EVALUATING THE BUSINESS MODEL OF A START-UP

We had a guest lecturer who had come to see us in one of our classes. This was organised by Evy Sakellariou. The guest lecturer was Mr Bud Martin who had his start-up called “Fun Photos” which was basically based on photo booths and events. He along with his two friends had started up a new business on photo booths and introduced them in events in the UK. The unique selling proposition was that the photo booth could cover around 100 people at once in one single photograph and the set up was very handy and could be set-up in just 10 minutes at any event. Our main intention from this lecture was to evaluate the business model from his speech. Bud was a young entrepreneur who made us laugh and made sure that we understand his business model thoroughly.

He took the presentation in a very smart and calmed down way. The outcome of his speech was great as I got to know many aspects of business from his speech and I would implement these aspects in my real world of business and try to be as successful as him. I have learned many things from his speech which include: closeness to competitors, trusting your friends and families the most, having a good networking with people outside as well as inside the business, having a positive attitude every time, try to solve any difficulty with peace and harmony and how to be successful in business.

He told us about the hard times of his business when they were not able to get customer attraction at first and their company went into losses in the first six months and how they have overcome this barrier and changed their business strategy and how they could try to get more customer attraction by social media and kept themselves updated by the technology.

He then made us realise the importance of friends and family in any business which I liked the most from his speech. He said no matter what, there are your friends and family members who are always behind our back supporting us at any point of time in the good times or the hardships of the business. He told us how he created revenue from this start-up and initially did not earn much but gradually how he multiplied his earnings at later stages.

To conclude, it was an amazing experience to listen to someone’s real-life business experience and could gain many positive aspects from his speech that could be inculcated in the real business world entity and become a successful entrepreneur.

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