Business Canvas Model and Entrepreneurial Success

The assignment provided is a detailed report on the business canvas model, its application in enforcing business ideas effectively, and the importance of understanding market needs and audience requirements. The report also touches upon the differences between intrapreneurship and entrepreneurship, highlighting their roles in contributing to a company's growth and success. Furthermore, it discusses the steps involved in creating a successful final report, including determining objectives, understanding market trends, gathering data, and structuring the report. The assignment aims to provide insights into business development strategies and the importance of effective communication in achieving entrepreneurial success.

Essay

Table of Contents
Introduction......................................................................................................................................1
Main Body.......................................................................................................................................1
Conclusion.......................................................................................................................................5

Introduction
Business model canvas can be defined as a process of strategic management which an
organisation use to develop its new business model or to modify the existing one. This report
describes the use of this business canvas model in setting up a new company Wedding Bells
which provides services in arranging various functions and parties. This model helps the
company to develop strategic tools. This report includes Kolb’s cognitive content learning theory
inputs which are used for development of new concepts for the business. These are formulated
by new experiences and involves the learning of conceptual concepts that are applied flexibly in
various situations.
Main Body
The report constitutes Kolb’s experiential learning style theory which involves four
stages of learning. In general terms Learning is basically represented as a process whereas
knowledge is meant to be gained by the help of transforming experiences. The four stages of
learning style are: Concrete experience, Reflective Observation, Abstract Conceptualization,
Active Experimentation. At the time when me and my team were working on this project we
used the business canvas model which really helped us to figure out about a business model in
fully effective and structured way. It helped us in developing the basic perceptions which was
very essential in formulating the project in appropriate manner. The Four stages of Kolb's
experiential leaning theory are discussed below:
Concrete experience : While working on the project I had a wonderful experience and it
helped me to discover many new things which I was unaware about. Me and my team felt the
importance of a business idea which it holds to run a business successfully. The new company
Wedding Bells which provides services in managing events and organising parties. With the
help of this research I learned the importance and use of business canvas model in getting
success to a organisation. I learned about developing the business ideas and to consider
necessary steps while formulating them. The overall experience me and my team had was good
but, we faced issue with one aspect and it is time management because we were unable to finish
the work in the required time. As a team we all had great experience as we felt there was a good
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communication and coordination among us which helped us in communicating the information
effectively for the functioning of the report in a proper manner. It helped us in learning that how
collective efforts of a team can construct a task successfully. Entrepreneur can be defined as a
person who take risks and constructs the business activities and is liable to run the organisational
operations and functions.
So, it is important for him to think innovative ideas for the company to make the
business activities run successfully. The desired goals and objectives of the company has to be
framed in a proper manner which can lead in accomplishing the set targets in appropriate period
of time. The main aim of an entrepreneur is to generate large amount of income from the market.
To accomplish this desire it is important for him to take risk and it should be made sure that the
risk involved is calculated so that excessive loss can be eradicated. While constructing this report
we felt Problem solving approach and analytical skills are important for a team to handle the
tough situations at the time of task. Analytical skills helps in providing best alternatives from
various sources and also helps in selecting best from them. So, this task helped me to understand
about the advantages of an entrepreneur and it left me with abundance of knowledge which will
surely help me in future.
Reflection observation: I observed different aspects which helped me and my team to
construct the given task in a effective manner. I gained the advantage by learning the
implementation of a business idea with the use of business canvas model in order to achieve
business goals. This style includes nine points which are as follows:
It is the first point Customer Segments in which I observed that the company Wedding
bells needs to identify the customer base for the company services and have to choose wide
market segment for their business activities. The customer segment includes the people of
different financial criteria. Services provided by Wedding Bells to the customers are of event
designing, catering service, music arrangements and decorations as per the requirements and
potential of the customer.
I observed that to give value to the costumers Value Proposition is considered and it is
used for comparing products and services from existing competitors in the market and to provide
best services to the clients in comparison from others. We figured out that Wedding Bells offers
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design and catering services as value proposition to its customer segment and makes sure that
consumers are happy with the provided services.
The thing which I observed in this point is that Consumer relationships is very essential
for an organisation to sustain in the market for long period of time. It is very crucial to maintain
good relationships with the customers by providing them good quality services so that large
market share can be captured. I can say that this consideration will lead the company in
profitability.
Key partners are the persons who provide assistance in running the business activities
successfully in the market. Key partners of the company Wedding Bells are employees,
consumers, suppliers and creditors. I analysed in this report that key partners are beneficial for
the company as they contribute in operational functions of business.
There are different Key activities which are performed by wedding bells in market they
are marketing, wedding planning, event management etc. I analysed that it is very essential for
an organisation to perform these key activities effectively.
I observed that to run a business key resources are very important for its success. These
resources for wedding bells are finance, labours, catering staff, design team. I think it is
important to use key resources effectively as it helps in expansion of business.
I have observed that Channels are required to promote the business to reach to a wide
range of customers and helps the business to expand in the market. The company can use
channels like print and social media for its benefits.
Examine the cost of a service the Cost Structure is very important as it provides a basic
criteria to spend the cost accordingly. I observed that this structure is very important as it define
the use of cost properly and increase profit to it maximum level.
I think wedding bells has performed its function in appropriate manner and doing its
business operations in a effective way to fulfil the needs of their costumers and to provide
services according to their demands. As, it results in attracting more people towards the services
of the company. It leads business organisation to expand its activities and to grab the large profit
from the market. I think company should yield response from the customers regarding the
changes which are compulsory for the company to take care for improving the quality of the
services.
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Abstract conceptualization: I believe that company should provide some additional
benefits to the customers to increase their satisfaction level towards the company. The company
provides services like wedding planning and event management and it is possible for them to
provide extra services of video shoots which will directly reduce the tension of the customers
and will help the company to grow in the market. It is considered to be important for the
company as it will lead to gather a large profit share in the market. I believe that it is essential to
consider some new things to eradicate the competitors from the market so that system can hold
up for a long time and execute its targets successfully. To acquire success it is necessary to yield
risk so that market share can grow and income can be increased but risk involved should be
calculative to eradicate the loss in the business activities.
Intrapreneur is described as inside entrepreneur who functions from within a firm and
exercise its energetic skills without acquisition of the risk related with those actions. These are
specifically individual within the company who have progressive ideas which rise the growth of
a business and helps in expanding the market share and increase the profits for the company. It
broadly uses the resources and abilities of the organisation. I feel that company should give
opportunity to its employees if they have specific idea which will give help to grow the business
of Wedding Bells in the market. To motivate the employees the company should give some share
of belongings the business so that the employees can think of some new ideas which is
advantageous for the development of the company. So, I believe intrapreneur is different from
entrepreneur and the roles also differ from each other which is good for the prosperity of the
company in the market.
Active experimentation : I have enlightened that business canvas model is helpful for the
company because it exist from the nine crucial points which supply help to the company to
increase its business and achieve success in the market. I came across that the key partners are
very essential for the wedding bells and without their support the company can not hold up in the
market. The first situation is to conceive an advanced business idea which can increase the ratio
of profit so that the company is able to grow in the market and continue its activities for a long
period of time. The other issues accompanying to the preparation of business are that which
sources should be chosen from the different options so that cost of composing funds can be
reduced. Some other challenges are related to eradicate the rivalry so that the company can
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sustain for long and yield high profit rates. To examine the consequence of external environment
is also essential for the company to defend its business activities from the negative effect.
By examining the performance of my team members in three weeks, I discovered that we
did great job except that one thing which I have mentioned above, team members are taking
extra time to formulate the task but in the end they are able to meet the desired objectives. So all
the targets has been accomplished by us. I acquire to learn that the business ideas can be
enforced effectively by using business canvas model and there are several tools of this model
such as: key partners, key activities, value proposition, consumer segments & relationships, key
resources, channels, cost structure and revenue streams. I as well know what steps should be
interpreted to ensure a successful conclusion for the final report and these steps are such as
follows :
Determine the objective: To discover the objective of the report because it is essential so
that the work can be processed as per the need.
Understand the market: It is necessary to realize the audience in the market so that report
can be useful for the reader who will read it.
Report formate and type: To determine the format of the report is necessary and it is
broadly of two types formal and informal, written report.
Gather the facts and data: Data can be collected from the primary and secondary sources.
Structure of report: It involves first appearance, main body and conclusion.
So these are the some steps which were used by me and my team to insure the successful
outcomes from final report.
Conclusion
It can be described from the above essay report that the business ideas can be
efficaciously enforced with the help of Business canvas model. With the help of Kolb's
experiential learning style theory and the four stages of the model that can be interpreted for
reflective upon the business situation. An entrepreneur must needs to examine the risk and cost
involved in the business. Both intrapreneur and entrepreneur assist the company in increasing
growth and success in the market and make sure that the company can sustain for the long period
of time in the market.
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