Creating a Winning Business - Project 2 Workbook

MN5W50QA - 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
Page 1
Business idea:
Wooden street is new venture ready to serve finest and quality wooden work and wooden furniture, this company will be using rare and
expensive woods to make furniture. Wooden street is focusing on starting innovative furniture manufacturing where customer can
customize their furniture according to their need. Using best wood and with the best design this company will reach elite customer
segment, but before reaching customer it is important to reach investor and key player which will be involved in the process. Wooden street

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:
Wooden street aim to
include certain partners,
these are:
Wood provider: Wooden
street will be considering
Timberbel for providing raw
material such a wood,
timber and fine bark of
trees.
Private investor: Wooden
street will be seeking private
investor for sufficient supply
of funds to business
operation. For example;
Janus Henderson will be
investing in the idea.
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:
Wooden street will be
performing key activities
which allow them to become
stable in the market, there
are three main activity, these
are;
Initial activity: Find the best
raw material, skilled human
workforce and enough
investment which make the
process start.
Secondary activity:
Performing manufacturing of
raw material into finish
goods and service, including
operation and production
machinery.
Final activity: Distributing
final product to store and
channels and performing
marketing to distribute these
final products to the end
user.
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:
The product of wooden
street will going to meet
expectation of the customer
because customization is key
value propositions of the
company, there are certain
area of uniqueness which
will be covered with the
product range of the
Wooden street, these are:
Customizable product: This
is one of the most valuable
and innovative concept
available with Wooden
street where customer can
fully customize their product
according to their need in
affordable price range.
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:
Wooden street will be
focusing on running
advertisement campaign on
Facebook ads and Google
adword, using different
channels, marketing will
cover some important area,
these are:
Reach target audience: With
the help of social media,
Wooden street will reach
target audience, social media
profile and understanding
customer desire will be used
as keywords to make
campaign effective.
Marketing mix: Using each
element of the marketing
mix, Wooden street will be
focusing on making their
marketing effective and
covering every important
element.
Customer Segments
For whom are we creating value?
Who are our most important
customers?
Type here:
Wooden street will be
targeting audience in niche
market where segmentation
will be done of the basis on
some point, these are:
Income level: Only elite
customer will be targeted in
the marketing, segmentation
will be done on the basis of
income level where high
class or wealthy individual
will be targeted.
Occupation level:
Understanding occupation
level, this company will
target audience who have
stable occupation level
which means either
professional or businesses
themselves will reach
Wooden street for product
demand.
Page 2

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
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:
Wooden street is new
venture which means certain
resource will be required in
the process, these are:
Human resource: Skilled
employee including wood
man and other designer who
carry skills to manage such
operation, only talent will be
hired in the company to
maintain the quality of the
final product.
Financial resource: This is
key element in the new
venture, Wooden Street will
be focusing on working
capital from either bank loan
or reaching potential
investor.
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:
Wooden street will be
delivering their product with
the help of certain delivery
channels, these are:
Wholesalers: Product of
Wooden street will be
delivered through
wholesalers where they will
be provided with basic price
of product however they can
not change the product
price.
Direct delivery: This is one of
the most important where
Wooden street will not be
using any middle man or
middle channel to deliver
their product, they will focus
on direct distribution.
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?
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:
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
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:
Page 3

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
Costing is important process in the business, Wooden street will be
calculating cost on the basis of profitability, there are certain area where
cost will be high, these are:
Setting manufacturing plant: This is most costly move where Wooden street
need to have sufficient budget to make this plan successful.
Hiring skilled worker: Wages and salary will be another resource which will
be costly and might impact company and their future projection.
Revenue is important element, Wooden street will be focusing on those
channels from where revenue might occur, these are:
Direct pay: Revenue might arrive with the help of direct pay where customer
will be paying directly to the business
Explain the history behind your idea:
This idea was developed by examining current market demand in decoring a
home, it is very clear that furniture need to meet demand of customer
which means the best way is customizable furniture allowing customer to
make their own. This idea was crafted after understanding the market and
demand, customer are demanding innovative product with uniqueness in
the product.
End of page 2
Page 4

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:
This idea was developed by examining current market demand in decoring a
home, it is very clear that furniture need to meet demand of customer
which means the best way is customizable furniture allowing customer to
make their own. This idea was crafted after understanding the market and
demand, customer are demanding innovative product with uniqueness in
the product.
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:
I was nervous with start of this business plan because there is high risk in
the market, due to competition, business might fail. Reflecting upon my
experience in the module and starting this business, this was helpful as this
allowed me to learn new things. This business plan include high risk and high
level of uncertainty where failure of whole business can be seen.
Assumptions: What are the main assumptions behind your business idea? How
could you test those assumptions?
Type here:
Wooden street was started on some of the main assumption which need to
be fulfilled, these are:
Innovation: This is one of the main assumption set where innovation will be
delivered with product and service.

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
End of page 3
Page 6