FOREIGN TRADE UNIVERSITY

HO CHI MINH CAMPUS

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FINAL REPORT
Course: Business Project Practice – KDOE410

MENTORHUB

Group 7
Group members & Student ID:
1. Nguyễn Vũ Nhật – 2115113191
2. Nguyễn Quỳnh Châu – 2114154002
3. Lê Đăng Khoa – 2115113121
4. Nguyễn Lê Bảo Hân – 2111113072
5. Phạm Minh Quân – 2113153051
6. Phạm Thế Quang – 2113153050
7. Huỳnh Gia Bảo – 2115113029
Class: K60CLC8
Instructor: Ph.D. Phạm Thị Mai Khanh
Submission Date: December 4, 2023

TP.HCM, tháng 12 năm 2023

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 FOREIGN TRADE UNIVERSITY
HO CHI MINH CAMPUS
---------***--------

FINAL REPORT
Course: Business Project Practice – KDOE410

MENTORHUB

Group 7
Group members & Student ID:
8. Nguyễn Vũ Nhật – 2115113191
9. Nguyễn Quỳnh Châu – 2114154002
10.Lê Đăng Khoa – 2115113121
11.Nguyễn Lê Bảo Hân – 2111113072
12.Phạm Minh Quân – 2113153051
13.Phạm Thế Quang – 2113153050
14.Huỳnh Gia Bảo – 2115113029
Class: K60CLC8
Instructor: Ph.D. Phạm Thị Mai Khanh
Submission Date: December 4, 2023

TP.HCM, tháng 12 năm 2023

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 TABLE OF CONTENTS
ABSTRACT......................................................................................................................... 10
CHAPTER 1: BRIEF DESCRIPTION ................................................................................ 11
CHAPTER 2: BUSINESS MODEL CANVAS................................................................... 12
1. Target Customers ..................................................................................................................... 12
1.1. Mentee ............................................................................................................................... 12
1.2. Mentor ............................................................................................................................... 18
2. Value Proposition ..................................................................................................................... 20
2.1. Problems addressed by MentorHub .................................................................................. 20
2.2. What we provide: Our products and services ................................................................... 20
3. Customer Relationships ........................................................................................................... 23
3.1. Customer acquisition ........................................................................................................ 23
3.2. Customer retention ............................................................................................................ 24
4. Channels ................................................................................................................................... 25
5. Key Activities .......................................................................................................................... 26
5.1. Testing and recruiting Mentors ......................................................................................... 26
5.2. Mentee acquisition ............................................................................................................ 27
5.3. Website development ......................................................................................................... 28
5.4. Collecting and addressing feedback ................................................................................. 28
5.5. Scale-up ............................................................................................................................. 29
6. Key Resources.......................................................................................................................... 30
6.1. Sales: ................................................................................................................................. 30
6.2. Marketing: ......................................................................................................................... 30
6.3. Customer Relationship Management: ............................................................................... 30
6.4. Partnership Management: ................................................................................................ 31
6.5. Mentorship: ....................................................................................................................... 31
7. Key Partners ............................................................................................................................. 34
7.1. Mentors: ............................................................................................................................ 34
7.2. Educational or Mentorship Experts: ................................................................................. 34
7.3. KOL, KOC from FTU2: .................................................................................................... 35
7.4. FTU2 Clubs and FTU2 Communities (FB groups, confessions, …): ............................... 35
7.5. Website Development Service: .......................................................................................... 36
8. Cost Structure........................................................................................................................... 38
9. Revenue Model ........................................................................................................................ 41
9.1. Revenue model description ............................................................................................... 41

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 9.2. Revenue stream forecasting ............................................................................................... 45
CHAPTER 3: PROTOTYPE ............................................................................................... 49
CHAPTER 4: INTERNAL AND EXTERNAL BUSINESS VALIDATION ..................... 51
CHAPTER 5: PROCESS BOOK......................................................................................... 55
APPENDICES ..................................................................................................................... 58
REFERENCES..................................................................................................................... 75

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 LIST OF FIGURES
Figure 1. The increase in number of university student ............................................13
Figure 2. The proportions of respondents who need information, advice, suggestions
and guidance on each field ........................................................................................14
Figure 3. Problems in the mentoring-related solutions, according to our research on
86 respondents ...........................................................................................................15
Figure 4. Customer Persona ......................................................................................17
Figure 5. Key activities plan .....................................................................................26
Figure 6. Prototype ....................................................................................................50
Figure 7. Competition Landscape .............................................................................51
Figure 8. Market size.................................................................................................52

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 LIST OF TABLES
Table 1. Mentors' information .................................................................................. 33
Table 2. Cost structure ............................................................................................. 40
Table 3. Prices of advertisement positions on website of MentorHub (VND) ........ 43
Table 4. Prices of affiliate performance on website of MentorHub (VND) ............ 44
Table 5. Summary of service prices in the first three years of MentorHub (VND). 44
Table 6. Component contribution of the revenue model for the first three-year
period ........................................................................................................................ 46
Table 7. Revenue stream forecasting for the first three-year period (VND) ........... 48
Table 8. Profit projection ......................................................................................... 54

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 ABSTRACT

This report presents a comprehensive analysis of the business model canvas for
MentorHub, a start-up platform designed to connect university students in need of
academic guidance with experienced mentors. The platform aims to assist mentees,
primarily freshmen, in achieving their academic goals of raising their GPA and
succeeding in students' competitions. Simultaneously, it offers mentors a source of
income and a sense of fulfillment by promoting a studious culture in the academic
environment.

Chapter 1 provides a brief description of MentorHub, outlining its mission, target

audience, and key objectives. Chapter 2 focuses on the Business Model Canvas,
offering an in-depth exploration of the platform's nine key building blocks, including
customer segments, value proposition, channels, customer relationships, revenue
streams, key activities, key resources, key partnerships, and cost structure.

In Chapter 3, a prototype of the MentorHub platform is presented, showcasing its user

interface, functionality, and features. The prototype serves as a tangible
representation of the platform's envisioned design and user experience.

Chapter 4 delves into the internal and external validation processes undergone by
MentorHub. Internal validation involves assessing the platform's viability, scalability,
and potential risks, while external validation entails gathering feedback and insights
from potential customers, mentors, and other stakeholders. This chapter explores the
findings from these validation exercises and highlights any necessary adjustments or
improvements to the business model.

Finally, Chapter 5 presents the process book, which outlines the step-by-step journey
of developing MentorHub. It provides a comprehensive overview of the research,
ideation, development, and refinement processes, shedding light on the challenges
faced and the strategies employed.

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 CHAPTER 1: BRIEF DESCRIPTION

MentorHub is a platform designed to connect university students under two roles: the
Mentee (primarily freshmen who are in need of academic guidance) and the Mentor
(juniors and seniors who are able to provide such needed guidance).

The platform was established with the aim of helping the Mentees achieve two of
their most common academic goals, which are raising their GPA and going into
further rounds of the students’ competitions. At the same time, the platform provides
the Mentors with a source of income as well as a feeling of
accomplishment/satisfaction for taking part in promoting a studious culture in the
academic environment.

For the mentors, our service can help them cut back a significant amount of effort in
enriching their own mentoring experience and finding the appropriate mentees,
thereby helping them build better personal branding and have a source of additional
income easily.

For the mentees, our service can help them cut back a significant effort of finding
mentorship to support in delivering a high-quality outcome in university courses and
competitions by matching them with a mentor that is qualified to satisfy your specific
needs and expectations.

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 CHAPTER 2: BUSINESS MODEL CANVAS

1. Target Customers

1.1. Mentee

1.1.1. Overview:

The primary focus of MentorHub is the freshmen and sophomore students of Foreign
Trade University, Ho Chi Minh city Campus. These individuals are seeking guidance,
support, and mentorship to navigate academic challenges and get great results from
competitions during their university journey.

1.1.2. Rationale:

The Vietnamese Gen Z market is rapidly expanding and is predicted to reach 15

million individuals by 2025, constituting a significant 25% of the total labor force.
Within this demographic, over 2 million are university students, representing 15% of
the Gen Z cohort. This burgeoning market segment exhibits a compelling need for
skill development, as 61% of Gen Z individuals perceive learning new skills as one
of their top priorities (GWI Core 2021). Notably, 83% express a desire to acquire
skills that enhance their performance in their current positions (Forbes). Moreover,
73% prefer personalized one-on-one learning experiences (Ryan Jenkins), and a
striking 83% recognize the importance of mentorship for their personal and
professional development (Fast Company). However, despite the acknowledged
significance of mentorship, 43% report not having a mentor according to a survey
conducted by Alia Wong.

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 Figure 1. The increase in number of university student

With the annual increase in new university students, particularly among Freshmen
who often face challenges adjusting to university life, there is a clear and growing
demand for mentorship programs tailored to support the unique needs of this
demographic within the Vietnamese Gen Z market. Additionally, only 30% of first-
year students felt adequately prepared in terms of study skills and academic writing
according to Vietnam National University, highlighting a specific area of need that
mentorship programs could address.

The dynamic landscape of the Vietnamese Gen Z market, coupled with the significant
percentage of university students within this demographic, underscores a pressing
demand for mentorship and skill development. The statistics revealing the aspirations
of Gen Z, coupled with the identified gap in mentorship, create a compelling case for
the introduction MentorHub. As the number of new university students grows
annually, it becomes increasingly evident that Freshmen and Sophomores are the
primary clientele in need of support and guidance. The statistics, including the finding
that only 30% of first-year students feel adequately prepared in terms of study skills
and academic writing, emphasize the critical role MentorHub can play in addressing
the unique challenges faced by these students. By tailoring our services to meet the
specific needs of this demographic, MentorHub is poised to make a meaningful
impact on the educational and professional journeys of the Vietnamese Gen Z,
ensuring a smoother transition into university life and beyond.

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 1.1.3. Customer journey:

Our survey, encompassing insights from 86 respondents, consisting of freshmen and

sophomores at Foreign Trade University, HCMC, unveils a nuanced understanding
of their academic and career aspirations. 85% of respondents articulated a primary
objective of enhancing their expertise, underscoring a collective thirst for knowledge
and skill development. Furthermore, 79% expressed aspirations of achieving a high
GPA or securing a scholarship, emphasizing the significance placed on academic
excellence. Career planning emerged as a pivotal focus for 75% of respondents, while
74% sought opportunities for internships, highlighting a proactive approach to
gaining practical experience.

Figure 2. The proportions of respondents who need information, advice, suggestions and guidance on each
field

1.1.4. Pains and Gains:

Despite these goals, our survey illuminated several challenges faced by these students
throughout their academic journey, which can be referred to as their Pains. 96%
encountered difficulties in the pursuit of their goals, indicating a pervasive need for
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tailored support. Moreover, 95% expressed a desire for additional information, advice,
instructions, and feedback to refine their academic and professional pursuits,
showcasing an inherent hunger for guidance.

Navigating the complexities of information-seeking, 93% reported challenges in

accessing relevant advice, suggestions, and guidance. To address these challenges,
respondents engaged in a multifaceted approach, utilizing various channels such as
websites, information pages, and community groups. However, only 25% found
satisfactory solutions, leaving a considerable 70% dissatisfied with the support
received.

Their Pains also come from post-competition or coursework, where uncertainties

persisted regarding the quality of outcomes and avenues for improvement. Feedback,
if provided, was inconsistent and lacked thoroughness, leaving a void in the learning
and development process.

Our customers employ a variety of solutions to fulfill their needs, leveraging

platforms such as Facebook communities, FTU2 groups, confessions, or clubs,
YouTube, LinkedIn, ybox, studocu, and others. The feedback garnered from these
endeavors sheds light on key aspects influencing their choices.

Figure 3. Problems in the mentoring-related solutions, according to our research on 86 respondents

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In terms of ease of use, Facebook communities and YouTube are considered
convenient and most familiar, while FTU2 groups, confessions, and clubs offer a
more relatable environment for our target customers, the FTU2 students. However,
other platforms are deemed unfamiliar to some, and finding relevant content can be
challenging.

Assessing quality and reliability, Facebook communities are criticized for the lack of
in-depth or verified information and low mentorship quality. YouTube, on the other
hand, is seen as fairly reliable, with users able to gauge the quality of videos through
metrics such as views, likes, subscriptions, and comments. Other platforms, like
studocu, are perceived as unreliable, serving merely as a repository for unverified
documents without comprehensive topic coverage.

Notably, 95% of respondents express the importance of advice from individuals with
experience and high achievements in their respective fields. The existing solutions,
however, lack in personalization. Facebook communities and FTU2 groups/clubs
face challenges in terms of slow and unsystematic processes and limited coaching,
advice, and feedback. While YouTube provides numerous resources, they are often
repetitive and lack specificity. What sets these solutions apart is the absence of
continual 1-on-1 support, a crucial element according to 87% of respondents.
Additionally, 94% express a desire for 1-on-1 mentoring through private chatting,
sharing, Q&A, and feedback at least once a week. This identified gap in personalized,
one-on-one support highlights the unique value proposition that MentorHub aims to
offer, addressing the specific needs and preferences expressed by our customers for
a more comprehensive and effective mentoring experience.

1.1.5. Customer persona:

The demography of our customer persona encompasses individuals aged 18-20

currently navigating their 1st or 2nd year at FTU2. Financially supported by their
families or earning modestly under 7.5M VND/month, this demographic is
characterized by a fervent desire to distinguish themselves in university courses and

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academic competitions. Despite their active involvement in academic pursuits, these
students grapple with the intricacies of conducting comprehensive research, crafting
impactful reports, and delivering compelling presentations, largely owing to their
relative inexperience and the absence of certain essential skills.

Figure 4. Customer Persona

A significant challenge faced by the “University-ambitious Achiever” lies in the

information gap, with 89% expressing difficulties in locating the specific guidance
and resources necessary for their academic and competitive pursuits. Dissatisfied
with existing solutions, they yearn for more personalized, reliable, and high-quality
platforms that can address their needs.

In response to their specific drivers and barriers, our ideal customers manifests a clear
set of preferences. 95% of this demographic desires detailed guidance from
individuals with hands-on experience and notable achievements within their areas of
interest. Additionally, 94% express a preference for one-on-one interactions, seeking
personalized mentorship that aligns with their individual learning styles and goals.
The significance of continuous mentorship throughout their learning journey is

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underscored by 87% of respondents, emphasizing the need for consistent support and
guidance.

Understanding their financial considerations is crucial. Most are willing to invest

between 100,000 - 199,000 VND/month for a mentor's service, demonstrating a
recognition of the value such mentorship could bring to their academic and
professional growth. Moreover, 90% of this demographic is open to making
additional donations if they perceive tangible value in the services provided.

Comprehending the intricacies of this customer persona is pivotal for MentorHub to

develop tailored services that bridge existing gaps in their educational journey. By
aligning with their aspirations, addressing their challenges, and catering to their
preferences, MentorHub aims to be the go-to platform for them, guiding them toward
academic excellence and professional success.

1.2. Mentor

According to the survey of 97 FTU2 students from 2nd-year to 4th-year, 75% of them
said they want to share their own experiences, skills, and knowledge in a certain field
with people who need it. Moreover, 66 respondents, which equals about 66%, shared
that they are willing to become a mentor to provide these kinds of support, advice,
suggestions, and guidance if they get paid, which means the financial benefit is one
of the major factors contributing to their decision to become a Mentor. Among those
who are willing to become a mentor, 26% said that they could perform mentoring
service for about 2 hours per week, and 61% said they could spend from 3 to 6 hours
per week for the mentoring job. We could say that most of the respondents perceive
mentorship as only a “part-time job”, or a “nice-to-have activity” that can bring them
financial rewards. However, among 33 respondents who are not willing to become a
mentor, the lack of expertise, experience, and time are the major causes. To be
specific, 76% of them said they do not have enough expertise or experience, while
58% said they do not have enough time to become a mentor.

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From the rationale above, we can propose the underlying problems of these “potential
mentors”: They want to share their skills, experiences, and knowledge with people
who need it, and if giving those mentorships gets them paid, they are willing to
become mentors as a “part-time job” which only takes them around 2 to 6 hours per
week. However, the requirements and needs for mentorship vary greatly for each
mentee, therefore, they feel hesitant to become mentors as they are not sure if their
expertise and experience are appropriate with the mentee’s expectation, or if they can
have enough time for mentoring sessions to deliver the value the mentee needs.

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 2. Value Proposition

Our customer base includes two groups: mentors and mentees.

2.1. Problems addressed by MentorHub

For the mentee group, our project aims to solve the problems of 1st and 2nd-year
FTU2 students. The problem we analyze and explore here is that: The students want
to produce good outcomes in course works or academic competitions, however, they
find it hard to seek for information, advice or feedback that are qualified, reliable,
and personalized, when current social networking platforms providing this service
are not popular and still do not meet the needs of mentees.

For the mentors group, we recognize that FTU2 students from 2nd to 4th year have
outstanding achievements and excellent soft skills, and have the desire to utilize these
to earn income or build their personal branding as mentors. However, they have
difficulty finding students whose needs match their expertise and their time
arrangement. Current platforms do not guarantee quality, personalization, and
especially the ability to connect mentors and mentees based on a specific match of
expertise.

2.2. What we provide: Our products and services

2.2.1. Value generated by the project:

MentorHub generates value by providing individualized and high-quality mentorship

services to 1st and 2nd-year FTU2 students, pairing mentees with mentors based on
individual needs, requirements, and expectations. The project verifies mentors'
accomplishments and experiences, fostering a trusting relationship between mentors
and mentees. MentorHub, also improves the satisfaction of mentors' needs by
connecting them with mentees who are suitable for their expertise and eager to learn,
ensuring that their knowledge is transmitted most effectively and also assisting them

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in developing their abilities and skills. To be specific, 3 values that MentorHub
provides are:

− Testing and Recruiting Mentors: Screening applicant’s achievement,

certificates and testing their mentorship skills (partnering with Mentorship
Expert)

− Find the best matches: By identifying personalized needs and requirements of

mentee to match with suitable mentor (in-house matching staff)

− Regular & responsive in service improvement: y collecting and addressing

customers feedbacks on weekly basis or when problem arises (in-house CRM
team)

2.2.2. Why customers choose our project:

The features of MentorHub include a personalized matching process, where mentees

submit their needs and requirements, and the platform carefully selects the most
suitable mentor. The project's advantages lie in its commitment to quality and
reliability, as mentors undergo verification, and contractual obligations ensure the
delivery of high-quality mentorship. Clients benefit from the comfort that the profiles
of mentors have been extensively examined for dependability. The personalized
approach allows mentors to adjust their services based on customer feedback,
creating a dynamic and responsive mentoring experience. MentorHub's distinctive
feature is its emphasis on the reliability of mentors' achievements, a personalized
matching process, and the commitment to high-quality mentorship. This ensures a
valuable and tailored experience for both mentors and mentees, highlighting
MentorHub's dedication to facilitating successful mentor-mentee relationships.

Besides providing mentees with a reliable and personalized platform for professional
knowledge, MentorHub also encourages mentors and mentees to share about their
lives, learning environments or work experiences. This also helps mentors themselves,

21
as they are updated with students' own insights to keep up with trends and thereby
design the most suitable mentoring method. Therefore, we are confident that this
project meets the needs of two target groups: helping mentees achieve desired
outcomes and developing mentors' contributions.

For the mentors, MentorHub’s value proposition would be: ”Our service can help
you cut back a significant amount of effort in enriching your own mentoring
experience and finding the appropriate mentees, thereby helping you build better
personal branding and have a source of additional income easily”. For the mentees,
the value proposition would be: “Our service can help you cut back a significant
effort of finding mentorship to support in delivering a high-quality outcome in
university courses and competitions by matching you with a mentor that is qualified
to satisfy your specific needs and expectations”.

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 3. Customer Relationships

For the Customer Relationship, we came up with many different plans and divide
those strategies into two categories, which are Customer Acquisition and Customer
Retention as explained in the below sections.

3.1. Customer acquisition

First and foremost, we are able to acquire new customers through incessantly
maintain and improve trust and credibility since our entire service model is built on
these keywords. Initially, our team is comprised of experienced and trusted mentors
who have reputation among the students regarding the tutoring/teaching skills.
Additionally, the team expects to collaborate with experts in the education area in
order to test and enhance the tutoring skills of contracted Mentors if needed. The
guarantee in mentors’ quality is what keeps our business alive, therefore, we pay
heavy attention to this part in acquiring new users.

Secondly, we use the personalized approach when it comes to converting students

into our service adopters. One of our unique selling point is that we create an
environment in which the dedicated mentors can best tailor the content of the
knowledge they would share, and the way of sharing it, so as to match with what the
Mentees look for. The Mentors will take time and make effort in delivering unique
answers and solutions to the questions and requirements of Mentees. In other words,
this approach ensures that the guidance the Mentees receive will be useful and
precisely aligned with their need. This is an important feature that can persuade the
students into pruchasing our service.

Thirdly, we acquire new users by providing incentives such as Membership discount

and block and bundling pricing strategies for individuals who are interested.
Moreover, we also have referral programs, meaning that if the Mentors and Mentees
can attract new users, then there would be rewards in the forms of discounted services
or even monetary rewards where appropriate.

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 3.2. Customer retention

Generally, it is safe to say that no business can survive without maintaining their
customer base, meaning their users have to come back for them. Therefore, customer
retention is a vital factor in customer relationship management. In order to retain the
existing customers, MentorHub plans to implement two main strategies.

Firstly, we have loyalty programs in which we plan to reward the existent customers
with exclusive financial benefits (such as member discounts) and access to special
and favorable mentoring sessions. We hope to engage old customers repeatedly and
build a long-term relationship with them. Afterwards, we can offer them to be our
Mentors with more advantageous terms in order to maintain and increase our Mentor-
base.

Secondly, after-sales services, such as regular engagement, reminders, and follow-

ups activities are conducted. To be more specific, we plan to periodically reach out
to the customers and remind them about our presence such as via text messages and
emails, as well as focusing on follow-up activities like gathering feedback from the
mentoring service experience and doing customer care, etc. These actions also
contribute to the process of evaluation and improvement of our offerings to meet their
needs and expectations.

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 4. Channels

MentorHub identifies that there will be two distinct approaches for mentors and
mentees accordingly (Appendix 6). For the Mentors group of customer, in order to
recruit the mentor force, MentorHub will reach out to them through direct marketing
and personal selling (SMS messages emails FTU2’s Facebook community, etc.) and
promise to provide them with attractive incentives to engage in our model. For the
Mentees group, they will also be approached by direct marketing and personal selling
through MentorHub’s website, FTU2’s Facebook community, and especially through
the word of mouth of the team members as well as trial users and MentorHub’s early
adopters. Word of mouth can be considered an effective tool, as according to a study
by Nielsen (2023), 92% of consumers trust recommendations from friends and family
over all forms of advertising. Another study by McKinsey (2023) found that word-
of-mouth is the primary factor behind 20-50% of all purchasing decisions. However,
it requires a compulsory condition, which is that MentorHub has to set up a
sustainable customer base, and this can only be achieved through using other channels.

Now, after acquiring mentors and mentees, it comes to the communicating phase. The
three main means of communication are telephone, email, and MentorHub’s website.
These means of communication will help MentorHub deliver not only the profile
screening result but also the contract details to the mentors. While for the mentees,
they shall be used as a means of receiving mentees’ needs, requirements, and
expectations about taking a mentorship session.

On a weekly basis, MentorHub will collect customer’s assessments and feedback on

the performance of the contract or any problems that arise through telephone and our
website. These means will help MentorHub address the problems arising and check
the Mentors’ fulfillment based on customers’ satisfaction as soon as possible.

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 5. Key Activities

To deliver the value proposition to customers, MentorHub must perform the

following important activities: testing and recruiting Mentors; customer acquisition;
website development; collecting and addressing feedback from Mentors and
Mentees; and scale-up. These activities are allocated into 3 phases of MentorHub
execution strategy: Phase 0 (before product launch); Phase 1 (lasts for 2 months since
product launch); and Phase 2 (starts 2 months after product launch).

Figure 5. Key activities plan

5.1. Testing and recruiting Mentors

Testing and recruiting mentors is a key activity in MentorHub because it ensures that
the program can provide high-quality mentorship to its participants. Therefore, it
consists of compulsory steps: increasing the number of potential mentor applicants;
screening applicants’ profiles and testing their skills in mentorship; and contracting.

In terms of increasing the number of potential applicants, in Phase 0 & 1, the in-house
marketing & sales team of MentorHub performs direct marketing and personal selling
to groups of FTU2 seniors to deliver the value proposition of MentorHub directly to
the potential mentors. Moreover, certain incentive programs, such as bonuses or

26
benefits for initial mentorships, should also be introduced to these potential mentors
to improve the conversion opportunity. Since Phase 2, when having performed
service to certain numbers of customers and receiving contributive assessments from
them, the marketing & sales team will develop new marketing channels (SEO, KOL,
KOC, FTU communities) to build up MentorHub awareness and engagement among
FTU2 students and creating more potential customers.

After receiving applications, the in-house supervision team will directly check
applicants' qualifications and achievements for the mentor registered field. Regarding
attitudes and skills in mentoring, MentorHub will outsource to experts with
experience in mentorship and organize a trial mentoring session to test applicants'
mentoring abilities.

If applicants pass the profile screening and mentoring skill testing rounds, MenterHub
will sign a contract with the applicants to establish the obligations and rights between
the two parties. The contract term is a minimum of 2 months, more specifically,
Mentor is obliged to perform at least 4 sessions in 2 months if requested. The contract
will be negotiated for amendment and continuation after expiration.

5.2. Mentee acquisition

Mentee acquisition is important because mentee is a source of growth for MentorHub

and brings income to mentors. This activity includes: increasing the number of
potential customers that send MentorHub their mentorship needs and requirements;
matching them with the most suitable selected mentor; and giving them a specifically
calculated price to proceed with the confirmation and connection.

To increase the number of potential customers who send MentorHub their mentorship
needs and requirements, in Phase 1, it is important to employ direct marketing and
personal selling strategies aimed at groups of individuals having certain needs
relating to mentorship. These efforts help effectively communicate the value
proposition of MentorHub directly to the target audience. Additionally, implementing

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sales promotions, such as benefits for trial (group mentorship, combos, etc.), can
enhance conversion opportunities and encourage potential customers to engage with
the MentorHub platform. Since Phase 2, the marketing & sales team will develop new
marketing channels (SEO, KOL, KOC, FTU communities) to build up MentorHub
awareness and engagement among FTU2 students and create more potential
customers.

After customers submit their needs, requirements, and expectations about mentorship,
the customer relationships (CR) team checks the available mentor profiles to select
the most suitable mentor or re-contact the customers to specify their requirements if
necessary. After that, MentorHub informs the potential customer about the matched
mentor profile (name and contact hidden) and the quoted price for confirmation.
MentorHub will give the contact of the mentor and mentee to each other after the
mentee’s confirmation and payment.

5.3. Website development

Website development is a key activity in MentorHub as it serves as the primary

platform for mentees to submit their needs and requirements, for mentors to send their
profiles, and for MentorHub to store and utilize data, facilitate efficient matching and
feedback addressing, enhance the user experience, enable administrative functions,
and support program promotion and outreach. The vital scope of this activity is to
ensure a smooth connection between customers and MentorHub and ensure a
satisfying customer experience. Therefore, MentorHub must invest in building an in-
house technological team to ensure the operation efficiency and effectiveness.

5.4. Collecting and addressing feedback

The CR team will handle collecting mentees’ weekly assessment and feedback (along
with relevant evidence if required) upon the performance of the contract or any
problems that arise. From the collected assessment and feedback, the CR team
contacts the mentor to address customers’ needs and emerging problems as soon as

28
possible. The CR team also remains regular and responsive in communication with
mentors to provide useful support. The scope of these activities is to satisfy customers’
personalized needs and requirements.

Moreover, since Phase 2, the CR team will use the accumulated data from customers’
feedback and assessments to define the main strengths and weaknesses of mentors
and MentorHub service. Based on the defined strengths and weaknesses, MenterHub
can create training sessions (outsourcing to mentorship experts) for contracting
mentors to improve their strengths and weaknesses or make adjustments to the
MentorHub operation in certain functional areas to evaluate and optimize the
offerings to customers.

5.5. Scale-up

Scale-up is crucial for MentorHub as it helps improve retention of valuable customers

and Mentors, and acquire new valuable ones. In Phase 2, after new customers use the
service, the CR team must apply CR programs, such as referral & loyalty programs,
social proof and testimonials, personalized recommendations and progress tracking,
etc. These programs can make customers come back for another mentorship or extend
their contracts, or encourage them to introduce MentorHub service to their friends.

In the long run, two more key activities for MentorHub are market research and
partnership management. Market research aims to discover new growth opportunities
for MentorHub, specifically new customers with similar problems (students from
other schools, high school students) or old customers with similar problems. new
topic (job search, etc.). As for partnership management, MentorHub plans to
negotiate to establish affiliate or advertise relationships with businesses that share the
same potential customers to bring value to increase the number of revenue streams.

29
 6. Key Resources

6.1. Sales:

Our Sales team is led by Mr. Pham Minh Quan, who brings valuable experience as a
Sales Development Representative. With a proven track record in seeking potential
customers, building relationships, and providing feedback to improve marketing
strategies, Mr. Quan is a crucial asset for the sales segment of our project.
Additionally, Mr. Huynh Gia Bao, with experience in Sales and Business
Development, contributes insights into customer acquisition and retention, making
him another key player in our sales efforts.

6.2. Marketing:

In the Marketing department, we are fortunate to have two talented individuals, Mr.
Nguyen Vu Nhat and Ms. Nguyen Quynh Chau. Both have participated in marketing
and start-up competitions, providing them with extensive knowledge and experience
in areas such as marketing strategy, market analysis, creativity, and innovation. Their
combined expertise ensures a robust foundation for our marketing initiatives.

6.3. Customer Relationship Management:

Customer relationship management is divided into two main groups: mentees and
mentors.

Regarding managing the relationship with the mentee, the member responsible for
that is Ms. Nguyen Le Bao Han. Because she has had internship experience in a
learning development position, and also had two years of mentoring new members of
the FTU Yours club as vice president and homeroom leader, she has enough
experience and The ability to manage relationships with mentees, expand your
network and form long-term relationships with them.

As for managing the relationship with mentors, Mr. Le Dang Khoa will be the
member in charge of this area. With 2 years of experience as a mentor for a company
with similar services, Mr. Khoa clearly understands the process of caring for mentors

30
of companies and businesses with similar services, and can point out the strengths
and weaknesses. weak, and clearly understand what mentors need during the teaching
phase. In addition, a few other members who also have teaching experience will also
support this segment to operate effectively.

6.4. Partnership Management:

Taking responsibility for the partnership management is Ms. Nguyen Le Bao Han,
currently the president of the FTU Yours club at Foreign Trade University Campus
II, and also has an internship in a learning and development position. With profound
experience in contacting and negotiating with sponsoring partners for major school
competitions, this will be of great help in the partnership management aspect of the
project.

6.5. Mentorship:

For mentorship in the initial years of our project, we are fortunate to have three team
members – Mr. Nguyen Vu Nhat, Ms. Nguyen Quynh Chau, and Mr. Le Dang Khoa
– each with a minimum of two years of teaching experience. All three individuals
boast a high and stable GPA, ranging from 3.44 to 3.78. Moreover, Mr. Nhat and Ms.
Chau have experience in various marketing and startup competitions, ensuring that
we have a pool of mentors with diverse expertise in different subjects and
competitions. This wealth of experience ensures that we can guarantee at least three
mentors for the initial three years of our business, providing valuable support across
various subjects and competitions.

Member Experience & Achievements

Nguyen Vu - Good at finance.

Nhat
- Experienced in marketing and start-up competition, experienced
at tutoring.

31
 - GPA: 3.78

- Internship in the Sales & Planning Department of a Seafood

Export Company

Nguyen - Experienced in marketing and startup competitions (DoorS21

Quynh Chau finalist)

- Experienced in freelance tutoring (2 years of experience)

- Experienced in project management for startups (internship at

InnoLab Asia - company that works in the field of innovation and
startup incubator)

- GPA: 3.48

Nguyen Le - Currently taking internship at Learning & Development position

Bao Han at RSM Vietnam (an audit & consulting corporation)
- President at FTUYours - Skill and Event Club FTU2
- 2 years experience in mentoring new club’s members

Pham Minh - Currently in an internship as a Sales Development

Quan Representative at PostCo (a Malaysian SaaS startup)

- Proficient in spreadsheet and self-taught javascript to automate

the tasks relating to spreadsheet.

32
Pham The - Have taken an internship as a Public Relation intern in TH
Quang Corporation.

- Experienced in freelance tutoring English (1 years)

Huynh Gia - Experienced in business start-up competition

Bao
- Experienced in Sales and Business Development at an Freight
Forward Company

Le Dang - 2-year experience in freelance tutoring.

Khoa
- GPA: 3.44

Table 1. Mentors' information

33
 7. Key Partners

7.1. Mentors:

Mentors, or instructors, play an important role as Key Partners in the project, bringing
expertise and practical experience to the mentor and mentee community. The
diversity and quality of the team of mentors lay the foundation for the success of the
project.

Mentors are primarily responsible for sharing knowledge and experience with
students, helping them develop their academic and soft skills. They advise, provide
advice, and identify academic opportunities for mentees. Mentors also commit time
and effort to the mentoring relationship.

A strong team of mentors is the deciding factor in the success or failure of the project.
The diversity in experience and expertise of mentors helps bring diversity in
educational resources and mentorship. This not only creates a multi-dimensional
learning environment but also enhances the image and reputation of the project,
attracting mentees and other stakeholders.

7.2. Educational or Mentorship Experts:

Education and mentorship experts are considered important Key Partners of the
project, ensuring the quality and performance of the mentorship model. These experts
have extensive experience in the field of education and training, providing the project
with professionalism and valuable support.

Education and mentorship specialists are primarily responsible for designing and
implementing training programs for mentors and mentees. They develop quality
standards and ensure that every interaction meets the highest expectations.
Additionally, they manage the feedback and evaluation process to maintain and
improve the quality of mentorship.

34
Education and mentorship experts help the project ensure quality and professionalism,
building and maintaining high standards within the educational community.
Innovation and creativity in training programs also bring positive experiences for
both mentors and mentees. Not only do they assist in building a long-term and
positive commitment between mentor and mentee, but they also provide ongoing
feedback, helping the project to continually adjust and improve.

7.3. KOL, KOC from FTU2:

KOLs (Key Opinion Leaders) and KOCs (Key Opinion Consumers) from FTU2 play
an important role in the project's main partner system, bringing influence and positive
perspectives from the student community. Support from them not only enhances
credibility but also helps the project connect effectively with key audiences.

KOLs, who have great influence on the student community, are mainly responsible
for sharing positive messages and creating good momentum for the project. In
contrast, KOCs, students with small influence but the ability to spread messages
quickly, play a role in spreading messages from KOLs and sending feedback from
the community.

The participation of KOLs and KOCs from FTU2 brings a strategic advantage,
creating a strong network of influence within the student community. This not only
helps the project reach its goals effectively but also builds a positive image in the
minds of students and increases support from the community.

7.4. FTU2 Clubs and FTU2 Communities (FB groups, confessions,

…):

Clubs and online communities (such as Facebook groups, Confessions, and other
platforms) from FTU2 play an important role as key partners, providing diverse
community interaction and support student. Collaboration with them brings the
advantage of diversity and positivity in communicating the project's message.

35
They contribute to the success of the project by promoting messaging, sharing
information, and creating opportunities for interaction. Online groups such as
Facebook groups, Confessions, and other platforms help spread messages and create
spaces where communities can discuss and share ideas.

Moreover, collaboration with clubs and communities within FTU2 brings the benefit
of strong connections with students. Projects can use the existing structure and
influence from these groups to increase effectiveness in reaching and communicating
with audiences. At the same time, support from online groups helps the project
maintain a close and continuous connection with the community.

7.5. Website Development Service:

The partnership with a Website Development Service is crucial for MentorHub to

ensure the successful development and implementation of its platform. By
collaborating with a specialized team of experts, MentorHub can leverage their
technical expertise to create a robust and functional website. The development service
brings valuable skills and knowledge in building scalable and secure platforms,
ensuring that MentorHub's platform can handle increasing user demands and provide
a reliable user experience.

One of the key benefits of partnering with a website development service is their
proficiency in professional design and user experience. They understand the
principles of effective user interface design and can create visually appealing and
intuitive interfaces for MentorHub's platform. By prioritizing user experience, the
development service can optimize navigation and interactions, making it easy for
Mentees and Mentors to engage with the platform.

Customization is another important aspect facilitated by the partnership. The

development team collaborates closely with MentorHub to understand its unique
requirements and goals. They can incorporate custom features and functionalities that
align with MentorHub's objectives, tailoring the platform to meet the specific needs
of its users.

36
The partnership also brings advantages in terms of quality assurance and testing.
Website development services have established processes for thorough testing,
ensuring that the platform functions smoothly and efficiently. By conducting
comprehensive checks and debugging, any bugs or issues can be identified and
resolved, resulting in an optimized user experience and a reliable platform.

Time and cost efficiency are significant advantages of collaborating with a website
development service. The development team takes care of the technical aspects of the
platform, saving MentorHub valuable time and resources. This allows the MentorHub
team to focus on other critical areas of the business, such as marketing and user
acquisition. Additionally, the expertise of the development service helps avoid costly
mistakes, ensuring that the platform is developed within the allocated budget.

Furthermore, the partnership offers ongoing support and maintenance. The

development service provides regular updates, security patches, and performance
optimizations to keep the platform up-to-date and functioning at its best. Having a
dedicated team to address technical issues promptly ensures the platform's stability
and provides Mentees and Mentors with a seamless experience.

37
 8. Cost Structure

MentorHub's cost structure is calculated based on key activities and key resources.
First, because we own an in-house team capable of managing and implementing
Marketing, Sales, and Customer relationship management (CRM) activities,
MentorHub can cut out the costs of hiring Sales staff, Marketing, and CRM.

MentorHub currently has three mentors who will commit to accompanying

MentorHub for at least three years: Mr. Nguyen Vu Nhat, Mr. Le Dang Khoa, and
Ms. Nguyen Quynh Chau, MentorHub plans to recruit 5 more mentors in the first
year, 9 more mentors in the 2nd year, and 18 more mentors in the 3rd year. These
mentors will have experience, skills, and knowledge in fields including Marketing,
English, Business, Logistics, Finance, Accounting & Auditing, and Human
Resources.

In terms of testing the quality of mentors, a fixed payment for a contracting mentor
would be 120.000 VND per two months, which is calculated by estimating the
opportunity cost of making a 2-month contract with MentorHub (which requires
mentors to be available for at least four “1-hour mentoring sessions”) instead of doing
a part-time job with the salary of 30.000 VND/hour. Besides direct marketing and
personal selling, which are performed by the in-house marketing and sales team,
MentorHub also develops new marketing channels (nano KOL, KOC, FTU2
communities, clubs, etc.). Ms. Nguyen Le Bao Han has a strong network in
FTUYours Club, therefore, we can save costs when reaching out to potential
customers in this club. MentorHub plans to hire 4 different nano FTU2 KOLs &
KOCs a year, with a cost of about 250.000 VNĐ/ post (Dogtiev, 2023), and offer 4
sponsorships of 1.500.000 VNĐ for 4 Clubs with a large number of members (Social
Working Club, Creatio, Action Club, FTU Zone) to increase MentorHub’s awareness.

When it comes to Website Development, MentorHub plans to outsource to a website

development service. The website development cost in year 1 would be 8.000.000
VNĐ (Anon, 2020), and the cost of operating the website in year 2 and year 3 would

38
 be 3.000.000 VNĐ. The domain name and hosting cost for the website would be
1.000.000 VNĐ per year (WEB HOSTING, n.d.; iHappy, n.d.).

For CRM, as we use our in-house team to perform CRM tasks such as matching,
feedback collecting & addressing, customer care, etc, we only spend budget on CR
programs to improve the acquisition and retention of mentees and mentors. We
concentrate on referral and membership programs because they tend to provide long-
term and consistent benefits rather than sales promotions (such as discounts, combos,
etc.). To be specific, the budget for referral and membership programs would be
3.200.000 VNĐ in year 1 and increase in following years, while the budget for sales
promotion would be 800.000 VNĐ in year 1 and decrease in following years.

Cost Structure Year 1 Year 2 Year 3

Salary for Marketing & Sales team (in-house) 0 0 0

Partnership fees with mentorship expert 6,000,000 7,000,000 8,000,000

Fixed payment for contracting mentors 5,040,000 7,920,000 12,960,000

Partnership fees with nano KOLs, KOCs 1,000,000 1,000,000 1,000,000

Sponsorship for FTU2 clubs 6,000,000 6,000,000 6,000,000

Salary for Mentor-Mentee Matching team (in-house) 0 0 0

Website development & operation (outsource) 8,000,000 3,000,000 3,000,000

39
Domain name & hosting cost for website 1,000,000 1,000,000 1,000,000

Salary for CRM team (in-house) 0 0 0

Referral program 1,600,000 2,000,000 2,400,000

Membership 1,600,000 2,000,000 2,400,000

Sales promotion 800,000 600,000 400,000

Total 31,040,000 30,520,000 37,160,000

Table 2. Cost structure

40
 9. Revenue Model

The MentorHub revenue model comprises three main sources of revenue. Since we
serve two types of customers, who are Mentors and Mentees, based on our operation
model, for an easier understanding of how MentorHub generates money, we describe
our revenue model using the flow of revenue stream, which is divided into 2 parts
including cash flow in (money going from the Mentees to MentorHub) and cash flow
out (money going from MentorHub to Mentors).

9.1. Revenue model description

9.1.1. Cash flow in: From Mentees to MentorHub:

The revenue of MentorHub comes from three sources, as follows:

1. Service-based revenue: for each service being executed, 30% of the revenue
generated shall be retained and counted as revenue from operation for
MentorHub.

For each type of problem that we service, the pricing strategy differs. According to
our survey, approximately 40% of the respondents are willing to pay for the service
in the range of 100.000 - 199.000 VND per month, and 22% of the students can pay
up to the amount of 400.000 VND per month for our type of service. Based on this
information and along with the average tutoring market prices, for the first year of
our business project, the pricing is determined as follows:

a. For the competition category: we apply the two-part pricing strategy.

Specifically, each service will have the components of:

- Fixed fee: charge 200.000 VND (seen as the fee for keeping the Mentor
on-hold for the particular customer)

41
 - Variable fee: (assuming all the competitions have 3 rounds, and the
customers register under team format of at least 3 members per team)

• Charge 0 VND for the mentoring session for the first

round

• Charge 150.000 VND per mentoring session for the

second round

• Charge 200.000 VND per mentoring session for the third

round

b. For the GPA category: the pricing strategy is the basic one-time full price
payment per service being executed, and such payment will be made in
advance before the mentoring session is conducted (following with a refund
policy). The price for each subject differs according to the demand for that
particular subject. However, the average price shall be 120.000 VND per
mentoring session.

Note: In peak seasons of competitions and near examination day for the GPA
category, the fees above shall be charged with an additional amount of 100.000 VND
per mentoring session.

2. Affiliate & Advertisement revenue: The affiliate and advertisement figures

are estimated based on references to similar models of Sport and Culture
Newspapers. Once the website is established and has stable and growing traffic,
MentorHub will use the affiliate and advertisement model with pricing (for the
first year) as follows:

a. Advertisement model

In order to avoid the situation in which customers are irritated by overwhelming

advertisements on our website, MentorHub decides to only “rent” 4 positions, which
42
 are at the top, center, to the right, and at the bottom of the website. Specific prices are
determined in the table below.

Position Position name Size (pixel) Home page

Week Month

1 Top 728*90 220.000 880.000

2 Center 660*90 180.000 720.000

3 Right 1-2 300*250 150.000 600.000

4 Bottom 660*250 100.000 400.000

Table 3. Prices of advertisement positions on website of MentorHub (VND)

b. Affiliate model

As an affiliate, MentorHub charges the prices as follows:

Key metrics Description Price

CPC Cost per Click 5,000

CPM Cost per Mile 7,000

43
CPS/CPA Cost per Sale/Action Negotiable

Table 4. Prices of affiliate performance on website of MentorHub (VND)

3. Donation: If the Mentees are satisfied with the service of the Mentors and
MentorHub, then, on a voluntary basis, the Mentees can donate to the Mentors
via MentorHub. 30% of the donation amount shall be retained and counted as
revenue for MentorHub.

Based on the operation performance of the first year as well as external factors
such as market acceptance and adoption rate, the pricing strategy may have some
changes accordingly. However, we assume a stable growth rate of 10% in prices
for easier estimation of the revenue stream. Therefore, the summary of our service
prices in the first three years of operation are as follows.

Table 5. Summary of service prices in the first three years of MentorHub (VND)

9.1.2. Cash flow out: from MentorHub to Mentors:

Due to the contribution of the Mentors, who can also be considered to be our strategic
partner (apart from being our customers), part of the revenue generated by the service
shall be passed onto the Mentors as their income. In particular, the revenue will flow
from MentorHub to Mentors as follows:

44
 1. Service-based revenue: 70% of the revenue generated from each service
conducted shall be paid to the Mentors.

2. Donation: 70% of the donation made by the Mentees will be paid to their
respective Mentors.

9.2. Revenue stream forecasting

9.2.1. Assumptions of revenue component proportion:

Based on observation and quick interviews made by the authors, MentorHub assumes
that, in general, the components that contribute to the total revenue of our service will
be as follows.

Revenue
Component Unit Year 1 Year 2 Year 3
source

Number of
Competition purchased 45 63 81
services
Service-based
revenue
Number of
GPA purchased 64 96 171
services

Percent of
Affiliate & traffic that
Affiliate 50% 60% 60%
Advertisement clicks on
links

45
 Number of
All All All
Advertisement positions
positions positions positions
rented

Table 6. Component contribution of the revenue model for the first three-year period

To be more specific, the assumptions underlying the numbers above are explained
based on the foundation of, from our survey results, around 80% of our target Mentees
have the goal of obtaining a high GPA, and 30% want to be in-top of competitions.

For the first year of operation, with the current human resources (MentorHub only
has 2 available Mentors from our core team), we plan to recruit 6 more mentors,
making the total Mentors available in the first year is 8, who are experienced and
good at four different areas which are Marketing, Business, Finance, and English. We
assume that around 45 “competition” services will be purchased for the first year of
operation. This stems from the assumption that the Mentees will take part in around
9 competitions held annually, and 5 teams will purchase our services per competition.
For the GPA category, we provide service for 8 common subjects that freshmen and
sophomores of FTU2 will have, with the estimation that we can reach 8 customers
per subject. Next, assuming traffic of our website can reach to 1000 sessions per
academic year (given 10 times of access from the reached population, which is around
100 students), we expect around 50% of them click on the links one time. Also, all
positions of advertisement are contracted with our key partners and/or interested
organizations.

These numbers will grow over the years since we plan to recruit 4 more Mentors in
the second year if the business receives positive signals from the market. Likewise,
around 63 “competition” services are expected with the assumption that we will have
around 7 customers per competition for 9 competitions in total. In this year, we
expand our coverage areas to 2 more fields, which are Supply chain - Logistics and
Accounting/Auditing. Moreover, with 8 subjects common for freshmen and
sophomores, we expect each subject will be registered by 12 students (or groups of
46
students), making the total services purchased for the GPA category in the second
year 96. The traffic of our website is also expected to grow to 1400 sessions per
academic year due to the expanded pool of Mentors and Mentees, and around 60%
of them will click on the links, therefore generating revenue for MentorHub as an
affiliate partner.

For the third year assumptions, we hope to expand by recruiting more Mentors,
making the total available 21 mentors. From this number, we expect to achieve 9
customers per competition for 9 competitions as well as 19 users per subject for 9
subjects in the “GPA” category. In addition, we assume the website traffic can reach
2000 sessions per academic year, and 60% of them will click on the links.

9.2.2. Revenue stream forecasting for the first three-year

period:

From the information mentioned at the beginning of this section, together with our
planning and forecasting, we aim to obtain the following revenue stream.

Revenue source Component Year 1 Year 2 Year 3

Competition 19.125.000 29.452.500 41.715.000

Service-based GPA 12.160.000 19.392.000 36.765.000

revenue

Total (minus revenue

9.385.000 14.653.0350 23.544.000
paid to Mentors)

Affiliate 2.500.000 4.620.000 7.260.000

47
 Affiliate &
Advertisement 23.400.000 25.740.000 28.314.000
Advertisement

Total 35.285.500 45.013.350 59.118.000

Table 7. Revenue stream forecasting for the first three-year period (VND)

In the long run, we aim to adjust and expand this model not just in FTU2 but other
universities as well. In this case, the revenue from both service-based and affiliate -
advertisement channels will increase significantly, proportionately, and favorably
with our cost structure, making sure that our model is sustainable.

48
 CHAPTER 3: PROTOTYPE

Step 1: MentorHub selects 2 members who have high GPAs in certain courses or
have good skills in English, presentation, etc. to become mentors. MentorHub also
prepares a Google Form to apply for the mentor role (Appendix 1).

Step 2: Marketing and Sales team contacts potential FTU2 1st and 2nd-year students
to ask about their current needs for mentorship on university courses or competitions.
After that, MentorHub provides them the information about the 2 mentors (GPAs,
achievements, experiences) and quotes them discounted prices to test their acceptance.
After these mentees’ acceptance, MentorHub connects them with mentor Nguyen Vu
Nhat who is suitable for their requirements and needs (9.2 grade point in Principles
of Finance). (Appendix 2). MentorHub also prepares a Google Form for the
customers to fill out their specific needs and requirements for mentorship service
(Appendix 1).

Step 3: We provided mentoring services to 3 groups of mentees who are seeking

mentorship on principles of finance. Groups 1 and 2 consist of 7 mentees in total, and
we conducted an online mentoring session. Group 3 has 1 mentee only, we had an
offline mentoring session at a cafe (Appendix 3). For groups 1 and 2, we give them a
Google Docx where they can input their questions or concerns before the official
session. We also provide them with the test banks as well as detailed instructions on
the subject.

49
 Figure 6. Prototype

Step 4: After the service period, we collect payment and feedback from mentees
(Appendix 4). We earned a revenue of 50.000 VNĐ from Group 3, and she said that
she is willing to pay a higher price (120.000 VNĐ) for a mentoring session on
presentation skills. According to the feedback, MentorHub’s satisfying point is
delivering one-on-one mentorship as well as the experiences and detailed guidance
of the mentor to help the mentee better understand the problems. Moreover, there are
3 things MentorHub should improve to better serve mentee's needs, basing on the
feedback from customers. First, the mentor should be more proactive in giving
direction on what to learn, and what to prepare before the mentoring session. Second,
mentors and mentees must agree on the communication channel and mentorship
channel that is suitable for both parties. Third, MentorHubs must reach out to more
potential mentors in different fields to cover the mentee needs relating to different
fields, such as Marketing competition (Appendix 4). For Group 1 and Group 2, they
said that they will continue to use MentorHub service for other fields, and next time,
they are willing to pay from 270.000 to 350.000 for 2 mentorship sessions (Appendix
4).

50
 CHAPTER 4: INTERNAL AND EXTERNAL BUSINESS VALIDATION

Competition Landscape

In terms of the competition landscape, we currently have not seen any direct
competitor of MentorHub. MentorHub has some potential competitors, whose
customer base also contain FTU2 students, and their solution is similar to MentorHub
to some extent (mentoring, coaching, one-on-one, education, etc.). However, these
potential competitors would face certain challenges if they choose to directly compete
with MentorHub in this market segment, and hence MentorHub would have some
advantages over these potential competitors.

Figure 7. Competition Landscape

Market Size and Market Acceptance

Market size estimation is crucial in conducting a business project. Due to the fact that
FTU2 is a niche market and we do not have any direct competitors, based on our
survey results, it is safe to say that there certainly is room for MentorHub to operate
in and grow.

51
Since time and resources are two of our biggest constraints on calculation, the figures
we provide herein cannot be accurate; however, the MentorHub team tried our best
to come up with the numbers by utilizing secondary data and a self-conducted survey.
Using the TAM - SAM - SOM approach, with the assumptions made by the authors,
we estimate the market size as follows.

Figure 8. Market size

1. TAM (total addressable market) is estimated at around 1300 people (including

100% freshmen and 30% sophomores).

According to the Admission project of Foreign Trade University over the years,
FTU2 (Hochiminh campus) receive approximately 900-1000 new students each year.

According to data from the survey made by the team, newly admitted students
and a considerable number of second-year students (more than 90% of survey
respondents) have difficulties studying as well as competing in student
competitions, which creates the demand for MentorHub - a convenient and
affordable solution for their wants and needs.

2. SAM (service available market) is around 910 people (calculated based on the
assumption that around 70% of TAM will have demand for the service, derived
from the survey result).

52
 3. SOM (service obtainable market) is around 137 people (calculated based on
the assumption that MentorHub can reach around 15% of the SAM population,
estimated for the first phase of the business, for a whole academic year).

MentorHub Milestone

In 2 weeks of marketing testing, we obtained 8 mentees who accepted to use our

service, 1 transaction (50.000 VNĐ), and the positive feedbacks from these mentees.
The positive feedbacks are about our important value such as competitive price, one-
to-one mentoring, personalized experience, enthusiam, and dedication of mentor,
detailed instruction, simple process, and easy-to-understand. These positive
feedbacks shows that our process and activities have great effects on delivering the
value to customers, as well as our designed customer journey provided smooth and
satisfying experiences for the customers (Appendix 4).

The market acceptance also shows good signal as 100% of the mentees are willing to
pay for the next time using service, 86% have intentions to use MentorHub service
for upcoming competitions, and the price range they are willing to pay is from
120.000 to 175.000 VNĐ per session (Appendix 4).

Moreover, MentorHub can take advantage of the flexibility and adaptability of in-
house teams in addressing the feedbacks from customers to improve the service. From
the feedback, quantity and quality of mentors, the method of addressing questions,
the availability of offlinee sessions are among the cares of mentees, and can be
imrprove to better serve customers’ needs and requirements (Appendix 4).

Profit Projection

Year 1 Year 2 Year 3

53
Revenue 35.285.500 45.013.350 59.118.000

Cost 31,040,000 30,520,000 37,160,000

Profit 4.245.500 14.493.350 21.958.000

Table 8. Profit projection

54
 CHAPTER 5: PROCESS BOOK

Initially, we chose to build a project under topic 2, which was to develop a product
or service for Sensay company - a startup specializing in AI-based language learning
mobile application. However, since none of the team members could come up with
any ideas for improvement for the existing product of the company, the team decided
to brainstorm one more time and switch the topic. The team came up with 7 different
ideas in various areas, such as plastic recycling services, fashion retailers, food
delivery service, etc. After that, we had a meeting in which we gave each other
feedback and constructive criticism in order to pick out the most feasible idea. Due
to our limited knowledge, expertise, experience, and resources (such as time and
humans), we chose to develop the MentorHub project, which was an area where all
members could contribute their effort to making this a feasible, desirable, and viable
project.

After determining the general outline of our project, we started to build the customer
persona, primarily by conducting a self-constructed survey. Based on our knowledge
and assumptions about the customers, we developed a questionnaire (Appendix 6)
and mass-mailed it to all students at FTU2. The results we obtained supported and
solidified our initial assumptions about the wants/needs of students and their demand
for a mentoring service. From then, we defined the pain point and gain point that we
could solve for the students. There were 2 important lessons that we learned in this
stage of the process. The first one was that we had to pay attention to the competitors'
landscape within FTU2, since there was also a mentoring project launched by a well-
known student club. Therefore, we needed to make our value proposition clearer as
well as clearly define our unique selling points in order to stand out in the market.
Secondly, we needed to narrow down the scope of problems that our service promised
to solve/ provide solutions for since the Mentees have a lot of different problems,
wants, and needs. That was why we clarified afterwards that our project primarily
solves two problems only, which were to help the Mentees gain a higher GPA and
get into the further rounds of competitions.

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For the stage where we developed the value proposition, we learned two lessons that
we must stand from the viewpoint of the customers when coming up with the
proposition, and that we could only provide advantage of at most two out of three
factors which were quality, price, and time/convenience. We decided that our service
would help the customers in regards to quality and time, that was why we were forced
to charge relatively high prices for a proportion of students.

For the right hand side of the BMC, we received the feedback that we did not have a
clear persona as well as value proposition for the Mentors (initially, we only had for
the Mentees). This stemmed from the problem that we regarded the Mentors as our
key partners and not our customers. However, we did ask for the supply of Mentors
in the questionnaire, so coming up with the persona and value proposition for the
Mentors were added in time. Secondly, we fixed the content of the customer
relationship component because initially, we thought it was about doing marketing
campaigns and carrying out customer care activities. After the consultation with the
professor, we realized that we had to talk about activities for customer acquisition
and, more importantly, customer retention.

Regarding the left hand side of the BMC, all members contributed their ideas so that
we could define a 10-step process of how we could deliver value to our customers
(Appendix 8). From that, we defined our key activities, key partners, and channels. It
also helped us break down the costs required for this model. More particularly, for
the key resources, each member of our team listed out their achievements, capabilities,
and strengths so that we could allocate each member into suitable positions in this
startup project so as to utilize all of our available resources.

For the Cost and Revenue structures, we decided to work individually at first.
Meaning one member would be in charge of Cost and another of Revenue. However,
we soon realized that we did not match the cost and revenue, resulting in a forecast
of an incredible loss even after three years of operation. Therefore, we learned that
we must work collaboratively in order to come up with a healthy financial plan.

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Lastly, for the prototype development, there are two main points we would like to
mention. Firstly, in the stage of acquiring early users, our team members had to do
sales activities and basic BTL (below the line) marketing activities by directly
chatting with the customers and utilizing their word of mouth to acquire the early
adopters. We realized that we must pay attention to and focus on “reminding” them
of their pain points in order to make them feel the need to try our service at a discount
price. Secondly, while delivering the mentoring sessions, we learned that for this type
of service, the demand will skyrocket in the examination season, especially two or
three days prior to the exam date. Therefore, we, as the MentorHub owners, must pay
attention to demand forecasting, contract more mentors as preparation, and charge
higher prices for peak seasons so as to best satisfy market demand. Moreover, we
must have more careful preparation in the sense that the Mentees must have time to
prepare their questions, or else they would feel like they couldn’t obtain the most out
of the mentoring session, thereby lowering the amount that they are willing to pay or,
in the extreme cases, stopping engaging with our business.

Regarding the key risks that can kill our business, we anticipate two main risks that
heavily affect our service. The first one is the possibility that the Mentees and
Mentors having each other's contacts, they would stop engaging with us and instead
make contracts on their own, which would significantly decrease the number of both
Mentors and Mentees in our business. For this risk, we mitigate it by giving Mentors
loyalty programs and offering them financial benefits in order to retain them. Second,
since we are still in the early stages of this project, our demand forecasting cannot be
fully trusted. Therefore, in the peak season, it could result in a surge in the number of
Mentees, whereas the number of Mentors cannot meet this demand. We counter this
risk by trying to develop the demand forecast model as accurately as possible over
the years so as to better prepare for the peak seasons.

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 APPENDICES

Appendix 1. Application form for Mentor and requirement form for

Mentee

1.1. Mentor application form

https://docs.google.com/forms/d/e/1FAIpQLSd4kvnol4QsmqDzI3zOzrbQGYE
O0Rwtfw2bbWd3bqw6tsRyuw/viewform?usp=sharing

1.2. Mentee application form

https://docs.google.com/forms/d/e/1FAIpQLSeGBZLGzTiHIr8XKtCID9YXD
ERfu5Mp_NhAZl9hih-iTtClZA/viewform?usp=sharing

Appendix 2. Mentee acquiring process

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Appendix 3. Mentoring service implementation process

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Docx dành cho Mentee input câu hỏi, thắc mắc

Câu hỏi, thắc mắc của Mentee (NHÓM 1) - Google Tài liệu

Appendix 4. Mentees’ Feedbacks

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Appendix 5. Results of survey on Mentorship needs of FTU2 students (only
access by FTU2 gmail)

https://docs.google.com/forms/d/1jJQI_3OPgn08wfi7rgP74-
9zJamjrwiXV2y57uT0YuM/edit?fbclid=IwAR3UydKcw_ZnMBTYVP0TISim
mhqMpHU0gdh5rWVxPLjGRKDBR4Zq_RII7Q0

Appendix 6. 10-step process of value delivery

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