Kolb's Experiential Learning and BMC for Wedding Bells Business

This essay examines the application of the Business Model Canvas (BMC) and Kolb's Experiential Learning Theory to a new business venture, "Wedding Bells," which provides wedding and party services. The essay outlines the nine segments of the BMC, including customer segments, value propos...Read More

ESSAY

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................5
REFRENCES...................................................................................................................................6

INTRODUCTION
Business Model Canvas(BMC) is a tool used to visualise all the building blocks of
starting a business that includes consumers, market segment, finance and value proposition. This
model defines nine segments that helps in establishing a new business. Kolb's experiential
learning style theory is used to explain learning cycle while preparing BMC (Joyce and Paquin,
2016). Under this project a new company is set up named as “Wedding Bells” which provides
services related to marriage and parties. Experience while preparation of business model is
mentioned.
MAIN BODY
In 1984, David A. Kolb, published a ground breaking book entitled Experiential
Learning. This book essentially exposed the principle that a person would learn through
discovery and experience. Experiential Learning Theory provides a holistic model of learning
process and emphasis the central role that experience plays in the learning process. Learning is a
continuous process that is created through transformation of experience. In this learning theory
four stages are involved that starts with Concrete Experience, Reflective Observation, Abstract
Conceptualization and Active Experimentation. Importance of this learning theory for BMC is
described below.
Concrete Experience is the first stage in the learning experience that is driven through
performing and involving in particular activity. I was involved in preparation of a business
model that provides me wonderful experience. This model was prepared in a team and as a group
of individuals we all head different perspective that adds value to our work by increasing
knowledge. Being involved in new experience provides me opportunity to make a reflective
analysis of experience and connecting it to primary source of learning. Canvas Model designed
by us was for a company that provides services (Hong and Fauvel, 2013). Through this model
importance of government in performing various activities are more clear now then it was
before. As this business model is designed to provide services to consumers with best experience
and various sources of connectivity is identified by me. My perception for human resource for
business just changed when I realised how important they are for a business. We all were
performing different activities for this model and different task was assigned to us. As my work
is to make research regarding viability of business idea. While making research I found that
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businesses that provides quality services at affordable price is most appreciated by consumers.
Sharing this information with team to adopt this in our business idea was not that easy as some of
them preferred services provided in the business will charge high price to consumers. This
learning style helps us to gain experience which helps in business activities in most productive
manner in future. There are various style of learning and one of the style is preferred for creating
great experience of learning while involving in any new activity (Zolnowski, Weiß and
Bohmann, 2014). Performance of group was going well as all of use was very curious to make a
business model. Distribution of task was quite well managed by all the team members and
performed as per planes. All things were at right place but when performance if made in group
then difference of opinion is the biggest issue that arises for many decisions. In week two group
was working on their idea and collecting facts and figures for the model and any conflict that
arises is resolved through information which is considered reliable to make decisions.
Reflective observation is the second stage of learning cycle that helps to present
observations while performing a task. In observation what I experienced and brings out from the
task is reflected. Observations took me back to the task that I performed and helps me to review
my performance and experience what I learned. As I was assigned a task on behalf of my team I
have to collect information that is required to prepare Canvas Model. At this reflective
observation stage communication takes place between all the group members and various
questions are raised when one person is not satisfied with data provided. At this stage quality of
communication is provided importance as various issues needs to be discussed. While
performing my task I have observed how key partners of business such as consumers, suppliers,
government and creditors needs to coordinate to perform various business activities. Together
with this channels through with communication takes place between business and its consumers
is evaluated. Observation is made for most effective and productive manner is also done by me
throughout the project (Trimi and Berbegal-Mirabent, 2012).
There are nine tools are available in Business Model Canvas that helps to assist in
clarification of business idea. Value proposition tool of this model provides us basis on which
value of service can be defined by the business. As business model designed by team is for
arranging parties for different ceremonies and value will be based on catering, designing and
decoration. Observation on consumer segment provides focus on strong consumer relation and
large consumer base that helps to grow business at faster rate. While developing business model
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it is noticed that cost incurred by business for performing various activities is responsible for
success and failure of business. Earlier I was of the perspective that if more cost is incurred for
business then it will leads to high return. This theory of mine is nullified by observing that for
success in long run low cost or high profits is the only way. Observation of revenue stream
through this model is that providing services at affordable cost will maximise earning capacity of
the business and profits will be high in future. Importance of setting target consumers is noticed
by businesses (De Reuver, Bouwman and Haaker, 2013). This can be observed as running
business that are successful are paying attention to influence certain class of consumers.
Effective measurement of various business tools helps to provide a clear image of the business
idea that is going to be implemented by business. These tools helps me to understand importance
of various factors that are related to business activity. This model breaks business activities and
mould them into easy and understanding segments. Such as key activities, key partners, key
resources, value proposition, channels and cost structure. Business idea is clarified up to the level
at which it can be implemented in the real business world.
Abstract conceptualization is the third stage where learners attempts to conceptualize a
theory or model of what is being observed by the during preparation stage. While preparing
Business Model Canvas observations will be turned into some theories and concepts that helps in
performing task more effectively. Observations that are developed by me will be converted into
concepts effectively when task related to particular area will be performed by me independently.
As it is clear to me that best structured learning situations with clear goals, theories and models
are very effective. As a observer I will rely on my independent decision but before developing a
theory opinions of various individuals working with me will be considered. While developing
business model for “Weeding Bells” BMC is used but there are some more tools that can be
added to this to make business more successful. Service of shooting videos of the event can be
provided by our team as it will attract more consumers because it has ease the business
performance. Together with this consumers can also be offered with tour package after marriage.
Providing all the required services at single place leads to ease in arrangement for consumers and
benefit will be available to company by capturing more consumer base (Euchner and Ganguly,
2014).
Intrapreneurship is the act of behaving like an entrepreneur while working within a large
business organisation. It is practice of corporate management style that integrates risk-taking and
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innovation approaches. The process as per which the business model is defined differs if is
introduced as intrapreneur. Difference is because this idea is introduced by a person who is
involved in a business and possess innovative ideas. This helps business to grow and expand in
the market in various different segments to maximise profits of overall organisation. Resources
of the organisation in which I worked as employee will be used for introducing business. Large
business organisations provide a fair chance to their employees if any idea provided by them
sounds interesting and have chance to survive in competitive market (Abraham, 2013). When
idea for “Weeding Bells” will be introduced as intrapreneur then channels of publicity will be
already established and company will be well known for public that will increase consumer
reliance on the new service introduced. Availability of efficient resources is there with the
business that will increase productivity and chances of success will be more. Introducing new
business through this method will reduce risk as dilution of risk will take place between
company and the person possess innovative idea. Together with this funds will be arranged by
the organisation and business can be launched at large that was not possible before due to non
availability of funds. All these benefits are available to me by adopting the role of intrapreneur.
Mode of introduction of service and decision making power will also differ in this case. As
approval of business organisation already existing will be taken for any decision.
Active Experimentation is the final stage of the learning cycle. It evolves in the situation
when learners considers how they are going to put the acquired information into practice.
Planning enables taking the new understanding and translates it into predictions as to what will
happen next or what actions should be taken to refine or revive the way a task is to be handled.
Learning will be productive when it is placed at the appropriate place that is relevant to them.
When learning is not used for performing various business activities then it can be forgotten.
Importance of BCM is clear to me as it provide nine pilers that are very important to establish a
business successfully (Wallin, Chirumalla and Thompson, 2013). I have learned importance and
use of all the nine pilers and have they are implemented in businesses to acquire effective results.
Implementation of learning at the final stage is one of the crucial task as it can change the whole
scenario for future. I have evaluated benefits and drawbacks of implementing of various tools of
the business model. This helps me to bring some issues in light that are neglected and may
hinder success of any business decision. Implementation of learning helps me to decide objective
of the business for which various activities needs to be performed. Understanding level of
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targeted consumer got increased that helps me and team to serve consumers in best possible
manner. At the final stage all the learnings are moulded into some theories or methods that
provides specific manner in which activities are performed by business organisations. For
“Weeding Bells” learning regarding finance, consumer base, cost, consumer relationship, key
partners, key resources and channels will be given more concentration. This will help in
implementing various business decisions successfully. At the final stage it is observed that all the
team members performed their duties well and contributed their learnings to implement business
plan (Kolb's experiential learning style theory, 2017). Report that is prepared for the business
plan must contain all the information that is required to make decision by following proper
format of report presentation.
CONCLUSION
From the above report it is concluded that Business Canvas Model is very important to
establish a new business idea. It consist of nine tools that defines all the requirements that needs
to be fulfilled to make business successful. For implementation of this model a learning theory
will be followed that consist of four different stages. These stages will help to grab the
knowledge and utilise it in the best productive manner. Together with this how introduction of
business through intrapreneur is different to implement its business.
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REFRENCES
Books and Journals
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.
Hong, Y. C. and Fauvel, C., 2013. Criticisms, variations and experiences with business model
canvas.
Zolnowski, A., Weiß, C. and Bohmann, T., 2014, January. Representing Service Business
Models with the Service Business Model Canvas--The Case of a Mobile Payment
Service in the Retail Industry. In system sciences (HICSS), 2014 47th Hawaii
International Conference on (pp. 718-727). IEEE.
Trimi, S. and Berbegal-Mirabent, J., 2012. Business model innovation in entrepreneurship.
International Entrepreneurship and Management Journal. 8(4). pp.449-465.
De Reuver, M., Bouwman, H. and Haaker, T., 2013. Business model roadmapping: A practical
approach to come from an existing to a desired business model. International Journal of
Innovation Management. 17(01). p.1340006.
Euchner, J. and Ganguly, A., 2014. Business model innovation in practice. Research-Technology
Management. 57(6). pp.33-39.
Abraham, S., 2013. Will business model innovation replace strategic analysis?. Strategy &
Leadership. 41(2). pp.31-38.
Wallin, J., Chirumalla, K. and Thompson, A., 2013. Developing PSS concepts from traditional
product sales situation: the use of business model canvas. In Product-Service
Integration for Sustainable Solutions (pp. 263-274). Springer, Berlin, Heidelberg.
Online
Kolb's experiential learning style theory. 2017. [Online]. Available
through:<https://www.simplypsychology.org/learning-kolb.html>
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