BUSINESSMODELDEVELOPMENT

Team Members:
Afiq Fawwaz (P1528389)
Joel Goh (P1528321)
Xavier Koo (P1500709)
Lim Zhan Li (P1528350)

Lecturer: Mr Roland Soh

Class: DIB/FT/2B/02

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No. Items Page

1.0 Executive Summary 3-4

2.0 New Business Idea 5-6

3.0 Enhanced Value Proposition 6-8

3.1 Resonance

3.2 Differentiate

3.3 Substantiate

4.0 Entrepreneurial Thought & Action 9-15

4.1 1st Round: Original Business Idea

4.2 2nd Round: New Business Idea

5.0 Research Findings & Marketing Initiatives 15

5.1 Qualitative & Quantitative Data Analysis 16-21

5.2 The Marketing Initiative 22

5.2.1 Pricing 22

5.2.2 Positioning Strategy 23

6.0 Developmental Plans 24-27

6.1 SWOT Analysis (Developmental Plans) 28

7.0 BMC Canvas 29-30

8.0 Conclusion 30-31

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 1.0 Executive Summary
BlackBox

How have we improved our business idea?

We will be shifting our business online, with the focus of helping micro-entrepreneurs
grow. With an intention to help them grow, BlackBox provides expert advices and
pitching opportunities for these micro-entrepreneurs.

100% Enhance Value Proposition

With the enhanced value proposition, we were able to better identify our needs of our
consumers.
Resonate: Our consumers need entrepreneurial opportunities and expertise and
visibility for their product.
Differentiate: Unlike Naiise, we do not operate as a platform for placement of product,
but a platform for growth.
Substantiate: Success stories, industry experts & networking events

How did we arrive to our new idea ?

Through two rounds of ET&A framework, it help us better organize our thinking process,
and arrive to our new idea.
How our idea changed:
1st round: Shifting our business online
2nd round: Implementing the entrepreneurship advices & pitching opportunities

Was the new idea well received?

We have done market research to assess if the new idea meets the needs of our
consumer. We have thus, discovered this is true, especially the pitching opportunities
that BlackBox gives the consumers.

How will we be marketing the new product?

In order to market the product the to our target users we have developed a marketing
strategy that includes pricing, where we will not be charging initially to gain customers.
Additionally, we will be heavily promoting BlackBox, through social media platforms &
etc.

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What are the developmental plans of our new business idea?
We have decided to focus on expanding to other tertiary schools where most of our
target consumers are situated at. We will be holding Entrepreneurship Fairs to allow our
consumers to network, interact and pitch their ideas/products to investors. The fair will
start on January 2019, and will occur twice a year.

How effective will the developmental plans be?

Using SWOT analysis, we have discovered that our developmental plan targets a niche
market that has not seen much development, furthermore our focus on a specific group
of consumers will allow us to grow quickly and gain market share. However, we face
weaknesses such as the over reliance over reliance on investor funds and the need of a
capital. We also face threats such as Naiise replicating our business model.

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2.0 New Business Idea
After conducting our interviews, we made some improvements to our previous business
idea:

BLACKBOX 1.0 BLACKBOX 2.0

Online Incubation Platform - For

aspiring entrepreneurs
Physical Box Shop E-Commerce Platform - Online platform
for the entrepreneurs to showcase and
sell their products.

Networking Sessions - Create get

NIL together sessions for our registered
entrepreneurs to network and exchange
ideas
Expert Advice - Expert advice from
industry professionals/experts

Liaising with Companies - Initially, Pitch products/ideas to investors -

Blackbox had a game plan that gave our Consumers will now be given the
tenants opportunities to work with opportunity to pitch their ideas/products to
SPRING Singapore. potential investors.

Providing a cheaper alternative Helping aspiring entrepreneurs grow

platform for entrepreneurs to grow - in an uncluttered platform - By shifting
BlackBox has a cheap rent online, we hope to provide an uncluttered
platform that is conducive for our users to
grow their business ideas & concepts.

In summary, we have two aspects of this business

The front end which consists of an online shop. This is where our
consumers showcase their products to be sold to the public.
The back end consists of an ecosystem for all our creators, where they
are able to communicate, collaborate with other creators & investors.
Additionally, get expert advices.
* This will be further elaborated in the Research and Marketing Initiatives
section

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3.0 Enhanced Value Proposition

Value BLACKBOX1.0 BLACKBOX2.0

Proposition

Resonance Our consumers need Our consumers need

entrepreneurial opportunities that entrepreneurial opportunities and
are easily available for them, expertise. They also need
while providing them a sense of visibility for their product.
fulfillment and achievement

Differentiate We have a specific focus on Unlike Naiise, which merely

helping your business grow. All
box shops currently do not have
such a focus, their limited scope
has prevented their tenants from
growing.
operates as a platform for the
placement of products, BlackBox
is an online platform that
emphasizes on mentorship and
guidance, focusing on bringing
their products further

Substantiate Renting a pushcart- Value Word Sourcing for industry experts,

Equation: Time and money is publishing our consumers
saved by renting a box success stories and networking
events.

The interviews have gave us valuable insight on the value proposition that we are
delivering. (Refer to Research and marketing Initiatives).

3.1 Resonance
We realised that:
Our old idea did not address the real need for expertise in starting/running a
business.
The sense of fulfillment and achievement was not a need that BlackBox could
have fulfilled for our target users.
In addition, the tenants we interviewed, mentioned of having problems due to the
lack of experience and guidance in entrepreneurship

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Thus, we formed the idea of having experts/industry professionals to provide advice for
our target users.h
Need for entrepreneurship opportunities
Need for entrepreneurship expertise
Need visibility for their product
After conducting research on our product, we have developed the above three needs.
Need for entrepreneurship opportunities can be fulfilled by BlackBox, through
pitching opportunities. BlackBox will be holding networking events where our
target users have opportunities to pitch their product to investors.
BlackBox resonates with the need for entrepreneurship expertise as we will
initially be partnering with SP lecturers to provide our consumers with expert
advices for their businesses.
Our product resonates with this need of visbility as we provide a conducive
uncluttered platform, where we restrict big brands (E.g. Nike) from having their
product placed with us. Additionally, BlackBox is selective with the type of
products that enter into our platform. This will also help prevent clutterness from
our platform.

3.2 Differentiate
In comparison to the previous value proposition, we had similar interest in
helping the business grow.
As our idea changed, we now have a set of different competitors instead of the
previous physical box shop. Our competitors now are mainly online shops, such
as Naiise.

3.3 Substantiate
To substantiate our business further,
Initially, we had implemented the game plan to substantiate our business
However, we realized it is not sustainable for BlackBox to continue, as we have

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 to expand beyond the number of boxes we have and thus it is difficult to scale
such an idea.
We will be bringing in industry professionals and experts to provide advice for our
consumers. There will be a range of experts for our consumers to choose from
according to the industry they are interested in.
We will publish our consumers success stories on our website. Attracting more
consumers through our credibility
We will be holding networking events, where we will be bringing in investors for
our consumers to pitch their ideas to. In the future, where we have a bigger
consumer base, the investors will be charged a small fee to attend our pitches.

* With the arrival of our new value proposition, will be further explained in the
Research Findings and Marketing Initiative

4.0 Entrepreneurial Thought & Action

4.1 1st Round: Original Business Idea
What is the big picture of you want to do?
A box shop with a focus of helping small businesses to grow

Means
What do you have right now:
Currently, we have three vendors who are interested in our physical form
of BlackBox.
Additionally, we have the manpower and capital of $300 to build a physical
box shop.
Who are you:
BlackBox consists of two parts:
The first is a box shop, a retail concept that allows entrepreneurs who
cannot afford high rental to have a retail presence.

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 Additionally, BlackBox also consists of a physical form of Carousell which
targets single-item sellers who have no interest in renting an entire box.
Whom do you know:
Currently, we have found three customers who are interested with our
business idea.
We have also contacted Carpenter Design Group who is willing to
cooperate with us to build the shelves.
SP Estates to provide the carts that we need for the single item displays.

Enrolment
Who can/should you enroll:
Primary
We can enroll more customers who have existing micro-enterprises.
Jeelys and Flip are some micro enterprises we can enrol
We can enrol SPRING Singapore to assist us with the liaising.
Secondary
We can enrol SP Entrepreneur Club to find more consumers.
What do they offer:
The micro-entrepreneurs are able to offer us a bigger consumer base and
generate revenue for BlackBox, through rental fees
SPRING Singapore can provide liaising opportunities for our consumers to
help their business grow.
SP Entrepreneur Club can provide us with people who are interested to
become entrepreneurs to use our platform.

Invest
What are you willing to invest to take your next actions:
As founders of BlackBox, we are willing to invest capital in developing
SPs first ever box shop.

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 Additionally, we are willing to commit all of our time in the development of
BlackBox to make sure our users will have the optimal experience.
We are willing to risk our reputation by promising that we will be able to
help each of our customers to grow even if some may not make it.

Action
What questions do you have and what actions must you take to get the
answers:
We wanted to find out if our idea was feasible and if it addressed the need
of our target users. We have conducted market research such as online
surveys pertaining to the question.
We wanted to find out whether the cost of rental will appeal to our target
market. We have done an online survey pertaining to this question.
We wanted to know the cost of producing the box shops for Blackbox. We
have enquired Carpenter Design Group on the cost.
We wanted to know whether the game plan was an appealing factor for
our consumers to patronise BlackBox.
We wanted to know if SPRING Singapore was willing to work with us for
the liaising opportunities. We have sent an email out to them.
We want to know whether members of SP Entrepreneurship Club are
interested in using our services. We will be conducting interviews with
several members from the club.

Reflection
What did you learn from your actions:
We have received responses from our consumers indicating that they are
interested in our idea and the cost of rental is reasonable.
The cost stated by Carpenter Design Group was around $900 which
greatly exceeded our budget.

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 Many have responded that the game plan will not be useful for them, as
they have limited number of respondents.
SPRING did not express interest in working with us.
Many members from SP Entrepreneurship Club have expressed their
interest.
What did you learn about yourself:
We learned that we did not have much resources and capabilities to start
our business.
We overestimated our ability in liaising with potential companies. In
addition, we did not take into account the time constraint.
What did you learn about your idea:
It was hard to work with huge MNCs such as SPRING as we were merely
a start-up business.
Our idea was not feasible as the cost of starting it was too high.
Expansion plans of a physical box shop would be too costly. If we manage
to obtain more consumers, we would need to build more boxes which
would actually be very costly.
How has your idea changed:
We have move onto an online platform instead to ensure sustainability
and growth in the future

The Idea Today

Our main focus is contacting several website developers who are willing to
cooperate with us to shift BlackBox to an online Business and compare the
prices.

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4.2 2nd Round: New Business Idea
What is the big picture of you want to do?
An online uncluttered platform for micro-entrepreneurs to grow

Means
What do you have right now:
Through the survey we have conducted, we have a strong basis for us to
move our business online. As online shopping is a preferential method
among teenagers - 84% (Yes) & 16% (No).
After altering our product, we continue to have three vendors who are
interested in our business.
We also have capital and manpower to man the online business
Who are you:
In short, we are just shifting BlackBox's Business model online, with the
removal of the game plan.
Whom do you know:
Currently, we have found three customers who are interested with our
business idea.
We have contacted 1969 Idea, a web design agency in Singapore with
unique eCommerce web designs and developments to help us create our
website.

Enrolment
Who can/should you enroll:
Primary
We can enroll micro-entrepreneurs who have original products to sell on
our website
Secondary
In addition, we can liaise with SP Entrepreneurship club to build a bigger

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 consumer base for BlackBox.
What do they offer:
The micro-entrepreneurs are able to offer us a bigger consumer base and
generate revenue for BlackBox, through subscription fees.
SP Entrepreneurship club can provide us with contacts of these
micro-entrepreneurs.

Invest
What are you willing to invest to take your next actions:
We are willing to invest capital and time in the development of BlackBox's
website in order to enhance our users experience.
We are willing to scrap of our previous idea, a physical form of BlackBox
and develop a fully-operational website for BlackBox.

Action
What questions do you have and what actions must you take to get the
answers:
How much would it cost to create our website?
We will be contacting web developers to quote us a price
What do our customers seek from the online platform
By conducting market research, we are able to develop new
features of our online business.
Reflection
What did you learn from your actions:
We have contacted 1969 Idea, and they have quoted us a figure of $8300
to develop a fully-operational website.
By conducting market research for our new product, we were able to
better cater our product to our consumer needs.
Pitching opportunities and expert advice were two features that

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 were in high demand
What did you learn about yourself:
We learned that we lack the perseverance for an online business. This is
because an online business requires time to grow the user base.
We learn that we did not have much resources and capabilities to start our
business.

What did you learn about your idea:

With the two features mentioned, we have conducted market research on
the interest levels of these ideas. We manage to do a correlation test
using the RSQUARE method to find out which feature appeals the most to
our consumers. From our research, we found out that interest level in our
idea and interest level in pitching are strongly correlated at 68%.
How has your idea changed:
From the research results, we will be focusing more resources to provide
more pitching opportunities for our consumers.
We will be providing expert advices from industry experts to guide our
entrepreneurs.

The Idea Today

We are going to contact SP, to ensure that BlackBox is able to use the help of
SP lecturers to provide entrepreneurship advices for these micro-entrepreneurs.
We will do this by making BlackBox an entrepreneurship program for
students.
Additionally, we will be contacting potential investors who are willing to provide
pitching opportunities for our users.

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5.0 Research Findings & Marketing Initiatives
We have conducted two types of research methods; an online survey and face-to-face
interviews. For our online survey, we manage to receive 103 responses. For our
face-to-face interviews, we manage to interview 3 small business owners.

5.1 Qualitative & Quantitative Data Analysis

Through our face-to-face interview, our interviewees showed little interest in our game
plan and deemed it as unbeneficial. This has prompted us to remove the game plan.
Additionally, the old idea was not able to fulfill the need for satisfaction & achievement
that our users hope for. As such, we discontinued the old idea.

With the ET&A framework, we developed a new idea, and conducted research

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gathering for our new business idea.

From our research. there is a general interest for entrepreneurship. 59% (53
responses) of our respondents said they are interested in entrepreneurship.
91% (48 responses) of them stated that they want to pursue
entrepreneurship as a career choice.
Additionally, 88% of our sampling population has indicated that there is a lack of
opportunity in SP.
With the identification of an unfulfilled consumer need, we are poised that
our idea will be well-received by our target users.

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 We decided to move online, partly is because, a high cost will be incurred, if were
to expand our business physically. Additionally, we do not have sufficient
manpower to mend the shops if were to expand to other schools. As such, the
complexity of our business operations, prompt us to shift online.
In addition, from a new survey we have conducted, 87% of our target market
have done online shopping before,
with more than 50% shop at least once per month. This provides us with a
stronger basis to proceed with an online platform.

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We have conducted an online survey to find out if our ideas will resonate with the needs
of our consumers. Firstly, to address the need for entrepreneurship expertise, we asked
the following question.

More than 68% (71 responses) of our respondents indicated a level 4 or 5 interest. As
such, providing us a strong basis to source for entrepreneurship experts and include
into our business model.

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Secondly, to resonate with the needs of visibility for our consumers product, we asked
the following question.

More than 65% of our respondents are interested in having a space for their business
to grow. Thus, proving our idea has a potential to fulfill the needs of our consumers.

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Lastly, to resonate with the needs of entrepreneurship opportunities for our consumers,
we have asked the following question.

More than 70% of our respondents indicate a level 4 or 5 interest. Thus, this gives us a
strong basis to proceed with pitching opportunities.

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5.2 The Marketing Initiative
5.2.1 Pricing
Penetration Pricing - Initially, SP students who want to use BlackBox as a platform to
start their entrepreneurship journey, will be free for the first year. The adoption of this
pricing strategy is to attract more consumers to use our platform at the start. We will
thus be able to grow our user base and increase traffic which is essential for an online
business.
Promotion

Target Audience SP Students who are interested in entrepreneurship and have

original products

Campaign Brand awareness - Start Your Entrepreneurship Journey With

Objectives: Us.

The Budget: $62.50 (500 Flyers (Black & White) & 100 Posters (Colour))

The Media Advertising through social media platforms such as Instagram,

Strategy: Facebook, and Twitter. We will be giving out flyers & putting
up posters for our consumers as well. In addition, we will
advertise through the televisions across SP.

Search Engine Optimization: Even when we have our

website created and live on the internet, none of the content or
products we put on it will matter if nobody sees it. This is why
the first thing we should do with your website is make sure it is
optimized for search engines so that we appear higher in
search engine rankings and thus have a better chance of
people seeing and clicking on our site.

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 The Message Advertising Appeal: Personal Appeal - Ambition & Inspiration
Selling Proposition: BlackBox will provide guidance and
mentorship for your business as well as opportunities to grow
Creative Execution: Straight sell - we choose to focus on
how BlackBox meets the functional needs of our target
audience.

5.2.2 Positioning Strategy

To position our product into the minds of our consumers: BlackBox will be adopting a
combination of attribute, user & competition (implicit).
Attribute Strategy - BlackBox provides a personal experience through expert
advices and pitching opportunities to meet the needs of their businesses.
User Strategy - All About You - we emphasize that their success is our top
priority and we will do our best to help them achieve it.
Competition (implicit) - An uncluttered platform that genuinely cares for you -
we are implying that other platforms that

Entrepreneurship Fair
We have come up with several ways on how to build an integrated ecosystem for our
business. For our ecosystem to work, we have to ensure that our entrepreneurs will
have mutual benefits.
Only users who have paid the full package, is allowed to participate in our
entrepreneurship fair.
In the entrepreneurship fair, we plan to split our entrepreneurs into groups, and
have a facilitator to overlook the sharing process.
This is to prevent certain entrepreneurs from purely stealing ideas from
the rest
Entrepreneurs with similar ideas or ideas that complement one another can come
together

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 This allows each entrepreneur to mutually benefit from each other as their
business can have greater potential to grow when combined.

6.0 Developmental Plans (1st Year)

2017 Development Plans

Financial
We will officially start our business by launching our
website along with the expert advices by SP lecturers.
We expect to have 3 customers in the beginning.
We will not be charging our customers at the first year, as
a way to build our consumer base.
For the first year, we expect a monthly compound growth
rate of 40%.
April - September
Marketing
We will be heavily advertising around SP to promote our
business. We will be handing out flyers at Dover MRT.
Posters will be paste around different schools in
SP.
We going to promote through SP TV consoles
such as the ones in FC4.
We will be renting carts to set up booth & banners
to promote BlackBox.

Expansion
We will be partnering with SP entrepreneurship club to
gain more consumers.
To start our business, we may try to pitch to the SP

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 cluster director, Georgina Phua, for our financing option.
Additionally, being the director of DMIT, she
maybe able to help us to collaborate with the DMIT
school, for the designing of our website.
With her wide range of networks, she has the
potential in helping us to bring our business
further.

Expansion
During this period we will be heavily advertising our
product at other tertiary educations. These includes other

October - March polytechnics and ITE colleges.

We hope to gain more consumers.to enhance our
company image.
We will begin looking for potential investors that our
customers can pitch to as well as to invest in our
business

Developmental Plans (2nd Year)

2018 Development Plans

Financial
We will be implementing a tier pricing system with 3 tiers
Tier 1 - Free; access to the website, only able to
April - September
sell up to 3 types of items
Tier 2 - $20; access to the website, able to sell
unlimited types of items
Tier 3 - $40; access to the website and able to
sell unlimited types of items, access to

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 entrepreneurship advice and expertise
For each month, we expect a constant growth every
month of:
10% for Tier 1 starting with 60 customers
7% for Tier 2 starting with 40 customers
5% for Tier 3 starting with 20 customers
Marketing/Expansion
We will be working with different Universities and SOTA
and travel there to promote our business
We will be setting up a booth and handing out
flyers in every schools.
We will be sourcing out for industry experts to assists us
in providing advices for our consumers. The cost of
hiring these industry experts will be taking into account.

Expansion
October- March
We will be holding our first Entrepreneurship Fair in SP
for our customers. The fair consists of investors whom
our entrepreneurs can pitch to. Additionally, the fair
provides networking opportunities as well as programs
provided by expert advisors.
We will seek sponsorship for the fair, so that we
do not have to absorb the entire cost.
We will be attending networking events such as The
Hub Singapore and Startup Grind Singapore in hopes to
gain more connections and gain opportunities to expand
our business.

Financial

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 As our business grows, our maintenance fees will
increase exponentially. As such, we will be evaluating
financing options for BlackBox expansion plans. For
instance, East Venture & Singapore Infocomm
Investment.

Developmental Plans (3rd Year)

2019 Development Plans

Financial
For each month, we expect a constant growth every
month of:
April - September
8% for Tier 1 starting with 171 customers
7% for Tier 2 starting with 84 customers
8% for Tier 3 starting with 34 customers
Expansion
We plan to hire workers to help us maintain our website.
We plan to pay our staff $400 per month and with
an expected growth of 10% every 6 month.
We will be planning and holding our second
Entrepreneurship Fair in SP.

We will be planning and holding our third

October- March
Entrepreneurship Fair in SP.
We will be doing research on expanding our business in
other countries in the Southeast Asia Region.

* Eventually, we are looking forward to expand our business regionally.

6.1 SWOT Analysis (Developmental Plans)

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Strengths:
A very concentrated target
market;
This means that we are
able to gain more
consumers quickly
We are able to gain a huge
market share as there are
limited competition.
Opportunities
Being able to be a caretaker
for micro-entrepreneurs
The opportunity to expand our
business to more tertiary
schools.
Weakness:
Most of our customer volume is based
on assumptions
Therefore, most of our revenue
we are earning is not accurate.
We are over reliant on investors for
funding and capital.
We are assuming that the funds
to develop our website can be
obtained through Kickstarter.
As such, we are uncertain
whether some of our plans
developed for BlackBox is able
to proceed.
We are assuming that the other
schools are willing to work and
cooperate with us.
As such, assuming that the
professional services will be
provided by school lecturers at
the initial stage of our business.
Threats
Other competitors such as BASH and
Naiise have the potential to replicate
our business, and attract the same
target market as us. Thus, they have
the potential to overshadow our
business.
Some schools, for instance, NUS may
already have entrepreneurship
opportunities for their students.
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7.0 BMC canvas
Domains Explanation

Enhanced Value Refer to Enhanced Value Proposition

Proposition

Customer Relationship Expert Advices - the promise to deliver expert advices

that suit the needs of our users business.

Entrepreneurship Fair - providing an opportunity for our

users to network and pitch their ideas to investors.

Advertising - Advertising so that we are able to reach

out to more consumers.

In summary,
aims to enhance our users experience through the
establishment of an indirect personal relationship.

Channels Advertising - Social media platforms, flyers & posters,

TV ads.

Online Platform - Business to Customer channel. An

uncluttered and convenient online platform

Entrepreneurship Fair - An event where the

entrepreneurs get the opportunity to showcase their
ideas to the public.

Customer Segments Target User (Primary) - Micro-entrepreneurs

Buyer's (Secondary) - people who buy from our
consumers through our website.
Other secondary customers includes: Investors &
Industry experts

Key Activities Advertising

Developing our website
Planning for our Entrepreneurship Fair - We will be
advertising and contacting potential investors to attend
our Entrepreneurship Fair
Cooperating with other schools
Sourcing for Industry Experts - as the provider of
expert advices.

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 Key Resources Website - Our website is the foundation of our business
Finances - We require proper finances to maintain our
website in the long run.
Manpower - In 2019, we will be hiring a worker to assist
us in maintaining our website.
Contacts - we will require contacts to bring in industry
experts and investors clients.
Advertising - Flyers, Booths and Banner are important
advertising tools.

Key Partners Tertiary Schools - They play a key role in our

expansion plans.
Singapore Polytechnic - Our success is reliant on their
partnership
Braintree - Subscription payment to us will be made
through them
SP Entrepreneurship Club - A key role in helping us to
attract more consumers.
Investors - provide pitching opportunities in the
entrepreneurship fair
Financing Companies - To finance our expansion
plans. Additionally, sponsorships for our
entrepreneurship fairs.
Website Developer
Crowdfunders -Start-up funds for our business

Revenue Model Subscription Fees - we will be adopting a three tier

pricing system in the 2nd year.
* For more information refer to financial model

Cost Structure Development of Website costs: $8300

Cost incurred: Advertising, Entrepreneurship Fair,
Industry experts & etc.
* For more information refer to the financial model

8.0 Conclusion
In summary, we have developed a new idea from insights gathered from our market
research. Additionally, using the ET&A framework, it help us to guided our thinking
process to develop the idea. Using the business tools, we were able to discover the
three real needs for expertise/opportunity/visibility. Thus we feel that the new and
improved BlackBox can better serve our target customer. Following this, we also

29
developed a marketing strategy to promote BlackBox to our customers through pricing,
promotion and positioning strategies. To assist our expansion plans, we had came out
with developmental plans to provide us a clear direction. To conclude, we are poised
that BlackBox will be successful in the market.

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