Details: This is a group based activity where two persons will work together to test and validate their business model. In this assessment, the team is required to submit a detailed report by covering the following essential elements; Firstly, describe your entrepreneurial idea and opportunity in relation to main problem and pain points. Second, briefly describe your business model. Your business model should briefly but clearly describe how your business will create, communicate and deliver the value to the identified target market by maintaining sustainable profits. Note: This part does not ask you to present Business Model Canvas, instead you are required to describe your business model (please mind the difference). Third, identify at least five (05) high priority (critical) assumptions of your business model. Provide the evidence-based logic and justification as why your identified assumptions are critical for the viability and success of your business and therefore should be tested . (Critical business assumptions are things that you assume to be true for the purposes of developing a strategy, making decisions and planning. Every business has Critical Assumptions that will define if it can survive or not. An example of a crucial assumption could be if there is only one particular distribution channel suitable for your business, and without having access to it will threaten the viability of your business). Fourth, describe how you have tested these assumptions by following a professional and rigorous process in the real context. In order to fulfil this requirement; You must adopt and justify at least three (03) different relevant methods (i.e. survey, interview, observation, focus group, participation etc.) to collect data/information from the market. You must justify that why your selected methods were most appropriate to bring credible and reliable information. You must explain and justify the process of selection of respondents and collection of data. You must present your findings, analysis, and interpretation of the data. Fifth, describe the changes (pivoting) you have made in your business model in light of your findings. Making changes in business model on the basis of market feedback is considered the key to entrepreneurial success. You should also explain if the changes require any further testing of critical assumptions, and how will you do that. Sixth, present your 'post-testing and 'refined/pivoted' Business Model by using Business Model Canvas. Your final Business Model Canvas should be comprehensive and self-explanatory. You will prepare to Pitch your Model to potential stakeholders in Assessment 3.

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