What are some key things one can put in the validation board

Assignment Help Management Theories

Reference no: EM133367699

Case Study: You and your friend conceive a business idea to connect pet owners in Singapore such that pet owners can help to take care of each other's pets for a fee, whenever the owners are not able to do so, during vacation, for example. Presently, there are various pet boarding facilities in Singapore. However, both of you feel that the current pet boarding facilities may be insufficient to cater to the increasing demand from pet owners as post-pandemic overseas travel resumes. Therefore, an app-based platform business can better connect likeminded pet lovers, allowing pet owners to take care of each other's pets, with a peace of mind, when the pet owners are away. Your friend is a software engineering student, and he will be able to design and develop the ?rst version of the website and mobile app. And you, being a business student, would be looking into the commercial aspects of the business. Each of you can commit up to $10,000 to the business, but without a business track record and experience, obtaining bank loans and equity ?nancing to fund your business would be extremely difficult and out of the question during the start-up phase. After a few rounds of discussion, both of you decide to appraise and test the business idea using a Validation Board before plunging into the new venture. After all, as both of you have yet to complete your tertiary education, you want to make sure that the business idea is viable before further committing time and money into it.

Questions:

1. What are some key things one can put in the validation board for research?

2. Core Assumptions question for validation board: Describe five (5) core assumptions, with suitable explanations and ranked from the most to the least risky.

3. Identify and explain the riskiest assumption, and why it is selected for validation and the implication to the business if not well tested.

4. The Method (i.e., Design Experiment)

Describe a suitable approach to for a MVP that will allow to you to conduct the experiment to validate the core assumptions. You must take into account the limited funds and your present capabilities.

5. Minimum Success Criteria

Explain, with suitable justifications, the criteria that should be met to validate/invalidate your assumptions.

Reference no: EM133367699

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