Creating a Winning Business Project 2 Workbook: Business Model Canvas - Iteration and Reflection

This workbook is about creating a winning business project using the Business Model Canvas. It includes three versions of the canvas, with changes made in each iteration. The workbook covers key partners, cost-related activities, value propositions, revenue-related marketing, and more. It also includes a reflection section and assumptions testing. The subject is Business Research Methods and the course code is not mentioned. The college/university is not mentioned either.

Creating a Winning Business
Project 2 Workbook:
Business Model Canvas - Iteration and Reflection
Student Id: [type here]
Lecturer: [type here]
Submission Date: [type here]
NOTES
1. You should stick to one page for each of the parts. To achieve this, you may reduce the font size if needed (no smaller then 8) and you can delete the
guidance words in italics
2. Make full use of the Guide questions in italics in the Workbook
3. For Versions 2 and 3 of your BMCs – you ONLY need to show the changes from the previous version
In the box below, please explain in simple terms, your business idea. Maximum of 100 words
The business idea is related with the belt with pockets with pain patches. It is made by the soft cotton and is sweat absorbent. It is used under clothes in
order to add or remove the hot patches.
Page 1
My business idea is to create a belt with pockets for pain patches. Everybody use pain patches -but sometimes they are too hot and wants
to remove them. A patch cannot be used directly on the skin as can harm and get irritated. It is self – adhesive but looks inesthetic if is
summer and you put on the shirt or a T-shirt. So, my belt with pockets solve the problem – made by a soft cotton, absorbant of sweat,
pockets easy to use under clothes to add or remove the hot patches.

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
Cost Related Revenue Related
Key Partners
Who are our key partners?
Who are our key suppliers?
Which key resources will our
partners provide? Which key
activities will our partners
perform?
Type here:
 Key partner is the British
Belt company in UK
 Key supplier is Intralox in
US
 Key resources are the raw
materials for making belt.
 Key activity is the support
in the entire business
guidance
Key Activities
What key activities do our value
propositions require in order to
produce, market and deliver them?
What about channels, customer
relationships, different revenue
streams?
Type here:
 Promotional activities are
required
 Traditional marketing
using television
 Customer Relationship
through after sale
servicing
Value Propositions
What value do we deliver to the
customer? Which of our
customer’s problems are we
helping to solve? Which customer
needs are we satisfying?
Type here:
 Pain relief which is worth
to the price
 Adults age group of
customers are highly
satisfied
Marketing & Sales
Communication
How will we raise awareness of
our products and services with our
target customer segments? What
messages or offers will create
desire and interest? How will those
messages reach our potential
customers? e.g. Facebook ads
Type here:
 Awareness can be raised
through newspapers and
news channels
 Social message which
creates connectivity
 Through traditional
channels like newspapers
and television
Customer Segments
For whom are we creating value?
Who are our most important
customers?
Type here:
 Mainly adults are
targeted
 Adults age group is
important
Key Resources
What key resources do our Value
Propositions require e.g. physical,
intellectual, human, financial?
What resources do our channels,
revenue streams, customer
relationships require?
Type here:
 Physical and intellectual
key resources are
required
 Advertisements channels
and attractive content is
required
Product & Service Delivery
Channels
How will customers purchase and
receive the product or service?
What about after sales support
e.g. returns? Where will the
marketing communication direct
customers to?
Type here:
 Product will be available
in the stores
 Company will provide
after sale services till
limited period of time
 Direction will be on the
specification of the
product
Cost Structure
What are the most important costs inherent in our business model? (think about fixed and
variable costs). Which resources and key activities are most expensive?
Revenue Related
What value are our customers willing to pay for? What are they paying now? How do they
currently pay and how would they prefer to pay? How much does each possible revenue
Page 2

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
Is the business model more cost driven (helping the customer save money) or value driven. Is
there an opportunity for economies of scale?
Type here:
 Cost in marketing
 Manufacturing cost is expensive
 Business model is value driven
stream contribute to overall revenue? How might we price this product or service e.g.
subscription, fixed or variable pricing, pay in advance, paypal?
Type here:
 100$
 150$
 Cash payment
End of page 2
Page 3

Business Model Canvas Version 1: Reflection (Maximum 400 words for the page)
Explain the history behind your idea: e.g. how did you come up with the idea, why
do you think it will be successful? Why do you think you are the right person to
develop this idea?
Type here:
I have come up with the idea of painless belt because now a days people are
suffering from pain and sweating due to belts. In order to provide solutions, this
invention is introduced with pockets as well.
Reflection: What do you understand by the term ‘reflection’? What is an ‘action
learning set’ and why might it be more effective than individual reflection?
Type here:
Reflection is all about the outlining of the complete idea with learnings and skills
gained through it. I have introduced a new product with new idea and gained skills
of business management.
Assumptions: What are the main assumptions behind your business idea? How
could you test those assumptions?
Type here:
Assumptions are to provide the perfect solution to the problems faced by the
people and can be tested by conducting the survey while having the respondents of
targeted customers.

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
End of page 3
Page 5

Business Model Canvas Version 2: After the Pitch (just provide changes since last version) Maximum 400 words for the page.
Cost Related Revenue Related
Key Partners
Who are our key partners?
Who are our key suppliers?
Which key resources will our
partners provide? Which key
activities will our partners
perform?
Type here:
 Key partner is the Ariat
Belt in UK
 Key supplier is Beha Belt
in Germany
 Key resources are
Sponsorships for making
belt.
 Key activity is the
advertisement support
Key Activities
What key activities do our value
propositions require in order to
produce, market and deliver them?
What about channels, customer
relationships, different revenue
streams?
Type here:
 Content marketing
activities are required
 Digital marketing using
search engine
optimization
 Customer Relationship
through immediate
feedback
Value Propositions
What value do we deliver to the
customer? Which of our
customer’s problems are we
helping to solve? Which customer
needs are we satisfying?
Type here:
 Belt which fulfils the
needs and requirements
of the customers
 Adults and old age group
of customers are highly
satisfied
Marketing & Sales
Communication
How will we raise awareness of
our products and services with our
target customer segments? What
messages or offers will create
desire and interest? How will those
messages reach our potential
customers? e.g. Facebook ads
Type here:
 Awareness can be raised
through SEO and social
media marketing
 Influencing message
through storytelling
 Through digital channels
like SEO and SMM
Customer Segments
For whom are we creating value?
Who are our most important
customers?
Type here:
 Mainly adults and old age
people are targeted
 Adults age group is more
important
Key Resources
What key resources do our Value
Propositions require e.g. physical,
intellectual, human, financial?
What resources do our channels,
revenue streams, customer
relationships require?
Type here:
 Physical and intellectual
along with the financial
key resources are
required
 Advertisements channels
and attractive content is
required
Product & Service Delivery
Channels
How will customers purchase and
receive the product or service?
What about after sales support
e.g. returns? Where will the
marketing communication direct
customers to?
Type here:
 Product will be available
in the stores and online
 Company will provide
after sale services till
limited period of time and
instant feedback
 Direction will be on the
specification of the
product and worth of the
price

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
Cost Structure
What are the most important costs inherent in our business model? (think about fixed and
variable costs). Which resources and key activities are most expensive?
Is the business model more cost driven (helping the customer save money) or value driven. Is
there an opportunity for economies of scale?
Type here:
 Cost in digital marketing
 Internet and computing cost is expensive
 Business model is value driven
Revenue Related
What value are our customers willing to pay for? What are they paying now? How do they
currently pay and how would they prefer to pay? How much does each possible revenue
stream contribute to overall revenue? How might we price this product or service e.g.
subscription, fixed or variable pricing, pay in advance, paypal?
Type here:
 120$
 150$
 Cash and online payment
End of page 4
Page 7

Business Model Canvas Version 2: Reflection (Maximum 400 words for the page)
Pitch: How did you prepare for your pitch? What went well or not so well? What
have you learnt from the experience?
Type here:
I have prepared my pitch by following up the business model and focusing on the
unique selling propositions. It went well and I have developed my communication
skills and influencing skills as well.
Assumption Testing: How have you tested the main assumptions behind your idea?
How has your business model canvas been updated and changed and why?
Type here:
Testing is done through survey and questionnaire. Business model canvas is
updated with new ideas in order to be more creative and innovative in reaching out
to the audiences.
Comment on your Action Learning Set: What helpful advice, if any, have you
received from other people in your group? What advice or help have you given?
What has worked well and what could you do to make your group more effective?
Type here:
I got the advice that I should update the marketing activities and I have given the
advice related to the resources used in the business.

Business Model Canvas Version 3:
End of page 5
Page 9

Business Model Canvas Version 3: Final Refined Version (just provide changes since last version) Maximum 400 words for the page.
Cost Related Revenue Related
Key Partners
Who are our key partners?
Who are our key suppliers?
Which key resources will our
partners provide? Which key
activities will our partners
perform?
Type here:
 Key partner is the Hermes
 Key supplier is Daifuku
America Corp
 Key resources are ideas
for marketing activities.
 Key activity is the
financial support
Key Activities
What key activities do our value
propositions require in order to
produce, market and deliver them?
What about channels, customer
relationships, different revenue
streams?
Type here:
 Advertisement through
attractive images and
videos activities are
required
 Digital marketing using
google ads and pay per
click
 Customer Relationship
through offers and
discounts
Value Propositions
What value do we deliver to the
customer? Which of our
customer’s problems are we
helping to solve? Which customer
needs are we satisfying?
Type here:
 Belt which fulfils the
needs and requirements
of the customers such as
pain and sweating issues
 Adults and old age group
along with the sports
person are highly satisfied
Marketing & Sales
Communication
How will we raise awareness of
our products and services with our
target customer segments? What
messages or offers will create
desire and interest? How will those
messages reach our potential
customers? e.g. Facebook ads
Type here:
 Awareness can be raised
through SEO and social
media marketing along
with the google ads and
pay per click
 Influencing message
through storytelling
 Through digital channels
like SEO and SMM and
google ads and pay per
click
Customer Segments
For whom are we creating value?
Who are our most important
customers?
Type here:
 Mainly adults and old age
people along with the
sports person are
targeted
 Sports person is more
important
Key Resources
What key resources do our Value
Propositions require e.g. physical,
intellectual, human, financial?
What resources do our channels,
revenue streams, customer
relationships require?
Type here:
 Physical and intellectual
along with the financial
and human key resources
are required
 Advertisements channels
and attractive content is
required
Product & Service Delivery
Channels
How will our customers purchase
and receive the product or service?
What about after sales support
e.g. returns? Where will the
marketing communication direct
customers to?
Type here:
 Product will be available
in the stores and online
along with the malls
 Company will provide
after sale services till
limited period of time and

Business Model Canvas Version 3:
instant feedback with
offers and discounts
 Direction will be on the
specification of the
product and worth of the
price along with the
unique selling proposition
Cost Structure
What are the most important costs inherent in our business model? (think about fixed and
variable costs). Which resources and key activities are most expensive?
Is the business model more cost driven (helping the customer save money) or value driven. Is
there an opportunity for economies of scale?
Type here:
 Cost in google ads and pay per click
 Internet and computing cost is expensive
 Business model is value driven
Revenue Related
What value are our customers willing to pay for? What are they paying now? How do they
currently pay and how would they prefer to pay? How much does each possible revenue
stream contribute to overall revenue? How might we price this product or service e.g.
subscription, fixed or variable pricing, pay in advance, paypal?
Type here:
 130$
 150$
 Cash and online payment
End of page 6
Page 11

Business Model Canvas Version 3: Reflection (Maximum 400 words for the page)
Iterative Journey: How has your idea changed since the last version of your
Business Model canvas? How have your assumptions changed? What evidence
have you gathered during the last few weeks to support your initial assumptions
about your business idea or to challenge those assumptions? What do you know
about your target customers now that you didn’t know at the start of the module?
Type here:
I have changed more channels of marketing through digitalization. Initially
customers were only aware about the traditional way of marketing and purchasing.
But now they can purchase online with online payment with offers and discounts.
Competitor Insight: What is the difference between a ‘direct’ and ‘indirect’
competitor? Who are your businesses main direct competitors? Who are the main
indirect competitors, and why? Which other business are ‘analogues’ e.g. offering
service in a similar way but to different customers, or trying to reach the same
target customers with a different product or service. What have you learned from a
competitor(s) or analogue (s) that has informed your business idea? How is your
product or service different or better than your competitors, how will it stand out
from the crowd?
Direct competitors are those produce similar or same type of products whereas
indirect competitors are the those who produce the close substitutes of it. Belt
with pockets is different from other competitors because it has specification which
other brands don’t have such as pocket and painless with no rashes and no
sweating.
Cost & Risks: What are the biggest risks or obstacles in delivering your project and
how might you reduce or overcome them? What type of funding might you need for
your venture and where might you source this?
Type here:
The biggest risk is the success of the product or not is actually solving the problem
or not. It can be overcome by collecting the feedbacks from the customers and
improving the strategies according to the people. Funding required are the initial
capital and operational cost with the help of bank loan or from the key partners
through sponsorships.

Business Model Canvas Version 3:
End page 7
Page 13

References
List of Web Resources (at least 3)
List the web sites that you have used for your research. Note: you don’t have to cite them using the Harvard author-date format in
the previous pages; you can just list them here e.g.
http://grasshopper.com/blog/startup-competition-guide/
Academic Sources (at least 3)
These should be listed in full
Harvard Format below and in
author-date format in the earlier
pages e.g. on page 3 you might
say “reflection is a form of
looking back (Smith, 2014)” and
below you would cite this fully:
Smith J. (2014) Theories of
Reflection, 2nd. Edn., Prentice Hall:
London
<https://www.atminerals.com/en/artikel/at_The_business_model_of_the_future_conveyor_belts_lease_don_t_buy_3170252.html>
<https://www.continental.com/en/press/press-releases/conveyor-belts-lease/>
<https://www.european-rubber-journal.com/article/2066505/contitech-exploring-leasing-business-model-for-conveyor-belts>
Cheng, Y.E. and Koh, S.Y., 2022.
The ‘soft infrastructure’of
the Belt and Road
Initiative: Imaginaries,
affinities and
subjectivities in Chinese
transnational
education. Singapore
Journal of Tropical
Geography.
Selover, B., Johnson, J. and
Waite-Cusic, J.G., 2021.
Population dynamics of
coliforms in a commercial
Cheddar cheese
production
facility. Journal of Dairy
Science, 104(7). pp.7480-
7488.
Xu, M., Isac, M. and Guthrie, R.I.,
2018. Transport
phenomena during
horizontal single belt
casting process using an
optimized inclined
feeding

system. Ironmaking &
Steelmaking, 45(10).
pp.878-885.
End of page 8
Business Model Canvas Version 3: Final personal career & action plan (Maximum 400 words for the page)
Continuing personal career development: reflection and action plan
Critically reflect on your experience and challenge faced and the abilities you
have developed: undertake a personal audit of the skills and knowledge you have
developed. This can include business sector specific knowledge and wider
‘transferable’ skills, such as: communication (written and verbal), problem solving
and using initiative, team work, organisational skills including time management
and interpersonal skills, demonstrating autonomy and innovation.
Pick three skills / knowledge areas and provide reflective evidence for each using
the STAR approach briefly describe the situation/scenarios and the task/roles (in
that situation), followed by a reflection on the actions taken and the final results.
Personal action planning: now you have evaluated your abilities in the previous
section and in consideration of your future career action plan:
1) identify TWO skills/knowledge areas for further development i.e. you
believe you specifically need to develop further to realise your career goals.
2) action plan as to how you planning to develop these two areas in the
near future with specific timeframes/deadlines
Page 15

End of page 9
APPENDIX: Summary of Evidence of testing your MAIN assumptions (Maximum 400 words for the page). PLEASE provide detailed
information about your testing.
List your MAIN assumptions (No more than
3)
How did you test the assumption? (E.g. Give
details of who was approached; how many;
how you contacted them. OR any partners
contacted).
Summarise the results of testing. (E,g, % of
people liking your product/service; any
positive and/or negative comments etc.)
Page 16

Page 17