Business Canvas Model and Gibbs Reflective Cycle

This assignment provides a comprehensive analysis of the Business Canvas Model and its application in understanding business concepts. The Gibbs Reflective Cycle is used to examine the learning process and identify key takeaways. The assignment also discusses strategies for implementing business models and the importance of reflective learning in improving business concepts.

Enterprise

Table of Contents
INTRODUCTION ..........................................................................................................................1
1. The Business concept...................................................................................................................1
2. Peer Group Reflection .................................................................................................................3
3. Concept Improvement Reiteration...............................................................................................3
CONCLUSION................................................................................................................................3

INTRODUCTION
The present report is based on fresh business concept that is presented by a new
entrepreneur in order to establish a new enterprise which will give them high returns after its
establishment. The business concept is related to develop a new multi cuisine restaurant which
will offer food of three different cuisine under one roof. In this restaurant, different cuisines will
be established on three floors (Dijkman and et. al., 2015). The main aid of this business concept
is to offer better eating experience to customers where they can enjoy taste of different cuisine in
one restaurant only. This business concept is offering something new to the customers as well as
market place which provide some what new experience to the customers. The current project will
cover three core sections. In first, business canvas model will be prepared for the enterprise
named as “Mariana Cashew multi cuisine restaurant”. Further, it will provide description on the
peer reflection the business concept which will be provided with the help of Gibbs reflection
model and at last Concept Improvement Reiteration will be executed on the basis of suggestion
and advices received from peer mates.
1. The Business concept
Business concept is considered as the idea which gives guidance to the entrepreneur to
execute its business activities. With reference to the current business concept, Business Canvas
Model has been prepared in order to take an idea about the key elements and resources which are
going to be used for operating business activities effectively. This framework is consist of
different components such as Key partners, customers relationship, Key activities, key resources,
revenue stream, channel, cost structure, customers segments and value preposition. For current
business concept, a feasible business canvas model has been described as below:
Key Partners
 Investors
 Suppliers
 Customers
 Local tour
operators
 Team of
chef from
Key Activities
 Recruitme
nt of high
skilled
employees
 Marketing
 Conductio
n of
Value
Propositions
 Experienc
ed chef in
particular
type of
cuisine
 Ambience
Customer
Relationship
 Various
customer
loyalty
program
 Communi
cation
Customer
Segments
 Busy
people
who are
not able to
visit
different
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different
countries.
training
programs
for new
staff
according
to the
particular
type of
cuisine
 Different
taste of
food at
lower
price
 Offering
of food
with
attractive
combinati
on of
different
cuisines.
through
social
media
 Customer
database
manageme
nt
restaurants
for trying
taste of
new
cuisine.
 Food
lovers
 Tourists
 Price
sensitive
people.
Key Sources
 Restaurant
staff
 Food
equipment
s and
machinery
 Financial
Resource
 Physical
resource
 Company
Channels
 Physical
outlet
 Official
website
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websites
Cost Structure
 Food inventory
 Packaging
 Promotional activities
 Employees salary
Revenue Streams
 Sale of food
 Subscription of customers
 Payment per meal
 Orgnsing of parties in
restaurant premises.
The above described business canvas model includes various element. These elements are
described as below one by one: Key partner: - This component states the individuals who are associated with the
business concept. For current case, customers, investors, suppliers and local operators are
the main key partners who will remain related to the company for longer period of time. Key activities: - It is consist of different activities which are performed by the Mariana
Cashew multi cuisine restaurant. It includes Recruitment of high skilled employees,
marketing and conduction of training programs for new staff. Key resources: - Restaurant staff, Food equipments and machinery, Financial Resource
and Physical resource are some of the core resources that will be required by the
company at the time of executed their business concept (Dudin and et. al., 2015). Value preposition: - Experienced chef in particular type of cuisine, different taste of
food at lower price, offering of food with attractive combination of different cuisines and
ambience according to the particular type of cuisine are value preposition for current
scenario which will provide value to the company and make them differentiated from
other restaurant dealing in the same zone. Customer relationship: - It is essential for the Mariana Cashew multi cuisine restaurant
to develop their relationship with the customers in order to enhance their sustainability at
marketplace for longer period of time. With reference to current case, various customer
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loyalty program, social media tools, customer database management will be used for
developing positive relationship with the customers. Channels: - This refers to the medium through which services of restaurant will going to
be delivered to the targeted customers. In relation to Mariana Cashew multi cuisine
restaurant, its customer can approach to the services of restaurant through official website
and its physical outlet. Customer segment: - Mainly food lovers, tourists, price sensitive people and busy people
who are not able to visit different restaurants for trying taste of new cuisine are being
targeted by the Mariana Cashew multi cuisine restaurant. Cost structure: - The cost structure of the company includes food inventory, packaging,
promotional activities and employees salary (Joyce and Paquin, 2016).
 Revenue stream: - Mariana Cashew multi cuisine restaurant will generate revenue from
different streams such as subscription of customers, payment per meal, sale of food and
organising of parties in restaurant premises.
2. Peer Group Reflection
The above presented Business Canvas Model has been presented to my peer group who
have analysed all aspect of business concept that establishment of multi-cuisine restaurant. These
peer members have provided me different suggestion so that business concept can be modified
effectively and will provide more returns to the owner. In order to express overall experience, I
have used Gibbs reflection model to depict each and every situation and experience of mine. This
model will also help me out understanding that what I have learnt from the experience and what
is its impact over the business plan.
Gibbs reflection model
It refers to the systematic cycle that supports individual in expressing and reflecting all
phases of their life experience (Gibbs – Reflective Cycle Model, 2015). The framework was
presented by Graham Gibbs in 1988. With reference to the current business concept I have used
Gibbs reflective model to showcase my whole experience associated with the business concept.
This model covers 5 stages through which I will explain whole journey one by one.
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Description: It is the initial stage of the Gibbs reflective model which clearly provides
brief description regarding the project. While using this stage for my own experience of the
project, I can say that my overall business plan is based on the multi cuisine restaurant which
will offer food of three different cuisines. This restaurant will provide best as well as new
experience to customers as in this premises they will be able to enjoy food of different cuisines
under one roof. By coming forward with the same concept, I have further prepared business
Canvas Model in order to represent my peer members about the project. This model contains 9
key components which will clearly depict how business associated activities of the company will
going to be addressed effectively.
Feelings: The second stage of the reflective model states the overall experience and
feeling of individual at the time of implementing project activities during its establishment. With
reference to the current business concept, it can be said that I was very excited as the concept is
new and interesting. I personally have and not seen any other similar kind of restaurant yet. But,
while observing present situation, I feel little bit nervous as my prepared business model will
going to evaluated by my peer members who will give further suggestion for improving it. It can
be said that review or feedback of peer mates might not come positive as every person has their
own perception towards the similar concept. Therefore, there are probable chances of concept
clashes. While talking about my own thinking pattern at the time of past and present situation, it
can be said that in starting time I thought that the work of new restaurant was easier but I
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Illustr
ation 1: Gibbs Reflective Model. 2018

personally realised that the whole work cannot be done by single individual as the work is very
high and it would not be possible for an individual to cover all areas. I also think that if I would
have communicated to someone else to join me and work for the same then there were more
chances of success for the same project. Along with this, this kind of support in work would have
reduced my work pressures as well. But, with overall analysis it can be said that I placed my best
possible efforts in order to make this business concept successful.
Evaluation: It is the third and most important stage of Gibbs reflective model as it
provides evaluation on whole experience of mine. This experience could be positive or negative.
While analysing feedback attained by me from my peer members it has been analysed by me that
my members have evaluated each and every aspect of project. They have also tried to understand
my perspective towards the project so that they can think like me. On the basis of feedback
received from my peer members, it can be said that they were satisfied and also said that my
business concept is attractive and seems to look feasible. These peer member have also
suggested me to add recipes fusion of available cuisines in order to attract maximum number of
customers towards the restaurant as they will get different food taste. Along with this, these peer
members have also suggested me to also target teenagers. This is because, teenagers are the one
who always gets ready to try new food at every time. This customers zone also gets ready to do
party and like to choose new restaurant or cafe to do party. According to them, this customer
zone will give high business to the business concept and also contributes in its profitability
effectively in future. In addition to this, it is also essential for me to focus on using different
mediums for communicating to the customers. They have suggested me to interact with the in-
house customer in positive manner and attractive way so that they feel comfortable at restaurant.
Along with this, it will also develop positive relationship among customer and restaurant. These
customers will further further do mouth publicity of company that will be good for business
growth of Mariana Cashew multi cuisine restaurant.
Conclusion: From the overall learning from this business concept, I have learned this life
experience of life have made me learnt many things. It can be said that this business has helped
me in developing my communication skills, analytical skills etc. It can be said that this
formulation of new business concept will help me out understanding different perspective of
people on the same topic. In addition to this, on the basis of peer mates I will also add fusion of
different cuisine recipe in value preposition, in customer segment I will also target customers as
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they will give more business to company in future. Also, positive and influential interaction with
in house customers will help me promoting this restaurant in effective manner.
Action Plan: This is the final stage of process where a future action plan as per the
previous stage is stepped into action. As per the overall evaluation I came to know several short-
comes of my business plan. Hence in this action plan I will ensure to improve my business
canvas model by covering all the suggestions in new improved version. In addition to that for
developing a better business plan I have decided to maintain a good relation with other peer
members so that I involve them in development of this new business canvas model and regularly
take suggestions from them so that a successful business plan can be prepared.
3. Concept Improvement Reiteration
After getting feedback from the peer members the short-comes has been found in the
model and for improving it a Business Canvas model has been formulated by me for enhancing
its efficiency. During modification of this model I determine all the recommendations provided
to me by peer members at the time of feedback and evaluation. Therefore in relation to the multi-
cuisine restaurant along with new concept the another Business canvas Model has been presented
below:
Key Partners
 Capitalist
 Provider
 Consumer
 Localised
tour
Manager
 Managing
Unit of
chef from
different
state.
Key Activities
 Skilled
Recruitme
nt of high
skilled
employees
 Merchandi
sing
 Traning
Sessions
for new
joinees
Value
Propositions
 Knowledg
eable chef
in special
cooking
 Environm
ent
cooking
styles
 Healthy
tasty food
with less
pricing
Customer
Relationship
 consumer
loyalty
sessions
 social
media
communic
ation
 Strong
customer
base
 Interaction
with in
Customer
Segments
 variouty of
food which
is not
available
in
resturatants
will be
available
in cooking
store.
 Price
sensitive
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 Special
offers and
discounts
 Offering
of dishes
prepared
with the
combinati
on of two
or more
cuisine
dishes.
house
customers
people.
 Food
lovers
 Tourists
 Teenagers
Key Sources
 Hotel for
staff
 hygiene
Food
facility
 Finance
Resource
 Physical
resource
 Institution
s web sites
Channels
 Offical
websites
 Physical
outlet
Cost Structure
 Food store
 Packing styles
 Promotion activity
Revenue Streams
 Sale of food
 Subscription of customers
 Payment per meal
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 Workers payments  Organising of parties in
restaurant premises.
The above presented Business Canvas Model is modified after the feedback get over
previous one in which changes has been marked as per the feedback get previously. They have
suggested me to offer fusion recipe along with the multi cuisine as it help in attracting larger
number of customer toward the restaurant. As by doing so the restaurant would be able to offer
unique dishes such as by combining the dishes of two or more cuisine which add on a rich food
dishes to offer. In addition to this they also suggested to target teenager as they are one who are
more attracted toward such kind of restaurant to celebrate their special days as it offer a cultural
ambience which is better for theme parties. Hence this support in increasing the customer base
much quickly. Despite of all this in order to ensure customer revisit the peer member has
suggested to perform in-house promotions where the promotions are being performed in front of
customer who visit the restaurant which help in increasing the word of mouth publicity that help
in creating a positive brand image in marketplace.
CONCLUSION
On the basis of above made report, it has been concluded that no business concept is
perfect as every idea requires to get modified in order to improve its capability and enhance its
sources of profitability. Usage of business canvas model has helped in understanding actual
concept of business and how its values activities will going to be actually implemented at the
time of execution of work. Along with this, all the stages of Gibbs reflective model have clearly
contributed in explaining each and every of business concept. This model is also successful in
stating what are actual learning which have been experienced by individuals.
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REFERENCES
Books and Journals
Dijkman, R. M., and et. al., 2015. Business models for the Internet of Things. International
Journal of Information Management. 35(6). pp.672-678.
Dudin, M., and et. al., 2015. The innovative business model canvas in the system of effective
budgeting.
Joyce, A. and Paquin, R. L., 2016. The triple layered business model canvas: A tool to design
more sustainable business models. Journal of Cleaner Production. 135. pp.1474-1486.
Martin, B. and Tian, X., 2016. Books, bytes and business: the promise of digital publishing.
Routledge.
Toro-Jarrín, M. A., Ponce-Jaramillo, I. E. and Güemes-Castorena, D., 2016. Methodology for the
of building process integration of Business Model Canvas and Technological
Roadmap. Technological Forecasting and Social Change. 110. pp.213-225.
Online
Gibbs – Reflective Cycle Model. 2015. [Online]. Available Through:
<http://resources.eln.io/gibbs-reflective-cycle-model-1988/>.
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