Developing a Business Model: Venture Concepts - BMAN24241 Project

This report outlines the development of a business model for a new venture, leveraging creativity, user knowledge, and market understanding. It presents three business venture concepts, including a business-to-business biodegradable packaging initiative, an infrastructure concept for high-speed rail, and an e-diagnosis concept for patients in developing countries. A fully developed business model is provided for the e-diagnosis concept, incorporating research methods like content analysis and data mining. The model details key partners, activities, resources, cost structure, value proposition, customer relationships, channels, customer segments, and revenue streams. The report also includes a step-by-step explanation of the business model design process and a critical reflection on creating an entrepreneurial venture, drawing on relevant theories and practices.

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Student’s Name
University
Course
Date

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Executive summary
The Main aim of writing this report is to develop a business model for a new venture. I will
employ my creativity, knowledge about users and the fluctuations in the global market place,
and also the understanding of the course readings. The report will consist of three
components, that is: A presentation of the three business venture concepts summaries and one
fully developed business model for an entrepreneurial venture, a step-by-step explanation of
the process of business model design, and a critical reflection on the process of creating an
entrepreneurial venture using the course reading about theory and practice in regards to
creativity, design and entrepreneurship.

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Table of Contents
1.0 Introduction...................................................................................................................................4
2.0 Business to business concept.........................................................................................................4
3.0 Infrastructure concept...................................................................................................................6
4.0 E-Diagnosis concepts for patience................................................................................................6
5.0 Business model for E-Diagnosis....................................................................................................7
5.1 Research method........................................................................................................................8
5.1.2 Content analysis..................................................................................................................8
5.1.3 Data Mining method...........................................................................................................9
5.1.4 Research Findings...............................................................................................................9
5.2 key partners...............................................................................................................................9
5.3 key activities.............................................................................................................................10
5.4 key resources............................................................................................................................12
5.5 cost structure............................................................................................................................12
5.6 value proposition......................................................................................................................13
5.7 customer relationships.............................................................................................................14
5.8 Channels.............................................................................................................................15
5.9 Customers...........................................................................................................................16
5.10 Revenue stream......................................................................................................................17
6.0 A step-by-step explanation of the process of business model design........................................18
7.0 A critical reflection on the process of creating an entrepreneurial venture............................19
8.0 Conclusion....................................................................................................................................20
7.0 References.....................................................................................................................................21

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1.0 Introduction
Social change and wealth are created by individual who have commitment and strive on
their own. These people are much devoted to worthy enterprises and tasks that always
make difference in the society and the entire world. A person who assumes the initiation
of a business or an enterprise that has an opportunity of making profit or achieving
success is referred to as an entrepreneur. An entrepreneur can be easily distinguished
through his or her ability to accrue and manage knowledge and also the capacity to
mobilize resources in order to achieve a certain business objectives or social goal
(Bocken, Short, Rana & Evans, 2014).
An entrepreneur is an audacious, artistic deviator from established business practices and
methods who persistently seeks a prospect to commercialize fresh business, processes,
technologies and arrangements.
I consider myself as an upcoming entrepreneur, the skills I have gain so far through
learning makes me to believe in myself. I am able to apply creativity, strive to respond to
customer challenges, create visions and be a solution to people’s problems. I am also
ready to forge new ventures and risk failure, nevertheless I persistently seek success.
I will prove my entrepreneurship skills in this report by summarising three business
venture concepts and provide business model for one of the business concepts.
2.0 Business to business concept
A large company that package materials with large sales, distribution and marketing
capabilities can creates several business concepts to be part of the planning strategy.
2.1 The concept

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Start to vend and dispense biodegradable packaging to companies in Canada,
The United States and Mexico in order to capitalize on the firm’s needs to
indicate evolution on their sustainability objectives.
2.2 Customer needs
The current situation is that small number of packaging in the South American
fast-moving consumer goods segment is biodegradable. In the past few years, the
value of the biodegradable materials reduced to an extend that it could be
compared to traditional plastics. I consider this as an opportunity because most
large companies in this industry initiated an objective of creating products and
most of their operations to be sustainable.
2.3 Opportunity
Given that the current customer relationship, network, experience and distribution
in the packaging industry, I would be in a unique and be in a position to capture
important market share in this developing and strategic production sector.

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3.0 Infrastructure concept
The concept
To build a high-speed rail that would exist between Chicago and New York, the rail
would capture most variety of business that are enjoyed currently by airlines that operate
this route because it would be cheaper, convenient and faster.
Technical feasibility
It would be a technical feasibility for a fast moving train to beat a plane moving on 600
mile route if time that is needed to get to move in and out of the airport is considered. The
assumption for this is that the security department for speedy rail doesn’t care about early
check in and another assumption is that the rail lines are control from train stations that
are nearer than to the population centres than airstrips.
Financial feasibility
I have little knowledge on the start-up cost and the operational cost. I still need to carry
out feasibility study that will enable me to estimate return on investment.
4.0 E-Diagnosis concepts for patience
Developing countries in the modern day have certain major problems in the current
healthcare system that cause confusion to patients. An example of the problems are
related directly with selecting a suitable medical specialty and amongst specialist. Due to
unavailability of structural healthcare facilities, there is need to seek guidance when
choosing the most appropriate diagnosis and treatments of patients with different diseases
and physical disabilities, there is need to give patients basic knowledge on self-treatment
methods, there is need to eradicate current boring diagnostic procedures and treatment,
there is need also to reduce the cost of diagnostics and treatment of diseases, the heath

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sector have insufficient strategic planning because of lack of important information of
patients, problems that are caused by traffic congestion amongst other problems. All this
problems is an opportunity for me as an entrepreneur to amend the current healthcare
system in the developing countries through application of new methods like the use of
data mining (DM) and web-based programs. My main business concept will focus on the
application of data mining to create models that will assist in solving the said problems.
5.0 Business model for E-Diagnosis
I developed this business ides through my observations of problems that are faced by
healthcare sectors. This problems are mainly caused by application of old-fashion in the
healthcare systems. The use of Electronic Health Records (EHR) can be used to address
these problems. EHR stores information about the patient or an individual life-time, status
of health and health care. EHR can also be used to boost patent’s therapy through
dynamic process. There are certain problems that cannot be solved by the use of EHR
such as patience confusion.
My business idea of a web-based system would be able to determine the accurate
diagnostic of patients in some cases. The advantage of my proposed system would be
backing up of data in the internet. The internet would be a database for health records,
these records would be monitored and updated regularly. This model would assist the
doctors and nurses in identifying some of the key problems that are faced by healthcare
facilities in keeping medical records for patience. The records as stated earlier would help
the physician to review medical records for patients (Flood, Minkler, Hennessey, Lavery,
Estrada & Falbe, 2015).
The use of data mining is very common in medical literature. The use of data mining is to
descript and predict, the use of the descriptive DM in healthcare can help in deriving
models which can use patient’s data to foretell the results of clinical decision-making.

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Furthermore, the technique can be used to construct decision models for processes such as
diagnosis, prognosis and treatment planning.
5.1 Research method
In this reports I applied two approaches in developing my Business model Ontology. One
of the approaches is data mining and another one is content analysis. First of all I will talk
about the content analysis and thereafter introduce data mining approach which I
proposed for the BMO.
5.1.2 Content analysis
Because I decided to analyse earlier researches, studies and surveys that are concerned with
computer diagnosis assistance, I should apply a methodology for qualitative analysis. Thus I
consider the content analysis to be suitable for my research. In this method, below are factors
that should considered.
The content analysis is initiated by identification of important phrases, the keywords of the
phrases should be recognized. The next step to be addressed is distinguishing the content of
the key words by the use of the qualitative approach which is dictionary-based.
 The data to be analysed
 How are data defined
 The population in which the data are drawn
 The relationship between the data that is analysed
 The boundary of the data analysis
 The target of the implications

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5.1.3 Data Mining method
In this report, I am going to propose data mining method which would classify the diseases,
and I choose to recommend a diagnosis. Because of the said problems that are faced by the
healthcare sector, classification approaches must be applied. Between the decision trees,
classification methods, neural networks and Bayesian network , the decision trees is
commonly use in research which has be applied by many entrepreneurs. Proposing of the
methodology for operating the business plan is the use of data mining, with the use of DM,
predictive knowledge would be developed (Alonso, Martínez, Pérez & Valente, 2012).
5.1.4 Research Findings
To express my design business model, I will initiate a business plan for an organization that
would have an objective of gaining profit. The company would assist the healthcare systems
and patients to gain fees and dues. This business plan can be operated by any organization it
can be either an NGOs or by government.
5.2 key partners
For a business to be very successful it would be very important to have key partners and it
should be studied very carefully. The key partners for my initiative would be health experts,
pharmacist, technical experts, traditional physicians, HER systems, healthcare knowledge,
healthcare database, finance organization (s) and healthcare governance systems (Han,
Kamber, & Pei, 2012).
Health experts would involve medical professionals, physicians and many more. They would
help me to construct an intelligent systems through prescriptions and diagnosis for patients
and diseases. Besides, the health experts would assist in an anomaly situations whereby the
system would be incapable of diagnosing rare diseases (Rahman & Hasan, 2011).

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Because the main goal of my business model is to diagnose diseases and to treat patients
through the use of healthy medicines such as herbal medicines, another important partner
would be traditional physicians. This physicians would help in providing their knowledge of
herbal medicines that would use in system design (Mastouri & Sartipi, 2009).
Chemical treatment would be perform by surveillance experts, these experts would be
pharmacists. In order to develop an electronic venture, availability of technical experts would
not be avoided. This is because they would assist in creating modes, extracting knowledge,
designing web-based program and website and many more. In this case technical experts
would be my fundamental partners.
This initiative is a great one, thus I must be supported by the government. Healthcare
governance system is related to government. The governance systems can be funded by the
government so as to assist patience to enjoy the services without paying for feed or dues.
Healthcare governance has got huge data about people, this database would be a foundation
of my business venture. Furthermore it will assist me to create and develop an Electronic
Health Record (HER) system (Yeh, Wu, & Tsao, 2011).
For this business venture to succeed, there is need for finance by financial organization.
Financial organization can be referred to as a non-profit institution which give grants to a
profitable organization that have an intention of starting a new business.
5.3 key activities
The main activities for this business would be as follows
 Extraction of business model- the main purpose of the phrase ‘model’ in this kind of
business would be Data mining model that would be extracted by the said DM
methods. The model would be utilized in classification of patients and recommending

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a suitable diagnostic and treatment. The model is the core of the business (Marcano,
Chausa, García, Cáceres, Tormos, Gómez, 2012).
 Developing website- designing a website would be would be a key element for this
business venture. The website would be used as a connecting channel. The website
that would be develop would be design to be user friendly and would have simple
instructions that would enable users to run very easily.
 Developing a web-based program – a computer program would be used for urgent
division of various hospitals and it may be applied by government and other relevant
firms to organize the healthcare facility, in this case availability of a program would
be helpful. The type of software that would be used should be web-based to access the
data available online and making important decisions. In this regards designing a
suitable web-based program would be useful because it will produce huge data that
would be used to generate profit.
 Designing an integrated system- in order to design a commercial program and
website, integrated system is very crucial topic and therefore should be developed
appropriately.
 Marketing- marketing for this profitable venture would be a key factor because cost
would be incurred and in return reasonable profit would be attain. Marketing would
be carried out in two methods:
 Prioritizing marketing for the business in e-marketing (social media
marketing, mobile marketing, E-mail marketing and so on).
 Direct marketing in possible market
 Mass marketing

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5.4 key resources
Resources that would be used are necessity that cannot be avoided. The resources that would
be used in the business venture would be:
 Healthcare knowledge
 Technical knowledge
 Healthcare database
Technical knowledge would be applied in programming of the web-based software,
designing appropriate and convenient website, and updating the software.
Furthermore the knowledge of the technical experts would to extract knowledge and
model.
In order to run the website very smoothly, a powerful server should be used. This
server would assist in developing and extending DM models. My proposed web-based
program would be updated very often, and to do this internet would be a necessity.
5.5 cost structure
The cost would be calculated attentively in order to achieve the main objective of starting up
this business that is to gain profit. The cost that would be incurred in the business would be:
 The cost of developing a server
 The cost of designing a website
 Cost of creating a web-based program
 Cost of extracting models
 Salary of health and technical experts
 Program and web maintenance cost
 Marketing costs