Implementing Business Idea using Business Canvas Model

The assignment provided involves implementing a business idea effectively using the Business Canvas Model. The Business Canvas Model is a tool that helps businesses understand their customers, value proposition, channels, cost structure, revenue streams, key partners, key activities, key resources, and customer segments. To ensure successful outcomes, it's essential to decide on report objectives, understand the audience, choose a suitable report format, gather relevant facts and data, and structure the report effectively with an introduction, main body, and conclusion.

Essay

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSTION ............................................................................................................................5
REFERENCES................................................................................................................................1

INTRODUCTION
Business canvas model has to developed as a strategic tool for the development of a new
business. Kolb’s experiential leaning theory imputes for the development of new concepts is
provided by new experiences and involves the acquisition of abstract concepts that can be
applied flexibly in a range of situations.
MAIN BODY
Kolb’s experiential leaning theory works on two levels that is four stage cycle of learning
and four separate learning styles. Learning is the process whereby knowledge is created through
the transformation of experience (Kolb’s experiential leaning theory. 2018). The four stages are:
concrete experience, reflective observation, abstract conceptualization, active experimentation.
While doing the project me and my team use business canvas model which provide help me to
understand a business model in a straightforward and structured way. It helps to develop the
insights which is useful to conduct this project in successful manner. Four stages of Kolb's
experiential leaning theory are as follows :
Concrete experience : While doing project my experience is wonderful and I get to
know about various things which are previously unknown by me. I get to know the important of
a business idea which provide help to run a successful business. Wedding Bells is the company
which involves in various activities such as : wedding planning and event management. I get to
know about how organisation can use business canvas model so that it can get success. I know
that how business idea can be develop and what are the necessary steps should be taken. My
overall experience is good except one thing that is time management as a result work can not be
completed as per the required time frame. My team mates also have good experience and they
feel that there is good communication and coordination which provide help to communicate the
relevant information on time so that work can be done in effective manner. The thing which I
learn is that how collective efforts can help to conduct a task in successful manner. For an
entrepreneur is it essential to think something innovative so that better idea can be generated. It
is a person who take risk and operates the business activities and who is responsible to running
the operations and functions. Goal and objectives should be frame in that manner so that targets
can be achieve as per the stipulated time period. It should be profit potential so that enterprise
can expand and with out sufficient profits the efforts of entrepreneurs would remain only an
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abstract and a theoretical leisure activity. To generate more revenue it is essential to take risk but
it should be calculated so that unnecessary chances of losses can be minimize and higher revenue
can be generated. Problem solving and analytical skill is important as a result solutions of
complicated issues can be resolve so that work can not get hamper. Analytical skill provide help
to select best alternative from the various sources. So I get to know that what are the advantage
of being an entrepreneur and it was a good experience for me which is very helpful in my future.
Reflection observation : I observe various things which provide help me to conduct the
project in more effective manner. I observe that how to implement a business idea by the help of
business canvas model so that targets can be fulfilled. It involves nine points which are as:
Key partners :
These are those persons who provide support to run the business so that it can grow. Key
partners of Wedding Bell is suppliers, consumers, and creditors. I analyse that partners are really
important and beneficial for the enterprise and it contribute to the business.
Key activities : There are various key activities which are performed by an organisation
such as : marketing, wedding planning, event management etc. I observe that to get the success it
is essential that all activities are performing in effective manner so that targets can be
accomplish.
Value preposition : I observe that to give value to the consumers is important so that
they feel they getting best what they have spend to buy the product. It involves design, catering
and decoration.
Consumer segment : The thing which is observed by me that organisation should
emphasis towards consumers segments so that strong and healthy consumer relation can be
maintained. It is essential to customize the events so that customers can be satisfy.
Consumer relationships : The thing which is observed by me that is for an organisation
it is important to maintain consumer relationships by providing the quality products and services
so that market share can be expand. It leads to bring higher profitability.
Key resources : To run a business in successful manner there are various resources can
be used by corporation that is finance, manpower, catering and flowers design. I analyse that it is
very important to use necessary resources which provide help to expand the business.
Channels : I observed that to promote the business it essential so that more number of
consumers can aware about the products and services of company which help it to grab more
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market share. Corporation can use social media, brochures, electronic media and print media as a
promotional tool.
Cost structure : To analyse the cost of a product or service is important which provide
help to know that how much funds are required to conduct the business operations. I observe that
cost should be minimum so that profits can be maximize.
Revenue streams : To run the business for a long time it is essential that to generate
higher revenue. Organisation can earn more profits by providing quality products and services at
reasonable price and customize the products as per the desire of consumers. As a result company
can get higher revenue. I observe that to satisfy the demands the customers is important for the
business so that business can expand and more profits can be generated.
My review is that corporation is doing its business operations effectively and emphasis to
satisfy the needs of consumers and customize the products as per the demand of persons which is
a good thing. So that it can attract the other people to connect with the organisation and get the
benefit of quality products and services. As a result business can get expand and profits can be
maximize. As per my review organisation should take feedback from the consumers that what
other improvements are required so that these lacunas can be eliminate and persons can get best
services and feel good experience while dealing with the corporation.
Abstract conceptualization :
I feel organisation can provide some additional services so that consumers feel happy to
deal with the company. Wedding Bell involves in wedding planning and event management
business but it can provide some other services that is : it can shoot wedding video in the
marriage as a result consumers does not worry about to find a person who provide the service of
videography. It is helpful for the business of company and it can generate higher revenue and it
is essential to think innovative and out of the box so that business can be expand. I think that it
is important to think some thing new to beat the competitors in the market so that organisation
can survive for a long time and accomplish its targets. To get success it is essential to take risk so
that market share can be expand and revenue can be maximize but risk should be calculative so
that chances of losses can be minimise.
In some extent processes differ if role of intrapreneur can be adopting. Intrapreneur is an
inside entrepreneur with in a firm who uses entrepreneurial skills without incurring the risk
associated with those activities. It is generally workers within the organisation who have
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innovative idea which boost the growth of business and expand market share and maximize the
profits of corporation. It generally uses the resources and capabilities of enterprise. So I feel that
organisation should give chance to its employees if they have unique idea which provide help to
grow the business of Wedding Bells. To encourage the workers it should give fix some
percentage of shareholding in the new business so that staffs motivates to think some new idea
which is beneficial for the growth of company. So I think intrapreneur is differ from entrepreneur
and its role is also differ which is beneficial for the success of firm.
Active experimentation : I have learned that business canvas model is helpful for the
organisation because it consist from the nine important points which provide help the company
to grow its business and get success. I have leaned that key partners are very important for a firm
and without it a corporation can not survive in the market and it involves consumers, suppliers,
creditors etc. I have experience that it is essential for an enterprise to perform its key activities in
effective manner. To provide value to the consumers is important so that they prefer to buy the
products. Consumer segmentation is necessary to make healthy and strong relations. Key
resources such as: finance, manpower, catering provide support to make a productive business.
For the promotion different channels can be use to aware the persons. Cost should be minimize
so that revenue can be maximize. To implement the business ideas there are various challenges
can be faced by the corporation which I get to know through this project. The first challenge is to
think an innovative business idea which can maximize the chances of more profit and less losses
so that firm can expand its market share and sustain for a long time. The other issue is related to
the arrangement of finance that means which source should be select from the various
alternatives so that cost of arranging funds can be minimize. Another challenge is that how to
beat the competition so that organisation can survive for long run and generate higher profits. To
analyse the impact of external environment is also important so that company can protect its
business from the negative impact of this. By analysing the perform of my group members in
two weeks, I observed that we did good work except that one thing, group persons are taking
some extra time to conduct the project but they are able to meet the objectives. So almost targets
has been achieved by the group. I get to learn that business idea can be implemented effectively
by using business canvas model and there are various tools of this model such as: key partners,
key activities, value proposition, consumer segments & relationships, key resources, channels,
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cost structure and revenue streams. I also get to know what steps should be taken to ensure a
successful outcome for the final report and these steps are such as follows :
Decide the objective : To find out the objectives of report is essential so that work can
be done as per the requirements
Understand the audience : It is necessary to understand the audience so that report can
be useful for the reader who will read it.
Report formate and type : To decide the formate of report is essential and it is generally
two types formal and informal, written report or deliver as a presentation.
Gather the facts and data : Data can be gathered from the primary and secondary
source.
Structure of report : It involves introduction, main body and conclusion.
So these are the some steps which can be use by me to ensure the successful outcomes
from final report.
CONCLUSTION
As from the above report, it has been concluded that business idea can be implemented
effectively by using business canvas model. Kolb's experiential learning style theory can be use
to understand the four stages of learning cycle theory.
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REFERENCES
Books and journal
Kolb, A. and Kolb, D.A., 2012. Kolb’s learning styles. In Encyclopedia of the Sciences of
Learning (pp. 1698-1703). Springer, Boston, M A.
Kolb, A.Y. and Kolb, D.A., 2012. Experiential learning theory. In Encyclopedia of the Sciences
of Learning (pp. 1215-1219). Springer, Boston, M A.
Van Waes, L., Van Weijen, D. and Leijten, M., 2014. Learning to write in an online writing
center: The effect of learning styles on the writing process. Computers & Education. 73.
pp.60-71.
Jarvis, P., 2012. Towards a comprehensive theory of human learning. Routledge.
DeRue, D.S and et.al, 2012. A quasi-experimental study of after-event reviews and leadership
development. Journal of Applied Psychology. 97(5). p.997.
Online
Kolb’s experiential leaning theory. 2018. [Online]. Available through :
<https://www.simplypsychology.org/learning-kolb.html>