Business Creativity: Developing Innovative Business Models

This report discusses the different topics covered in the lecture on Business Creativity, including developing creativity and the business idea, introducing the business model canvas, and implementing and managing creativity. It also highlights the skills and knowledge gained by the student and their potential for becoming a successful entrepreneur.

Master of Business Administration
Business Creativity
Name of lecturer: Leonard Yang
Name of student: Phan Hong Nguyen Khang
Student ID: B00335508
Submission date:

Table of Contents
Introduction......................................................................................................................................3
Topic 1: Introducing Creativity.......................................................................................................3
Topic 2: Developing Creativity and the Business Idea...................................................................4
Topic 3: Introducing the Business Model Canvas...........................................................................5
Topic 4: The Business Model Canvas-Part Two.............................................................................5
Topic 5: Strategy: Creativity in Business Start-ups.........................................................................6
Topic 6: Strategy: Creativity in Existing Businesses -Model Patterns Explained...........................7
Topic 7: Reinterpreting Strategy through the Business Model Lens..............................................7
Topic 8: Business Model Design Process........................................................................................8
Topic 9: Implement and Manage Creativity....................................................................................9
Conclusion.......................................................................................................................................9
References......................................................................................................................................11

Introduction
This reflection report presents the different activities that were performed by me during this
lecture. It also depicts the skills that I have improved in lectures, while undertaking the
topic/session. It also defines the certain aspects that I have learned from this lecture. It evaluates
my interest in engaging in lectures. This report demonstrates the ways by which I and my team
members have organized the tasks. It also exhibits the good and bad point that I have observed in
the lectures. It also explains the key activities that I can perform differently in the future. It
discusses the activities which I did after finishing the session.
Topic 1: Introducing Creativity
Earlier this session, I have participated in nature and nurture debate on the creativity. I have
gained my creativity skills from this session. I undertook this topic to build my knowledge about
the older and modern models of creativity. From this session, I have learned that creativity is the
creating and interacting on comprehensible new connections as it helps me to think on different
perspectives. This lecture also gained my experience in different ways of creativity. As a result,
now, I am proficient to perform the creative activities. During this session, I felt better because
this lecture has developed my understanding regarding different theories of creativity such as
accident, association, grace, cognitive and personality. Consequently, I have used these theories
to organize the task. Furthermore, I and my team members have involved these theories in the
vertical thinking and creative procedure. The good thing that I have observed during this session
is that creativity is essential to improve the organizational performance and to make a feasible
decision. From this lecture, I have developed my knowledge about the different form of
creativity techniques like provocation, divergence, and convergence. This lecture has increased
my knowledge about the different path of perception like human thinking, linear thinking, and
lateral thinking as I am proficient to implement the path of creativity. In the last, I have pointed
that there are six thinking hats which could be used to focus on facts, data, figures, and
information. These hats are known as white, yellow, black, blue, red and green hats (Bygrave
and Zacharakis, 2011). Although, each hat has different roles from another hat yet each is used to
develop creative ideas. As a result, it would be beneficial to improve my professional career in
future.

Topic 2: Developing Creativity and the Business Idea
From this session, I have increased my understanding regarding creativity and entrepreneurship.
In this way, I have learned that entrepreneurship is about addressing and developing an
opportunity. Together with, I have observed that creativity can be moved into practical and
reality such as products and services could be developed via innovation. I have learned the
difference between entrepreneurs and entrepreneurship. Along with this, I increased my
experience about difference between entrepreneur and enterprise.
This lecture was beneficial for me to increase the experience regarding certain kinds of
opportunities for the business. In this way, I have learned that customers and suppliers can get
opportunities. These opportunities can be in different forms of demand, attraction, feasible and
innovation (Kaplan and Warren, 2013). After completing session, I felt good because
‘Developing Creativity and the Business Idea’ topic was very interesting for me. This lecture
gained my knowledge that when an entrepreneur make 11 ideas regarding development of new
product then only one idea could be successfully launched. Hence, I need to generate many ideas
regarding new product development. I have organized the task by sourcing the new ideas from
internal and external sources. I have developed my knowledge about the characteristics of
creating a good idea which would be beneficial to develop a good idea within an organization as
I can become a good entrepreneur in future. In the last, I have built my knowledge about
techniques of generating innovative ideas for a business model. These are customer insights,
ideation, visual thinking, prototyping, storytelling, and scenarios (Osterwalder and Pigneur,
2010). It would be beneficial to develop my personal and professional career.
Topic 3: Introducing the Business Model Canvas
This lecture was beneficial for me to develop the concept regarding the business model. In this
way, I have learned that a business model defines the rationale of how a company produces,
allocates and retains value. Consequently, this lecture was effective for me to generate business
idea by using business plan along with it makes competent to develop the financial plan. It was
also significant for me to gain my understanding regarding key components of the business
model. In this way, I have learned that value proposition, value chain, competitive strategy,
market segment and cost structure is a component of the business model. This lecture enables me
to assess the business models by using business model canvas. It also develops the understanding

that customer can be segmented on the basis of demographic, geographic and ethnicity. I have
developed the knowledge on key motivation for building customer relations. This motivation
could be customer retention, acquisition of customers, and increasing sales (Meyer and Crane,
2010). This session was also significant for me as it has developed understanding about
designing of the innovative business model using the business model canvas.
Topic 4: The Business Model Canvas-Part Two
During this session, I have gained knowledge about nine building blocks of the business model
canvas. It has also increased my experience about how these nine building blocks are linked to
the four main areas of business: customers, offer, infrastructure and financial viability. In this
way, I have learned that there are nine basic building blocks of business model canvas which was
beneficial for me to make a feasible innovative decision. These nine building blocks are value
proposition, customer segments, customer relationships, key resources, revenue streams, key
activities, key partnerships, cost structure, and channels (Henriksen, et. al., 2012). In this lecture,
I have increased my understanding about different forms of the revenue stream. These revenue
streams could be asset sales, licensing, advertising, subscription fees, leasing, brokerage charge,
and usage fees (Drucker, 2014). Along with this, I have learned that cost can be segmented in
different forms like economies of scale, economies of scope, variable cost and fixed cost. This
session was effective for me to develop an understanding of the basic financial statements like
cash flow statement, balance sheet and profit and loss statement. As a result, it helps me to
become a good entrepreneur by learning technical skills.
Topic 5: Strategy: Creativity in Business Start-ups
This lecture was effective for me to learn the impact of business model environment on strategy.
I have increased my knowledge regarding four main areas of the business model environment.
These are macroeconomic forces, industry forces, market forces, and key trends (Kuratko, 2016).
It also boosted my experience in assessing the feasibility of start-up business by using the main
areas of the business model environment. This lecture was also beneficial for me to design the
innovative business model for start-up. However, I have analyzed that design of the innovative
model is based on a number of drivers and constraints at the workplace.
In this way, I have pointed that key trends of business start-ups are technological trends, strategy
and the internet, regulatory trends, societal and cultural trends, and socio-economic trends. It was

beneficial for me to start-up the business effectively. From this lecture, I have also analyzed that
there are certain market forces like market segment, issues, needs and demands, revenue
attractiveness, and switching cost. I have also pointed that there are some macroeconomic forces
such as global market condition, commodities and other resources and capital markets. Along
with this, industry forces are competitors, substitute products and services and new entrants and
stakeholders (Storey, 2016).
Topic 6: Strategy: Creativity in Existing Businesses -Model Patterns Explained
From this session, I have identified five business model patterns which were beneficial for me to
enhance my professional career. I have gained my understanding of how these five business
model patterns are built. In this way, I have learned that the long tail, unbundling, multi-sided
platform, open models, free and over time new patters are considered as types of business model
patterns. This lecture was also significant for me because it has developed my knowledge about
five business model patterns with respect to existing business. As a result, it would be beneficial
for me to enhance my professional career. Further, it would be effective for me to become a good
entrepreneur in the future.
Topic 7: Reinterpreting Strategy through the Business Model Lens
During this lecture, I have identified the creativity within the business model of an organization.
This session has increased my knowledge about the challenges and opportunities of a business
model of a business. It has also built my creative thinking as an individual or in the group by
analysis of challenges and opportunities for the case study business. It is analyzed that different
components of the existing business model have been used by the case study firm such as value
proposition, customer segment, channels, customer relationships, key resources, revenue
streams, key partnerships, and cost structure (Drucker, 2014).
Topic 8: Business Model Design Process
From the lecture, I have increased my knowledge about the drivers and constraints facing
business in the case study. I have built my understanding regarding different elements needed for
the business model design process. It has also built my knowledge about the application of
creativity in the identified sector. By using this knowledge, I am competent to design the feasible
business model for case study business.

During this phase, I have learned that business model design procedure includes different steps
such as start-up mode, new product development, seeking new growth potential, and reacting to
a crises situation. I have also built my experience about the motivation for business model
innovation. I have learned that the Tata car and Grameen Bank uses business model innovation
for satisfying existing but unrequited market needs. Along with this, Xerox, and Swatch
implement business model innovation to carry out new technologies, products, or services to
market.
I have increased my experienced regarding challenges in business model innovation that was
beneficial for me to face the challenges. In this way, I have learned that finding the right model,
managing uncertainty, inducing the market to adopt the new model and continuously adapting
the model in response to market feedback is several challenges in business model innovation that
may be faced by the company. This lecture has also developed my understanding regarding
motivations in longstanding enterprises. In such way, it can be stated that bringing new
technologies, products or service to market, and crises with the existing business model are key
motivation in longstanding enterprises. I have observed that company faced different challenges
in longstanding enterprises. These challenges are developing an appetite for new models,
focusing on the long-term, aligning old and new models, and managing vested interests (Burns,
2011). I have evaluated that process of business model design considers different phases. These
are mobilizing, understand, design, implement and manage.
Topic 9: Implement and Manage Creativity
During this lecture, I have increased my understanding of the uses of SWOT analysis for
business model innovation. This topic was beneficial for me to analyze both external and internal
influences on an organization. Thus, understanding about SWOT analysis is effective for me to
make decision and innovation regarding business models for both longstanding and start-up
enterprises. I have also built my experience regarding how the blue ocean strategy facilitates
business model innovation. In such way, I have observed that blue ocean strategy is a growth
strategy which is based on the discovery of new industry, invention, and the market segment
which creates new demand. I have also increased my understanding the value innovation entails
the increasing value for customers via the creation of new benefits and services. It also entails
cost reduction via the elimination of less valuable features and services (Storey, 2016). This

lecture enables me to understand the creative responses to identified business problems. I have
also increased my knowledge about the Galbraith’s Star Model. In this way, I have observed that
Galbraith’s star model specifies to align the business with five areas such as people, processes,
rewards, structure, and strategy.
Conclusion
From the above discussion, it can be summarized that these lectures were supportive for me to
enhance my personal and professional career. It has also built my knowledge and experience in
different areas such as creative decision making, innovative business model, business canvas
model and creativity in business start-ups. This lecture enables me to become a good
entrepreneur in the future.

References
Burns, P. (2011) Entrepreneurship, and Small Business. Basingstoke: Palgrave Macmillan.
Bygrave W.D and Zacharakis, A (2011) Entrepreneurship. Hoboken: Wiley.
Drucker, P. (2014). Innovation and entrepreneurship. UK: Routledge.
Henriksen, K., Bjerre, M., Grann, E.D., Lindahl, M., Suortti T., Friðriksson, K., Mühlbradt, T.,
and Sand, H (2012) Green Business Model Innovation: Business Case Study Compendium. UK:
Nordic Innovation Publication.
Kaplan J.M and Warren, A.C (2013) Patterns of Entrepreneurship Management. Hoboken:
Wiley.
Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. USA: Cengage
Learning.
Meyer, M. H., and Crane, F. G. (2010) Entrepreneurship: An innovator's guide to startups and
corporate ventures. Thousand Oaks, CA: SAGE Publication Inc.
Osterwalder and Pigneur, (2010) Business Model Generation. USA: Wiley.
Parnell, J.A. (2013) Strategic Management, Theory, and Practice. USA: Sage Publications
Storey, D. J. (2016). Entrepreneurship and new firm. UK: Routledge.