Creating a Winning Business - Business Model Canvas Iteration and Reflection

This workbook discusses the iterative process of creating a winning business model canvas and reflecting on the process. It highlights the challenges faced and skills developed in the process. The business plan is to develop an app that sends regular notifications to staff. The workbook also covers direct marketing, cost structure, revenue streams, customer segments, key resources, and key partners. Course code: MN5W50

Creating a Winning Business (MN5W50)
Project 2 Workbook:
Business Model Canvas - Iteration and Reflection
Student Id: [type here]
Seminar tutor: [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 (see 2 below)
2. Make full use of the Guide questions in italics in the Workbook
3. Any extra information that can help understand your arguments, can be added in the appendix section (e.g. diagram, image etc)
4. Although the maximum number of words per page is 400 words, please take into consideration that overall, the full report should remain within
1500 words in total. The total number of words does not include the list of references and appendices.
In the box below, please explain in simple terms, the brief based on your business placement and the business solution. Maximum of 100 words
Page 1

Page 2
The application provides notification related to the shift timing only once and this is the reason there are various problems that have taken
place. If the employees of the company miss the notification, then they miss the job. It is a major problem with the application. There is
need of providing the solution and giving regular notification to the members so that they are able to know about the timings.

Cost Related Revenue Related
Key Partners
The key partner are clients,
customers. The key supplier
are government, business,
non consumer entities. The
resources provided are
distribution network, point of
sales systems, manufacturing
facilities etc.
Key Activities
The business model calls for
number of business activity to
operate successfully such as
creating & offering value
proposition, maintaining
customer relationship, earn
revenues. The resources
needed are employees,
computer software, expert
knowledge etc.
Value Propositions
The business plan is made to
develop an app in which
notification will be send to
staff. The problem is that it will
notify only once after that staff
wont able to know about
important activities.
Marketing & Sales Communication
To raise the awareness the
company will take use of
several promotions techniques
such as social media,
advertisements. Digital
marketing to target the
customers.
Customer Segments
The most important customer
are listeners, audiences,
members and followers. For the
customers the value is created
by improving buying process,
getting customer feedback,
adjusting marketing strategy.
The stakeholder are customers,
investors, employees and
suppliers which are committed
to company survival and having
relationship of
interdependence.
Key Resources
The company requires value
proposition of all financial,
physical.
Product & Service Delivery
Channels:
The product will be assess by
knowing audience, setting
referral program, taking
advantage of customer
testimonials. The after sales
services is support offered to
customer after the purchase of
product or service. It is used as
business strategy by companies
for having customer
satisfaction, brand loyalty.
Page 3

DIrect marketing is direct
communication with customers
without intermediaries. Direct
marketing is a highly targeted
form of communication. The
organization communicates
directly with the customers
through phone calls, mailings
(e.g. brochures, catalogs, fliers)
or email
Cost Structure
In the business model both fixed and variable costs are available. The human
resources intellectual property are the expensive resources. The business model is
value driven which have focus on a premium value proposition often with a high
degree of personalised service.
Revenue Related
The business model will involve transactional
revenues resulting from one-time customer
payments (e.g. a sales), or recurring revenues (e.g.
a subscription). There are several revenue streams
such as asset sale, usage fee, Licensing etc.
Page 4

Business Model Canvas Final version (Maximum 400 words for the page)
Explain the history behind your idea for resolving the identified business
problem:
I came up with the idea to develop an software so that staff can be notified in the
case of emergency situations. I face facing this problem as there was difficulty in
completing the important project. This idea can be successful as this application
offers reminding of important task to do.
Reflection:
The term reflection is about to know one owns abilities and skills in order to
improve them by having personal SWOT analysis. The reflection helps in knowing
effective skills which I have along with skills which are weak and needs to improve.
Assumptions:
the business assumptions are financial, customer base, profitability. Management
expertise etc. to test assumptions it requires stable place, following predictions
pattern, and working on predictable principles.
Page 5

Pitch: How did you prepare for your pitch about the selected brief? What went well
or not so well? What have you learnt from the experience?
Type here:
It is being analysed that there is need of managing the work appropriately to
achieve success It is seen that the application gives one notification and this was a
major problem. The use of resources was not done in appropriate manner and this
caused a lot of issues.
Assumption Testing: How have you tested the main assumptions behind the
suggested idea/s? How has your business model canvas been updated and changed
and why?
Type here:
It is important to test the assumptions and select best among them. There is need
of checking their feasibility and other important test in order to use the best idea.
The change will help the management of the company to inform all the people so
that overall work is managed.
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: t is necessary to carry on research in effective manner so that goals and
objectives are attained. The lack of planning and testing of the application is the
reason for rise in problems. There is need of taking view of all the team members
so that real success is achieved. Regular communication makes the team work
effective.
Page 6

Page 7

Reflection questions A (Maximum 400 words for the page)
End of page 5
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:
The complaints of the target customers are the main reason for changing the
business canvas model. There is need of managing the work in such a manner that
target customers are satisfied (Melkamu, 2021). It is necessary to work as per the
latest assumptions. The regular changes in the market will be necessary to attain
effective image in market.
Feedback from the Brief provider
How satisfied is the involved SME/employer with the suggested solutions?
Consider:
- Adequacy of solution
- Empirical support
- Efficiency
- Effectiveness
- Support from employer. Can you provide a quotation (e.g. oral or based on
email)? The employer should specifically mention the students involved.
Type here:
It is analysed that solution provided is best and will enhance the usage of
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?
It is seen that there is a lot of competition present in market. It is necessary to note
that the company must analyse its competitors so that real success is achieved. The
direct competitors are the business that provide similar application to the clients.
There is need of knowing that the best way to stand in crowd is to satisfy the clients
and solve all the problems faced by them.
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: There is need of analysing the risks and obstacles. It is necessary to note
that there are issues related to budget. Lack of funds is major risk that is being
faced at the present time (Marques, 2021). There is need of getting more funds for
the project so that real success is attained. There is need of investors who will
invest funds in this project.

Reflection questions A (Maximum 400 words for the page)
application. If the notification is shown on gadget on regular basis, then it would
effective to use the same.
The employer has said that if the application will be managed properly then it is so
good to be used (Márquez, 2022). It will be used to provide best to the students
and I will provide proper support.

End page 7
Page 10

Reflection questions B (Maximum 400 words for the page)
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 (e.g., communication (written and verbal), problem solving and using
initiative, teamwork, organisational skills including time management and
interpersonal skills, demonstrating autonomy and innovation etc).
Pick three skills / knowledge areas and provide reflective evidence for each using
the STAR approach (describe the situation/scenarios and the task/roles (in that
situation), followed by a reflection on the actions taken and the final results).
From the above study I experienced that there are so many skills which are use to
make a business plan and achieve the success of goals. There are so many skills
which I have to develop for future plan. There are so many challenges that I faced
like working in the team, customer behaviour etc. I analysis that to open a business
we must have some knowledge about the market and the customers which helps to
develop our skills and also helps to understand that what customers wants from us.
From my experience, I analysis that there are so many skills which is use in a
business. Every person have these skills which help us to starting up new business. I
analysis that there are some skills which I have to develop for the future. There are
some major communication skills which helps us to develop the future goals with
success. In relation to Star approach I have experienced some skills which are as
follow-
Problem Solving- it is refers to the communication skills which help us to solve our
problem with drastic solution. From my experienced I analysis that I am a problem
solving person, I can handle a situation easily. So everyone should have this skills
which helps to handle the situation easily.
Teamwork- it is define as the term of communication skills which refers to the work
in a team or group. From my experienced, I analysis that I am not good in this skills
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
Personal Action planning- it is refers to the term of self analysis which can be
analysis by SWOT. from my experienced I analysis that I have to develop some
communication skills. Which help me to achieve the future goals with success. By
personal action plan I have to develop my some skills which are as follow-
Teamwork: As per experience, I analysis that I like to work alone which is my
weakness I can't work with in a team or someone else because there are some
barriers between decision making, communication etc. but working in a team is
good because it develop the more communication and also helps to connect with
more people so I have to develop this skill by giving my some working hours with
team members and I am planning to interact more people which helps me to
increase my this skills which I may can develop in 1-2 months.
Innovation: As per my experienced, I analysis that I am not a creative person but I
have to develop this skills to improve my creativity because it is the important skills
which helps to create and change the environment of the business. I think I can
develop this skills in 1 month to create something new and in a drastic change.

Reflection questions B (Maximum 400 words for the page)
because I like to work alone. My decision are not match with another person's
decision so, I think I should develop my this communication skills which help me to
increase the communication skills.
Innovation- It is refers to the skills which help us to create and adapt abilities for a
new change in the business. From my experienced I analysis that I am not that type
of person who can create or innovate something in a time for the change. But I want
to develop this skill for my future business plan which help me in creativity of
something.
End of page 9
References (articles, books, websites etc)
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:

Reflection questions B (Maximum 400 words for the page)
Smith J. (2014) Theories of Reflection, 2nd. Edition., Prentice Hall: London
APPENDIX: Summary of Evidence of testing your MAIN assumptions (Maximum 400 words for the page). PLEASE provide detailed
information about your testing.

Reflection questions B (Maximum 400 words for the page)
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.)