Question 1

Jeremy Ng and Ramesh are your friends from schooldays. Both have recently been retrenched from work as a result of the economic downturn from the Covid-19 pandemic. They want to start a business venture. As you are studying business at SUSS, they approached you for advice.

Write a report (not exceeding 2,000 words) and to include the following:
(a) Identify and analyse a business idea.

(b) Explain one (1) customer pain point that the business concept resolves and appraise the solution.

(c) Discuss the main assumptions that are inherent in the idea.

(d) Appraise the value proposition.

(e) Analyse how you would validate the assumptions made. Include a validation board.

(f) Provide an explanation of minimum viable product (MVP) and how one will be created for the business idea.