what is required is 1 - summarize the entire text 2- answer the two questions

CHAPTER 4. CONDUCTING A FEASIBILITY ANALYSIS AND DESIGNING A BUSINESS MODEL 171 You Be the Consultant Rendez Woof: Creating a Minimal Viable Product for a Mobile App Entrepreneurs create minimal viable products to allow them to test their product with real customers as quickly as possible. Testing the product this way helps to determine whether consumers really RENDEZWOOF want the product provides feedback from these customers to help improve the product, and gathers hard data that demonstrates the proof of concept many investors want before they fund an emerg ing business Judson Aikens wanted to start a business but had a good pay ing job and was concerned about taking on too much risk. While brainstorming about possible businesses he could launch, Aikens came up for an idea for a new dating app. He had observed that it Sign in with Facebook is easy to meet new people at places like dog parks Aikens's idea was to develop an app called RendezWoof that we'll never post anything to sobook created a virtual dog park. "The app would not only connect dog owners with each other, it would connect them with dog-friendly resources around them," says Aikens. "Using GPS, the app's map would populate restaurants with patios and parks convenient to users interested in meeting up to grab a beer or throw a Frisbee." Aikens reached out to an entrepreneur, Ben Dolgoff, who had spoken to one of the entrepreneurship classes he had taken in graduate school. Ben was an experienced app developer who had developed and launched several successful apps. After asking Ben to sign a nondisclosure agreement, Aikens shared his idea Ben said he thought the app had promise as a commercially viable product. He suggested that Aikens develop some designs for his idea and then get back with him. If the idea had promise, Ben said he might be willing to develop the app in exchange for some hem de equity in the new business Aikens shared his app idea with a friend who was a graphic designer. She was eager to help him with the designs and was Because he is still working his day job. Alkens spends many late willing to provide ongoing graphic design services in exchange nights working with the developers to improve the app's user in for equity terface and user experience The next step was for Alkens to work with the graphic de Because the goal of the initial version of the app is to gain Signer to develop a wireframe of the app. A wireframe is a draw users and prove the concept, Rendez Woof initially offered the ing of the various screens that make up an app, it includes the app for free through the Apple Store. Future versions of the app kinds of information displayed, the functions of the app, and the will have more features, which will allow the company to charge basic flow from screen to screen a small fee for the app Aikens took the wireframe designs to Ben, who was eager to move forward Ben's company would develop the app in exchange 1 Why would you recommend that an entrepreneur develop a for equity minimal viable product of a prototype? "This arrangement was very acceptable to me," says Alkens > Can you think of additional market research that Acens "it simultaneously removed the financial burden of development could have done before developing his product? and provided an experienced go-to consultant I could work with through the life of the app 3. What are the advantages and disadvantages of offering Aikens formed an LLC and secured the RendezVoof name equity in exchange for work done on a new product? on all social platforms and for the Web domain. He opened an Apple developer account and applied for copyrights and trademarks San Jodie Alkom, peral.communication. December 17, 2011