Principles of Entrepreneurship (BUS321)

Assignment 01: Summary on Start-up Venture

Group: ProjectPreneurs

Submitted to:

Mr. Ahmed Abir Choudhury

Lecturer and Assistant Proctor, Brac Business School,

Brac University

Submitted by:

Humayara Afroz 16204007

Shadman Navid Khan 16104091

Sumiya Mostofa Mim 18104276

Rukaiya Ahsan 17204019

Md. Raisul Islam 17204048

Jannatul Tamzida Mahin 17204013

Tamzida Abdullah 17104229

Date of Submission: 2nd Feburary, 2020

The business idea that we are going to work on is a relatively new concept, in the context of Bangladesh.
We, Team ProjectPreneurs, want to set up a "self-driven car rental service", which has a business model
that is yet to be fully utilized in our country. Basically, this service will work on the principle of "self
driving", which means that our business will provide consumers with cars that can be picked up from
various locations, so that they can travel to different destinations, but only within the period for which
the cars have been taken. Through our start-up, users can rent vehicles on an hourly, daily, weekly and
even a monthly basis.

Our business idea aims to fulfill certain opportunity gaps in this particular segment. Firstly, b ooking self-
driven cars is a more convenient alternative than taking buses and cabs. It saves time, and allows users to
reach their destinations in quicker way. Also, people can comply with any tracks or roads that they wish,
and this gives them greater freedom to stop and start the vehicles anywhere they want; this will ensure a
more convenient journey without the interference of any other driver. In addition, safety is one large
trouble in terms of traditionally rented vehicles; drivers typically have low pay and are overworked, and
we can be certain that most of the times the driver is exhausted and not in his senses. Thus, our service
will prove that consumers are safe when they have control of their own hired cars. Apart from all these
conveniences of self-driving rental cars, another benefit in favour of this model, as opposed to a cab or
ride-sharing service, is price. So, reserving a car from our business will be more cost-effective, since there
are no additional expenses that have to be incurred for a separate driver; prices will considerably come
down because users will be driving the vehicles themselves. Furthermore, our venture can be of benefit to
people who might own more than one car; that is, they can lend it for the business's purposes and receive
a fixed percentage of return from the entire operations, thereby earning extra money. Finally, there are
many people who cannot buy a car, for which they can make use of this service to drive their dream
vehicle at an affordable cost; this approach might also give some people the option to test a car before
taking an actual buying decision for a personal vehicle.

Any new start-up or venture has a window of opportunity, which is fundamentally a critical "window" or
a margin of opportunity where a there is a tendency to do something that will only last for a short period
of time, and so it needs to be taken care of of rapidly before the window is gone. In other words, it defines
how long we will able to dominate the market without being in a race with other competitors, which is an
advantage of being on top and once the window is closed, the possible desired outcomes will be gone as
well. Likewise, in our start-up business idea, the self-driven car rental service company AdRENTure has
some window of opportunities as it is a comparatively new idea in Bangladesh. Therefore, people will
find it advantageous in terms of their own self-driven car performance and experience. Besides, they will
find minimum hassle of finding their desired rental car through our website within their affordable price.
Also, as it is just our start-up business, that is why we will broaden our services gradually throughout the
country. However, this window of opportunity might get narrower because GroundLink, another
Bangladeshi company, can be a major competitor in near future, because they are starting to provide a
similar type of car rental service as well. Other potential "threats" include space, and we do a lot of it for
keeping our cars for rental services. What is more, although we have GPS system in every car, if there are
still any accidental issues or severe damages, then it can be a severe problem for us. Lastly, there are
some customers who might not have proper or adequate knowledge and skill about driving, for which it
can be risky to hand over our cars without a guarantee of safety.