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You are thinking of starting an online business that rents out men designer wrist watches. The concept is to have a portal or an app where one can rent premium watches like Patek Philippe, Cartier and Rolex. It is a sharing economy concept where owners of the watches would rent them out and you earn a commission. What you are still contemplating is whether you would buy these used premium brands and rent it out, or alternatively just provide a platform for the owners to rent out the watches and you earn a commission. The business concept should clearly explain your business model and how the rental would operate. After some thought, you decided to also include premium ladies' handbags under the same concept. The first step is to analyse your business model and identify the assumptions you making. After that you want to appraise and validate your assumptions by applying the validation board.
Requirements:
(a) Construct a validation board and (i) Identify the main assumptions for the business to succeed and analyse the riskiest assumption(s) to validate them.
(ii) Appraise the main assumption(s) and explain how you will validate these assumptions. Explain what is your course of action after validation.
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