Creating a Winning Business: Business Model Canvas Iteration and Reflection

This assignment workbook focuses on the development of a round table for restaurants, nurseries, and schools. The workbook includes a Business Model Canvas (BMC) with iterations and reflections, testing of assumptions, and a personal career and action plan.

MN5W50QA - Creating a Winning Business
Assignment 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
4. In the box below, please explain in simple terms, your business idea. Maximum of 100 words
Page 1
Development of round table in an attractive manner for restaurant nursery and school is the main business idea. Adding value to an existing product is the
main key of increasing customers’ satisfaction. The main reason of selecting this idea is to make social gathering easier and giving intimate atmosphere to
clients and students. It is safer for kids as there will be no sharp edges and also it creates more space so anyone can take their seats easily and without
disturbing others. For attracting customers, restaurants and schools can buy this product and hence it can increase sales.

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
Cost Related Revenue Related
Key Partners
Furniture producers of Romania
Skilled employees
Investors
Schools
Restaurants of UK
All above discussed suppliers and
customers will be partners of this
business.
Key Activities
Production and manufacturing
logistics
Research and development
Marketing
Staffing
Budgeting
Value Propositions
Sturdy furniture
Affordable pricing
Quality of used wood
All these factors will be focused as
they are important and can add
value to business.
Marketing & Sales
Communication
Social media
Online websites
E-mail
All these will be used for marketing
products and communicating with
customers
Customer Segments
Schools
Home owners
Restaurants
Family
All these would be segment for this
business.
Key Resources
Skilled employees
Manufacturer
Wood
Plastic
Fabric
Stainless steel
cane
Product & Service Delivery
Channels
Website
Applications
Cost Structure
Investment and cost will be required in:
Customer support and marketing activities
Staffing or recruitment and selection
Franchisee fee
Logistic fee
Suppliers’ fee
Revenue Related
Franchisee fee
Furniture
Page review on application and websites
End of page 2
Page 2

Business Model Canvas Version 1: Reflection (Maximum 400 words for the page)
Explain the history behind your idea: The main reason of selecting this idea is to
make socialising easier and making small gathering effective. I found from
secondary research that people love to spend time at the time of lunch and tea time
and round table can increase their experience (Yusof and Tamyez, 2018). This
business idea targets schools and restaurants and nowadays, restaurants are doing
everything by which they can attract customers. So, by making them aware about
effectiveness of this product, sales can be increased. So, increasing sales, market
share and making social gathering of people easier is the main history or reason
behind this idea.
Reflection: reflection is one of the best ways of identifying about our-self. Reflective
writing shows our reflection and let us know about our strengths as well as
weaknesses. When we discuss out previous experience, feelings and thinking then it
can know as reflection. In other words, it can be said that recalling those events
that has happened already in order to know its strengths and weaknesses, then it
can be considered as reflection.
In regard to action learning, it can be said that it is a group of people who work
together group for discussing personal needs and accomplishing common goal.
I believe that an action learning set is much beneficial that individual learning
because it helps us out in accomplishing our goals. This learning set can help us out
in decreasing our weaknesses.
Assumptions: What are the main assumptions behind your business idea? How
could you test those assumptions?
Type here:

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
End of page 3
Page 4

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
Logistics
Franchises and same as above
Key Activities
Some activities that have added in
this new version with the main aim
of making business idea successful
include:
Designing modular or table
Advertising
Customer service
Value Propositions
Affordable home centre table
Easy to assemble
Childcare
In this regard, it can be said that
table will be made in round shape
so, it will be safe for everyone and
specially for children.
Marketing & Sales
Communication
Face to face will be the best mode
of communicating with target
people.
Leaflet
Customer Segments
Cost conscious family and who
have nuclear family
Small business
Small restaurants
Schools
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:
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:
Cost Structure
Manufacturing
Advertising
Raw material
Suppliers
Social media cost
Website development cost
Revenue Related
Service fee
Furniture sale fee
Accessories fee

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
End of page 4
Page 6

Business Model Canvas Version 2: Reflection (Maximum 400 words for the page)
Pitch: It is important to tell customers about effectiveness of this business idea and
existing product. For attracting their attention, my partners and I will draft the
script looking at key points relevant to furniture. The length of this script would be
3-5 minutes. By covering all important information such as: what is the product,
who can make beneficial by buying this product, cost and place from where this
product can be bought.
Assumption Testing:
Fundamental assumption of this idea is people will buy it no matter what. In this
regard, it can be said that it is the product that is being used in schools, businesses
and houses. So, for increasing market share this business idea is being developed.
This has lead this assumption as people will buy it.
Reasons of making changes is to protect against risks that might occur in the future
due to insufficient planning.
For testing this, survey monkey and questionnaire has generated. It has helped out
in knowing current trends in this sector. Some questions that can be asked include:
How do you have your lunch and dinner?
Alone or with family?
Does your staff need more socialisation?
Comment on your Action Learning Set:
Members of my action learning set helped out in making this business idea
successful as I learned number of new things by working with this group.
I helped one of my members in using skills while making decision and solving
problems.
Everyone performed their allocated tasks and roles and they improved my
communication skill.

Business Model Canvas Version 3:
End of page 5
Page 8

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
Same as mentioned in previous
version
Key Activities
Working with web creation
Training to employees
Customer relation
Value Propositions
The main thing that can provide
value to customer is design of
table.
Other main thing will be prices of
this table.
Useful for all
Marketing & Sales
Communication
Paid Facebook advertising
Instagram blog
Instagram paid advertising
All these will help out in knowing
views of customers and will make
communication as well as
promotional activity easier.
Customer Segments
People who are talkative and
prefer socialising by going in
restaurants
Key Resources
Human resource
Technical resource
App development
Software instalment
Financial resources
Product & Service Delivery
Channels
Initially customers will buy product
online as it will decrease cost of
intermediaries. After that and after
earning profit, there will be some
physical stores. As it can help out
in increasing sales.
Cost Structure
Paid Facebook Advertising
Printing leaflet cost
Website cost
Revenue Related
Quality and price will be main things for which customers will pay
End of page 6

Business Model Canvas Version 3: Reflection (Maximum 400 words for the page)
Iterative Journey: Before the main assumption was people will buy this product.
Now, after collecting information and knowing more about current trends, I have
added some new things in assumption. New assumption is: It will be widespread. It
can help out in increasing market share.
Target customers such as restaurants, small companies, families and schools can
buy this product in order to make their stakeholders satisfy.
Competitor Insight: Direct competitors are those who sell similar services and
similar features of products. Indirect would be those who sell different services but
their target market is same as our business.
Some direct competitors are IKEA and John Lewis. Indirect would be those who
manufacture furniture can direct sell to others.
Cost & Risks: There will be requirement of medium range of investment as
company will not have physical stores initially. Financial risks, environmental and
legal risks are associated with this business.
End page 7

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
Yusof, W.Z.M. and Tamyez, P.F.M., 2018, April. Inspired by design and
driven by innovation. A conceptual model for radical design driven as
a sustainable business model for Malaysian furniture design. In IOP
Conference Series: Materials Science and Engineering (Vol. 342, No.
1, p. 012042). IOP Publishing.
Yan, L. and Kularatne, I., 2021. Sustainable Manufacturing Practices of Small
and Medium Furniture Enterprises in New Zealand. Journal of Asia
Entrepreneurship and Sustainability, 17(7), pp.28-50.
Durana, P. and et.al., 2020. Earnings drivers of Slovak manufacturers:
Efficiency assessment of innovation management. Applied
Sciences, 10(12), p.4251.
Rashid, S. and Ratten, V., 2021. Commodifying skills for survival among
artisan entrepreneurs in Pakistan. International Entrepreneurship and
Management Journal, 17(3), pp.1091-1110.
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: On the basis of self-
evaluation, I can say that this
business idea generation and
study helped me out in increasing
communication skill. From
previous experience, I can say
that I am good in decision-
making and problem solving
skills. When I was allotted to
work individually then I came to
know that I am lacking behind in
numerical and time management
skill.
Personal action planning:
Skills need to be improved Actions or activities Timescale
Time management There are number of software and tools
that can be used such as Trello and
others. Other than this, I need to
decrease procrastination. By making a
time table and prioritising, I can improve
this skill.
Approximate 3-4 months
Technological or numerical By taking online classes and practicing, I
can improve this skill.
Approximate 6 months.
End of page 9
Page 12

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.)
Customers will buy products
Market research and questionnaire
It will increase sale
Questionnaire
Page 13

GSBL UNDERGRADUATE GENERAL GRADE DESCRIPTORS
General Level 3/4 ( Year 0 / Year 1)
o Acquisition of broad
knowledge
o Evaluate information
o Use information to plan,
develop and problem solve
Level 5 ( Year 2)
o Generate ideas through
analysing concepts
o Demonstrate a command of
specialised skills
o Formulate responses to well
defined and abstract
o Analyse and evaluate
information
Level 6 ( Year 3)
o Critically review, consolidate
and extend a body of
knowledge using specialised
skills
o Critically evaluate concepts and
evidence from a range of
sources
o Transfer and apply skills and
exercise significant judgement
in a range of situations
70-100 (A) Very good
Demonstration of very good
comprehension of the task with
evidence of analysis, synthesis,
evaluation and critical appraisal
Use of a wide variety of appropriate
sources
Transformation of knowledge
Independent thinking and development
of ideas
Ability to communication very clearly
and effectively
Very good evidence of preparation
Very good organisation, structure and
presentation of work – minimal errors
Good references, appropriate sources
Excellent
Advanced scholarship
Goes beyond the material provided
Excellent link to research
Excellent analysis, synthesis, evaluation
and critical appraisal
Excellent evidence of preparation
Comprehensive and critical
understanding of the topic
Excellent ability to communicate clearly
and effectively
Excellent organisation, structure and
presentation of work
Good references, appropriate sources
(quality and quantity). No errors in
reference list or citations.
Excellent – Outstanding (for use at far end
of range)
Outstanding understanding, exploration
and insight
Strong evidence of originality and
development of own ideas
Develop a highly complex argument
Outstanding ability to communicate topics
clearly and concisely
Advanced organisation, structure and
presentation of work
Good references, appropriate sources
(quality and quantity). No errors in
reference list or citations.
References well utilised and critiqued
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(quality and quantity). No errors in
reference list or citations.
60-69 (B) Very good
Demonstration of very good
comprehension of the task with
evidence of analysis, synthesis,
evaluation
Use of a wide variety of appropriate
sources
Transformation of knowledge
Independent thinking and development
of ideas
Ability to communication clearly and
effectively
Very good evidence of preparation
Very good organisation, structure and
presentation of work – minimal errors
Good references, appropriate sources
(quality and quantity). Minimal or no
errors in reference list or citations.
Very good
Demonstration of very good
comprehension of the task with evidence
of analysis, synthesis, evaluation
Use of a wide variety of appropriate
sources
Transformation of knowledge
Independent thinking and development
of ideas
Ability to communication clearly and
effectively
Very good evidence of preparation
Very good organisation, structure and
presentation of work – minimal errors
Good references, appropriate sources
(quality and quantity). Minimal or no
errors in reference list or citations.
Very Good
Advanced scholarship
Goes beyond the material provided
Very good link to research
Very good analysis, synthesis, evaluation
and critical appraisal
Very good evidence of preparation
Comprehensive and critical understanding
of the topic
Very good ability to communicate clearly
and effectively
Very good organisation, structure and
presentation of work
Good references, appropriate sources
(quality and quantity). No errors in
reference list or citations.
50-59 (C) Adequate - Satisfactory
Some analysis but limited
Some insight and exploration of ideas
Sound conclusions
No significant inaccuracies or omissions
Adequate - Satisfactory
Some evidence of thinking independently
to develop own ideas
Evaluation of relevant theories or
literature
Adequate- Satisfactory
Evidence of thinking independently to
develop own ideas
Evaluation of relevant theories or literature
Ability to communicate clearly and
Page 15

Some analysis, evaluation or synthesis
of information
Lacking clarity at times
Some evidence of preparation
Referencing is sound. Mostly
appropriate sources. Numerous errors
or inconsistencies
Reasonable ability to communicate
clearly and effectively
Report information in a structured way
Use of an appropriate format
Quite comprehensive knowledge
Satisfactory evidence of preparation
Satisfactory referencing, appropriate
sources.
Numerous but minor errors in references
effectively
Report information in a structured way
Use of an appropriate format
Reasonably Accurate, quite
comprehensive knowledge
Satisfactory evidence of preparation
Coherent and well presented – minor
errors
Satisfactory referencing, appropriate
sources.
Minor errors in references
40-49 (D) All learning outcomes met
Competent (practical)
May be incomplete in knowledge (some
errors or omissions)
Insufficient analysis, evaluation or
synthesis
Limited application of
theories/knowledge
An awareness of appropriate
principles/theories/techniques
Irrelevance to the task at times
Disorganised work with weak standard
of presentation
Numerous aberrations from the
requirements of the task
All learning outcomes met
Competent (practical)
May be incomplete in knowledge (some
errors or omissions)
Weak or no analysis, evaluation or
synthesis
Some application of theories/knowledge
An awareness of appropriate
principles/theories/techniques
Irrelevance to the task at times
Disorganised work with weak standard of
presentation
Aberrations from the requirements of the
task
Referencing is attempted although may
All learning outcomes met
Competent (practical)
May be incomplete in knowledge (some
errors or omissions)
Weak or no analysis, evaluation or
synthesis
Some application of theories/knowledge
An awareness of appropriate
principles/theories/techniques
Irrelevance to the task at times
Disorganised work with weak standard of
presentation
Aberrations from the requirements of the
task
Referencing is attempted although may be
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Referencing is attempted although may
be inconsistent, many errors, weak
sources
be inconsistent, many errors, weak
sources
inconsistent, many errors, weak sources
Condoned
Pass 30-39
(F1)
Learning outcomes not met
Little relevant knowledge
Lacking structure
Numerous errors in structure and form
Limited understanding of
concepts/theories
No appropriate analysis, evaluation or
synthesis
Significant inaccuracies/omissions
Not competent
Little or no attempt to use references
and if so very weak with errors
Learning outcomes not met
Little relevant knowledge
Lacking structure
Numerous errors in structure and form
Limited understanding of
concepts/theories
No appropriate analysis, evaluation or
synthesis
Significant inaccuracies/omissions
Not competent
Little or no attempt to use references and
if so very weak with errors
Learning outcomes not met
Little relevant knowledge
Lacking structure
Numerous errors in structure and form
Limited understanding of
concepts/theories
No appropriate analysis, evaluation or
synthesis
Significant inaccuracies/omissions
Not competent
Little or no attempt to use references and
if so very weak with errors
Under 30 (F2) Little engagement with the task
No basic understanding of the subject
matter
Poor communication (written or verbal)
Lacking or no structure
Significant errors in structure and form
Many significant inaccuracies/omissions
– very little correct
Little engagement with the task
No basic understanding of the subject
matter
Poor communication (written or verbal)
Lacking or no structure
Significant errors in structure and form
Many significant inaccuracies/omissions
– very little correct
Little engagement with the task
No basic understanding of the subject
matter
Poor communication (written or verbal)
Lacking or no structure
Significant errors in structure and form
Many significant inaccuracies/omissions –
very little correct
Page 17