IB2B1 Entrepreneurial Mindset Week 8 Guest Lecture Dr Matthew Rogers-Draycott V5.0 2024

Great Pitch Design

warwick.ac.uk/enterprise • Keep this concise • Make sure that that the narrative and the slides match • Focus on facts and reasoned arguments • Use bullet points • Use headings • Get an external review • Read it through and record yourself • Avoid using complex words or jargon, use simple terms • Reference! Narrative

warwick.ac.uk/enterprise Our company is looking to start a new business renting rooms too peeple. The problem we fae is that there a lot of competition in this market, and need to find a way to stand out and atract custom. We thank that by offering better roms at god picks, we can attract a big number of customer and become successful business. However, we need to figure out how too meerkat our rooms and make sure that they are always in high demeaned. 64% of international students surveyed in 2020 reported that it was difficult finding Accommodation (Morris et al. 2020) We’ve worked with international students for almost 20-years We know that finding accommodation and building a community is one of the big challenges

warwick.ac.uk/enterprise • Tell a Story • Give a simple rationale for the idea (problem/opportunity) and link it to the UN SDGs • Explore its impact with 2-3 key facts • Make sure that any facts/stats frame your problem directly Problem

warwick.ac.uk/enterprise se Abroad Website Aimed at Students Can search and find rooms

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AI Prompt – “Acting as a web designed, create a landing page for a website to market UK student accommodation to international students. The USP of the business is its focus on community”

warwick.ac.uk/enterprise • Show an impactful visual that explores a protype of your idea • Clearly explain your solution and its key benefits • Continue to validate this using facts and stats Solution

warwick.ac.uk/enterprise 605,130 International Students in the UK (UCAS, 2022) Enrolments remain robust post Brexit (gov.uk, 2021) In order to achieve success, it is sufficient for a company to obtain a mere 1% of the available market share, as even this small portion can lead to significant profits and growth!

warwick.ac.uk/enterprise • Develop the audiences understanding of the market opportunity • Use facts and stats • Avoid the 1% fallacy • Build a broad notion of your target group Customer Segment

All international students will want our service… Li Hua - 21 From a middle-class family in Beijing, Li has never lived away from home. She is feeling both excited and anxious about her new adventure, but determined to make the most of it…

warwick.ac.uk/enterprise • Present 1-2 personas that explore your early adopters • Use photos, give them names and backstories • Add some basic demographic, psychographic, and sociographic information • Make sure that their problems/needs etc. are addressed by your value proposition Early Adopter

Looking for a place to live? Look no further! Our room rental business offers overpriced and subpar accommodations to international students. With cramped and dingy rooms, you'll be sure to feel right at home. Don't worry about maintenance or repairs, because our unresponsive staff will make sure your living experience is nothing short of miserable. Don't miss out on this unique opportunity to be unhappy and uncomfortable in a new city. Rent with us today! = + +

warwick.ac.uk/enterprise • Directly connect the benefits you are offering your early adopter • Make it clear exactly how they will derive value and what this will mean for them • Connect this back to the story you outlined at the outset when framing the problem Value Proposition

warwick.ac.uk/enterprise Online Offline Expensive Affordable Universities This is Fresh Amber Student Estate Agents Private Landlords Unite Students Us!

warwick.ac.uk/enterprise • Mention a select number of competitors • Focus on direct competitors, if there are none, then explore indirect competition Don’t be overly critical! • Explore what you do differently, and how this gives you an advantage in the market Great businesses have advantages that are difficult to replicate! Competition and Unfair Advantage

Legal & Insurance £3,000 (Axa, 2022) Marketing £8,000 (Markets, 2023) Website £15,000 (Webbuilt, 2023) Staffing £50,00 (Staffing Portal, 2022) warwick.ac.uk/enterprise As with any business, the costs and resources required for an online room rental business will vary depending on several factors, such as the size and scope of the business, the location and target market, and the type of property being rented. In general, however, there are some common costs and resources that are typically associated with this type of business, which may include: 1. Property: If you don't already own the property that you plan to rent out, you'll need to purchase or lease it. 2. Furniture and decorations: Depending on the type of property you're renting; you may need to furnish and decorate the rooms to make them appealing to potential renters. 3. Marketing and advertising: In order to attract renters to your property, you'll need to market and advertise your business. This may include creating a website, running online ads, and using social media to promote your property. 4. Cleaning and maintenance: Your property will need to be cleaned and maintained regularly in order to keep it in good condition and attract renters. 5. Legal and insurance costs: As with any business, there are likely to be legal and insurance costs associated with running an online room rental business. 6. Staffing: Depending on the size and scope of your business, you may need to hire staff to help manage the property and interact with renters.

warwick.ac.uk/enterprise • A specific list of key resources and costs, focused on those which would be central to launching the business • Make sure that costs are referenced, or detailed elsewhere i.e. a reference list Costs and Resources

warwick.ac.uk/enterprise A revenue model for a room rental business is a plan for generating income from the rental of rooms or properties. One common revenue model for this type of business is to charge renters a fixed rate for the use of the property, either on a daily, weekly, or monthly basis. The business can then earn revenue by renting out the property for as many days, weeks, or months as possible. In some cases, businesses may also charge additional fees for things like cleaning, maintenance, or other services, which can provide additional sources of revenue. Students find accommodation through the site They pay via the site We take 10 % of this as commission The remainder is transferred to the landlord

warwick.ac.uk/enterprise • Outline exactly how the business will make money • Try to be as specific as you can be about the process and percentages • If you have a more complex model (2-sided, razor and blades etc.) make sure that it’s clear how you will make a return Revenue Model

warwick.ac.uk/enterprise £76K Family 30% Personal Funds 40% Loan 10% 20% Online Investors

warwick.ac.uk/enterprise • Detail how you will fund the idea • Remember, this will be driven by the costs and resources you have already outlined, so the two should link! • Try to be realistic about who will fund this, remember, angels and investors tend not to be interested in very early-stage start-ups that don’t have a track record • Initial sources of funding tend to be the 3F’s: • Friends • Family • Fools Funding Plan

Thanks for Listening Any Questions?