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 model
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.