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

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.