Final Year Project – second entry

Since my last entry our group, consisting of myself Michael and Luke have consolidated our business idea. Our initial idea was named Legi-Till with the aim of stopping till discrepancies. I came up with the idea as I work in retail and have seen first hand the annual figure of discrepancies is very high. We correctly created our business canvas model around this idea ¬†but unfortunately we were told this would not be acceptable for our business idea as its more tailored for engineering students as it is has more hardware components than software. upon learning this we decided to go back to the drawing board for our idea. Michael expressed interest in QR codes, gambling while I had more practical idea but again weren’t completely achievable due to our skills. From this “LUCKY HOUR” was formed. As a collaborative effort we completed our business canvas based on this idea. Our initial plan for this business was to bridge the gap of virtual and physical gambling due to the huge revenue streams stemming from virtual gambling.

Below is an image of our business canvas modelLucky Hour_business proposition template_presentation_LuckyHour.pptx (1)

From this submission we started on our business propositions, this brief document outlined answers to questions on our potential customers, our market research, revenue streams and activities we had to achieve to deliver this service. We achieved our answers through a means of our own researching. We created a survey outlining our business idea with subsequent questions. I myself asked members of staff in gambling companies on their opinion, some of their basic service deliverable’s and revenue information as a basis to use to obtain our demographic and to have realistic and reliable revenue figures.

Final Year Project-First Entry

This week marks the commencement of our entrepreneur module that has been added to our module list with the aim of aligning our final year projects with this module. It is week four, we have been given a week to think of an initial business idea within our realistic technical capabilities. From this idea our final goal will consist of a fully documented business plan clearly representing our objective, scope, research, financial forecasts, technical & functional requirements. This business plan will inevitably be used for our final year business case. I have briefly looked at the idea guidelines and expected submission dates. I felt the ideas guideline were very useful but especially useful for students struggling to consolidate their own idea. I also looked briefly at Renatt’s ¬†functional spec as it was the area I was least comfortable with. This area would be the section I would like to prioritize as our particular modules may have only touched on some applications/technologies needed to successfully represent our functional spec. To summarize our task for this week, it is to:

  • Determine a business idea
  • Using the business canvas model, represent our business idea
  • Plan to present this work and acquire feedback.BusModelCanvas