
8. Design and Development Plan ..................................................................................... 21
8.1. Goal for Development .......................................................................................... 21
8.2. Scheduling for Development ................................................................................ 21
References …………………………………………………………………………………. 23
LIST OF FIGURES
Figure 1: Traffic congestion ………………………………………………………………….8
Lean Canvas is a tool for creating simple and quick business strategies[1]. When using
Lean Canvas, the product’s business plan will be provided on one page. Ash Maurya is the
author and creator of Lean Canvas which combines the Business Model Canvas( developed by
Alexander Osterwalder) with the Lean Startups concept.
Because of the complexity of business plans/strategies, Lean Canvas replaces the long
and hard business plans with a single-page presentation. Easily recording, tracking, and
updating plan is critical to success. Lean Canvas provides simplicity, compactness, ease of
change, and the ability to easily share with various stakeholders.
Lean Canvas is popular among many businesses and Scrum teams, as well as one of the
most important tools for Product Owners when developing business models for their products.
Lean canvas is used during the ideation stage: As a business entrepreneur, it’s duty
to get ideas out of their brain onto paper so others can see and help build the problem solution
with quickly outline and iterate on business models before investing significantly time and
resources.[2]
Idea Validation stage: Using Lean Canvas to test and validate assumptions about their
business model, problem, the solution, the unique value proposition, the customer segments,
the channels, the revenue streams, the cost structure, the key metrics, and the unfair advantage.
Focus on Value Proposition: Lean Canvas can help to emphasize their unique value
proposition and define the problem entrepreneurs are solving for customers. This clarity is
essential for building a product/service that addresses customer needs.
Iterative and Agile: Lean Canvas is developed to encourage an iterative and agile
approach to business development so that it requires entrepreneurs to quickly adapt and update
their business model to adapt to customer feedback and changing market conditions.
Minimizes Waste: Align with the Lean Canvas principle, minimizing wasted time and
resources by identifying potential flaws or weaknesses in business models to eliminate causes
of waste.
Communication and alignment: The visual aspect of the Lean Canvas allows for clear
communication within the team and with stakeholders. Everyone engaged can rapidly
comprehend the important parts of the business strategy. This ensures alignment and a shared
knowledge of the startup's path.
b. Write a lean canvas for your selected business idea, i.e., the business idea
that you have been developing during the Entrepreneurship course.
1. Problem
Public transportation is one of the transportation options for students, and even office
workers. Many people think that it is a way to travel that is both economical and protects the
environment. However, some people still have concerns about the safety of public
transportation because there have been many articles mentioning social evils on these types of
vehicles. Understanding that situation, we came up with the idea of developing the "Electric
Flying Bus" project to maximally overcome the above situations to improve the quality of
people's lives.
2. Solution
Regarding the use of fuel oil that easily pollutes the environment, our buses have
switched to electric operation to help completely limit emissions into the environment,
reducing negative impacts on everyone, especially are the elderly and children.
For traffic congestion, especially during rush hours, the air travel feature of "Electric
Flying Bus" will significantly reduce traffic jams. Our products will move in the upper space
to help reduce the number of vehicles on the road, thereby making traffic flow smoother.
Students, workers, and commuters will no longer have to experience traffic congestion
that makes them have to dodge or wait for a long time to get home.
For social evils that occur on public transport, specifically buses, we will be equipped
with a modern sensor camera system to help detect and warn of bad and contrary behavior.
with social moral standards such as theft or perversion. In addition, in an emergency such as
someone having a problem in the vehicle, the system will also identify and notify the nearest
medical facility for timely emergency treatment.
Figure 3: The idea of an electric flying bus
3. Key Metrics
We will conduct a survey to collect statistics on the number of monthly electric bus
users as well as customer satisfaction when using the service.
We will also evaluate the reduction in traffic congestion, thereby assessing the extent
to which passengers save time compared to traveling by other traditional means.
Regarding environmental issues, we will measure the positive impact of this type of
vehicle on the surrounding environment such as reducing emissions and fuel.
Regarding revenue and profit, we determine revenue from ticket sales and advertising
cooperation, then consider expanding the scale of use.
6. Channels
We will cooperate with local authorities to promote and encourage people to travel by
public transport through information boards on the road. On the board there will be effects and
slogans about environmental protection to raise people's awareness in choosing means of
transportation.
Furthermore, we also invest in advertising products on mass media. The advertisement
will talk about the advantages of traveling by public transport and highlight the flying feature
of our buses. We will then show the downstream benefits of traveling by that means such as
avoiding traffic jams and protecting the environment.
7. Customer Segment
Initially we will focus on students and adults because they are more adaptable to new
changes. We will collect their opinions and feelings to fix and develop additional features
suitable for the elderly and children because the adaptability of these people is lower than the
rest.
After upgrading and developing, we will apply the product to all ages to receive
feedback in the most realistic way and will improve if there are errors, as long as it meets the
maximum comfort of the user. people.
8. Cost Structure
To implement the "Electric Flying Bus" idea, we first need to invest in research and
development costs for electric flying technology. It includes costs for research experts,
procurement of materials and equipment, as well as costs for testing and safety assessments.
In addition, the cost of construction and operation of the item is also worth mentioning.
Construction costs include costs for building infrastructure such as bus stations, charging
stations, and safe landing spots. Operating costs refer to daily travel costs including fuel,
maintenance, labor, etc.
9. Revenue Streams
Our bus earns its main source of income from selling travel tickets to passengers using
the service. Ticket costs can be determined based on factors such as distance, type of trip, and
other factors.
In addition, we also provide distance-based delivery and delivery services to increase
income from business partners and individuals.
We are also willing to cooperate with businesses and governments on providing
advertising space on vehicles to support operating costs and reduce ticket prices.
Question 2
1. Executive Summary
According to the General Department of Environment, vehicles account for 70% of the
total causes of environmental pollution in Vietnam in 2023. The main reason is because people
use too many personal vehicles to support work. Moving leads to a violent and uncontrolled
increase in emissions. Therefore, the innovative idea of electric flying cars was born with the
main purpose of improving the heavy environmental pollution caused by personal vehicles,
while also overcoming the problems of these vehicles. traditional public.
An electric flying car is a bus that can fly at low altitudes, thereby reducing the number
of vehicles and increasing space on the road. In addition, the vehicle is powered by electricity
so it does not emit waste that pollutes the atmosphere like traditional vehicles running on
gasoline and oil. Regarding the issue of safety when traveling by public transportation, while
people are worried about the social evils that regularly occur on these types of vehicles,
specifically buses, our products are equipped with a camera system with sensors to help detect
and notify emergencies so that everyone knows and can take timely response measures.
Our initial test customers are students and adults because they are flexible enough and
adapt quickly. If unfortunately there is any problem during the testing process, they will give
us feedback. After collecting and selecting comments, we make improvements and apply them
to all people including the elderly and children.
Our bus has a special function that is difficult to imitate with other traditional vehicles,
which is the low-altitude flight feature because it is carefully calculated and manufactured by
experts. Not only that, the camera system in the Electric flying car is also upgraded with sensors
to detect unusual actions for timely notification.
2. Business Description
Our business provides public transportation services that can solve transportation
problems and help people have a great journey every trip. Our mission is to serve the people,
contribute to reducing personal vehicles, thereby reducing traffic congestion and environmental
pollution.
We want to bring this electric flying bus service to everyone because we want our
country to have advances in science and technology. Along with that, electric flying buses also
carry a noble mission of protecting human health.
The electric flying bus is one of the outstanding successes that we want to widely
introduce. It will modernize daily travel with high technology such as flying engines, cameras,
modern equipment, large capacity, clear notification technology, etc. Those technologies help
minimize problems. vehicle incidents (theft, pickpocketing, etc.), saving travel time. And most
especially, if electric flying buses are widely developed, it will help improve the human living
environment, reduce environmental pollution, reduce air pollution, and reduce noise pollution.
Using advanced technology, modern equipment, and dedicated staff, we hope to bring
the most enjoyable and memorable experiences to everyone. In the future, we promise to
explode and improve many points for the new development of services (in terms of price,
services on the trip, etc.).
3. Market Strategies
Segmentation and Targeting: Use data analytics to discover and target urban
commuters, tourists, and event-specific visitors. Customize services for each sector, focusing
on speed, convenience, and environmental effect. Use digital platforms for tailored advertising.
Differentiation: Advertising should emphasize distinctive selling propositions such as
speed, convenience, and environmental effect. Use guerilla marketing strategies to engage and
demonstrate innovation. Position Flying Bus as a high-end but accessible service.
Strategic Partnerships: Form partnerships with local tourism boards, event
organizers, and technological companies. Provide special savings in collaboration with hotels,
event venues, and tourism sites. Use travel and technology influencers for promotional
purposes.
Online Platforms and Mobile Apps: Create a user-friendly mobile application for
booking and managing services. Implement geo-targeted online advertisements on Google
advertisements and social media. Interact with prospective customers on social media
platforms.
Promotional Events: Organize activities at transit hubs that provide free or reduced
trial rides. Collaborate on local events to highlight innovation. Encourage viral marketing via
social media sharing.
4. Marketing Plan
Digital Marketing: Invest in SEO to improve internet exposure. Create targeted
digital advertising campaigns using Google Ads. Create content marketing with blog articles
and videos.
Content Creation: Create high-quality content for your website and social media.
Create compelling material that emphasizes advantages and distinguishing qualities.
Encourage user-generated material through social media campaigns with the hashtag
#FlyingBusAdventures.
Influencer Marketing: Collaborate with travel and sustainability influencers to
create real content. Encourage influencers to share their Flying Bus experiences. Utilize
collaborations for targeted promotions.
Public Relations: Create and distribute news releases emphasizing the launch,
collaborations, and sustainability activities. Communicate with travel and technology writers
about feature pieces. Participate in community service events to get favorable media
publicity.
Customer Loyalty Programs: Launch a loyalty program that provides prizes,
discounts, and special access. Promote the program via email and social media. Increase
repeat business and client retention.
Community Engagement: Actively engage in community events with branded cars.
Support local environmental conservation activities. Engage with local communities via
social media.
Monitoring and Analytics: Implement analytics tools to monitor KPIs. Regularly
evaluate the success of advertising campaigns. Use consumer feedback and sentiment
analysis to drive continual development.
5. Competitive Analysis
Competitive Competitive
Competitor Best Fseature Strengths Weaknesses Key Success Factors
- Innovative jet-
- Jet-powered electric vertical powered -Developmental - Achieving regulatory
takeoff and landing (eVTOL) eVTOL design challenges certifications
technology - Strategic - Market - Building a strong
Lilium
- Focus on regional air partnerships competition network of partnerships
mobility with airports from established - Ensuring cost-effective
- Strong emphasis on safety and other players production and operations
stakeholders
- Regulatory
- Expertise in
- Autonomous aerial vehicle hurdles for - Global regulatory
autonomous
technology autonomous approvals for autonomous
flight
- Established presence in the passenger passenger drones
EHang technology
drone industry aircraft - Continued technological
- Successful
- Strategic partnerships for - Public advancements
operational
urban air mobility perception and - Building public trust
demonstrations
acceptance
7. Financial Analysis
This financial analysis has tried to consider four aspects to explain how much money is
needed to start and operate the business: (1) establishment costs, (2) operating costs, (3) break-
even turnover, and (4) concluding capital needed.[5]
Factor Cost
Infrastructure $10,350,000
TOTAL $22,513,000
Factor Cost
Electricity $3,000,000
Insurance $1,500,000
TOTAL $12,500,000
[2] B. Stanke, “Overview of the lean canvas tool to validate a new product or service
idea - helping companies deliver more value through better process
management,” BOB STANKE, https://www.bobstanke.com/blog/overview-of-
lean-canvas-tool-to-validate-a-new-product-or-service (accessed Feb. 6, 2024).
[4] Venture Capital, “How do you use Lean canvas and business model canvas to
Map out and test your startup hypotheses?,” Validate Your Startup Hypotheses
with Lean Canvas and Business Model Canvas,
https://www.linkedin.com/advice/0/how-do-you-use-lean-canvas-business-model-
map-
out#:~:text=Lean%20canvas%20is%20a%20one,metrics%2C%20and%20the%20
unfair%20advantage. (accessed Feb. 6, 2024).