In this essay, I want you to exactly follow my instructions and In some parts add some academic info or what you think might improve the reliability and level of the essay.
I uploaded a Word file that you need to read in order to understand the basics of this application.
the whole essay should be 2500 words. I also added one-page abstract, which I want you to write like this:
Executive Summary – this section should give a short overview of the whole report. It
should be brief enough to be read in 1 minute but informative and appealing enough for
any audience, say an investor, to get a good sense of what the main report entails. Your
executive summary should tease your reader into wanting to read more!
Table of Contents – tidy and organised to help your reader navigate your report.
Then for the 2500 words, the parts should be like:
1: Introduction – This section should present a brief summary of the business idea and
its key features: It is an APP called SPLITSMART. Basically when you and some of your friends go to any restaurant or when you want to split your bills, you scan (by the camera, its one of features of this app) the bill or receipt, mark the part of the percentage that you should pay, by the wallet that you have in this app automatically pay your share to the restaurant or the provider or the to person that paid your bill and you need to give his/her money back. Features are: 1- like social media apps, you can add your friends and restaurants that you go so for the next time its easier to pay 2- you can scan the bill or receipts and it will automatically recognise the prices 3- based on the selections or the percentage that you want (like 50/50 or …) you can split it 4- we will work with restaurants so if they are registered with on this app, the payments will go faster, they can add their promotions to it and they can contact with the app users much faster and smoother (this will also apply for the energy providers and even later splitting the rent of a house or apartment as well)
2: Venture—Here, you should cover all the sections of the Business Model Canvas (BMC), with clear headings that capture the essence of your discussions in specific sections. For instance, you could title the ‘customer relationships’ section ‘Pursuing Customer Loyalty’.
*You are welcome to combine different sections under one heading as you deem
appropriate.
Your venture segment should include:
1) the research you have undertaken into your idea and the evidence supporting any assumptions you have made – e.g. media articles supporting the view that there is a gap in the market, statistics justifying a perceived trend, and/or supplier/contacts/costs sourced.
*** For this, based on our research in the UK, there are some basic bill split mechanisms on the card machines when you are in very few restaurants, but the problem with them is that none of them have these many features like what we want to have. just a very basic 1/2 or 1/4 split or you have to manually split the price by using a calculator. But in our app, these are all automatically done by scanning the bill and marking the parts that you want to pay. if you order your food on the app, the app automatically knows how much you should pay.
** You can add some research about the number of people who tend to split their bills in the UK to the report.
** contacts: definitely need to work with different restaurants and energy providers, and we can give them a promotion of 3 months free usage (zero charge) to introduce our app to them and later charge them 1% for every transaction
**cost source: 1- loan from the bank ( you can use AL RAYAN bank in London, which is a Qatari bank that tend to give us a loan up to 200k£, 6.9 % interest rate, give back in 8 years)
2- sell some percentage of the owner ship to exchange with some money in order to make the app more reliable
3- use some personal money ( we are a team of 5 people, and kinda have money to at least generate 150k£ which is approximately the price of creating an app like this)
4- later by charging each and every transaction (1%) we can generate a quite good amount of money
2) An MVP
3) Academic content that links to (supports or makes you question) the decisions and
choices you have made in various segments of the Canvas.
3: Social Impact – this section is an opportunity for you to consider how your venture could
make a social impact to a cause you are personally passionate about. The impact should
directly contribute to at least one of the Sustainable Development Goals. Tell your reader
how the social value you plan to offer could be integrated with your unique value
proposition, and any benefits this value could have for your venture and other stakeholders.
4: Reflections & Conclusions – here you should discuss 1) risks you foresee, the
strengths and weaknesses of your venture and actions you would wish to take to increase
its survival, and 2) reflect on one aspect (topic, activity, assessment, etc) in the BUSM134
module that has stood out for you, as well as your experiences working in your group,
and individually to produce this report. What have you learned, and where could any
lessons be applied in the next two years of your career?
