Creating a Winning Business - Spring 2018: Business Model Canvas

This project showcases the development of a theme-based restaurant, specifically a rainforest-themed establishment in Wales, using the Business Model Canvas (BMC) framework. The assignment details the evolution of the BMC through multiple iterations, reflecting on the business idea, market analysis, and operational strategies. The initial idea focuses on offering a unique dining experience with immersive rainforest themes and diverse food options. The project explores key aspects of the BMC, including customer segments, value propositions (emphasizing entertainment and healthy food), revenue streams, cost structures, key partners (decoration companies, food suppliers), key activities, resources, and channels. The student reflects on assumptions, action learning sets, and the impact of feedback on refining the business model, including modifications to suppliers, customer segments, and marketing channels. The project highlights the importance of a strong supply chain, effective marketing, and understanding customer needs for business success. The student provides a pitch summarizing the key elements of the startup and the modifications made during the project, emphasizing the importance of supplier, operator, and marketing aspects for startup success. The project explores the importance of identifying and engaging with appropriate partners, and the integration of the marketing channels for maximum visibility and impact.

Creating a Winning Business 1 – Spring 2018
Assignment 2 Workbook: Business Model Canvas - Iteration and Reflection
Student Id: [type here]
Lecturer: [type here]
Submission Date: [type here]
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Business Idea
Page 2
Unique concepts and offerings are the prime requirement for establishing a new business innovatively in the competitive business
environment (McMullen and Kier 2017). In this study, a new business will be developed, which will be a Theme-basedRestaurantin
Wales. In this theme-based restaurant, the concepts and design will get priority over anything else. Moreover, the theme of the
restaurant will be Rainforest view all over within the restaurant space. The customers will get an awesome feel of rainy
environment within this restaurant during having foods. The restaurant will also provide delicious foods including Italian foods,
Chinese foods, Mexican foods, Thai Foods, beverages and lot more.

Business Model Canvas Version 1: Initial Idea
Cost Related Revenue Related
Key Partners
 The key partners will be
the best decoration
companies of Wales
 The key suppliers of the
new company will be the
best interior decorator
companies and fresh food
ingredients suppliers
 The suppliers will design
the best themes on
rainforest concepts that
will attract the customers
 The supplier will also
provide fresh food
ingredients for preparing
fresh and delicious food
items for the customers
 The key partners will
invest in this company for
business progress
Key Activities
 The restaurant will create
an effective supply chain
network for getting supply
of effective theme
decoration and delicious
food ingredients
 The customers will able to
avail the foods in different
physical food stores of the
restaurants
 The restaurant will
provide dedicated
personal assistance to the
customers during having
foods
Value Propositions
 The restaurant will
provide an awesome feel
of rainforest including
mist, plant growth,
waterfall and animatronics
of insects and robots.
 It will also offer delicious
foods to the customers for
their health wellbeing
 The restaurant will solve
the fun problem and
readymade problem of the
customers though offering
fun themes and delicious
foods
 The people having the
need for fun and fast food
lover will be the customers
Marketing & Sales
Communication
 The restaurant will adopt
strong advertising
techniques for raising
awareness regarding
products and services
 The offerings of themes
and hygienic foods will
create desire and interest
among the customers
 The restaurant will use
print media and mass
media advertisement for
reaching potential
customers
Customer Segments
 The restaurant will select
diversify market segment
having needs of fun and
entertainment
 People having positive
attitude in life will be the
valuable customers
Key Resources
 The value proposition
requires talented and
skilled human resources
for decorating attractive
themes and delicious foods
 The channels and
customer relationship
require skills and
interactive human
resources for better
customer interaction
Product & Service Delivery
Channels
 The customers can
purchase the foods from
the own stores of the
company and get delivery
of the foods within the
store itself
 The marketing
communication will direct
the customers towards the
physical stores
Cost Structure
 Supplier cost for theme decoration will be highly expensive
 The restaurant will have value driven business to provide delicious foods
and entertainment to the customers
 Increasing volume of customers may lead to economies of scale
Revenue Related
 The customers will be willing to pay even high price for aesthetic view
within the restaurant and its deliciousand uniquely tasty foods
 Revenues will be generated at the restaurant owned by the company itself
 The restaurant will use fixed pricing for offering foods
Page 3

Explain the history behind your idea:
On my frequent visit in different restaurants, I realized all the restaurants
provide almost same quality food items. However, I have recognized that the
restaurants have lack of customized decoration for attracting the customers.
Apart from foods, the customers are not getting enough entertainment on
arriving at the restaurants. It is somewhat unexciting to the fun-loving people.
Hence, I have come up with the idea of theme-based restaurants, where the
customers will be enjoying rainforest themes and funs within the restaurant
space. It will definitely meet the fun and entertainment needs of the customers
along with temporary and readymade food needs. Hence, the business will
definitely get success in the market.
I have done my internship program of my university at a restaurant having the
role of business development executive. I have enough idea to provide
innovative restaurant service to the customers. I know the ways of customizing
products and services to attract the customers and retain them for longer period.
Hence, I might be the right person to develop this business idea.
Reflection:
Reflection is the form of looking back on an experience (Smith 2014). This
process effectively identifies the strengths and limitations of the experience of
an action. Reflection of an action helps in developing critical thinking skills and
improving future performance of an action (Maaranen and Stenberg 2017).
Action learning set is a structured method, which enable the small groups to
address the complex issues of an activity through their regular meeting and
collaborative working. It especially gears up the learning and personal
development at managerial and professional levels. On the other hand,
individual reflection is always associated with reflection of self, where other
people are not involved in the reflection (Bradfield, Cairns and Wright 2015).
The identification of strength and weakness of an action is only limited within
one person, which can limit the critically of the reflection. Hence, action learning
set is always better than individual reflection for effective critical evaluation of
an action.
Assumptions:
The main idea was to deliver a unique service to the people of Wales by offering
entertainment along with food. However, the idea was supported through the
response from the people of Wales as a survey was carried out in Cardiff
Christmas Market fair where it was found that majority of people accepted the
idea of rainforest theme restaurant. Moreover, secondary research was done
along with multiple contacts with partners.
Page 4

Business Model Canvas Version 2: After the Pitch
Cost Related Revenue Related
Key Partners
 Interior decoration
companies will be
contacted (Andy
Thornton)
 The key suppliers of the
new company will be the
best interior decorator
company and fresh organic
food ingredients suppliers
(Organic Fresh Food
Company)
 The suppliers will design
the best themes on
rainforest concepts that
will attract the customers
 Andy Thornton will also
supply fresh organic and
healthy food ingredients
for preparing fresh and
delicious organic and
healthy food items for the
customers
Key Activities
 The restaurant will create
an effective supply chain
network for getting supply
of effective theme
decoration and delicious
organic food ingredients
 The customers will be able
to get foods only at the
first and only restaurant
(there will be no other
branch)
 The restaurant will
provide buffet and
personal assistance to the
customers during having
foods
Value Propositions
 It will also offer organic,
healthy and delicious
foods to the customers for
their health wellbeing
 The restaurant will solve
the fun problem and
health problem of the
customers though offering
fun themes and organic
foods
 Customers will get the best
feelings of rainforest
including mist, plant
growth, waterfall and
animatronics of insects
and robots.
 The people having the
need for fun and healthy
food lover will be the
customers
Marketing & Sales
Communication
 The restaurant will adopt
strong advertising techniques
and public relation programs
for raising awareness
regarding products and
services
 The offerings of themes and
healthy foods will create desire
and interest among the
customers
 The restaurant will use print
media (billboards)
advertisement for reaching
potential customers
Customer Segments
 The restaurant will
select niche customer
segment having needs
of fun and
entertainment as well
as healthy foods
 The people having
positive attitude in life
and healthy life style
will be the valuable
customers
Key Resources
 Value proposition requires
intellectual, skilled human
resources and supplies as
well as adequate business
capital for decorating
attractive themes and
preparing organic foods
 The channels and
customer relationship
require skills and
interactive human
resources for better
customer interaction
Product & Service Delivery
Channels
 The customers can purchase
the foods at the first and only
restaurant and get delivery of
the foods within restaurant
 The restaurant will also have
effective home delivery system
along with service within
restaurant
 Marketing promotional
techniques will direct the
customers towards restaurant
Cost Structure
 Supplier cost for organic foods and theme decoration will be highly
expensive
 The restaurant will have value driven business to provide organic healthy
foods and entertainment to the customers
 Increasing volume of customers may lead to economies of scale
Revenue Related
 The customers will be willing to pay even high price for aesthetic view
within the restaurant and its organic foods
 The revenues will be generated at the restaurant owned by the company
itself
 The restaurant will use fixed pricing for offering foods
Page 5

Business Model Canvas Version 2: Reflection
Pitch:
I came to understand from Startupdonut.co.uk (2018) that a start-up is
completely dependent on three elements, which are supplier, operator and
marketing. Therefore, at the time of modification I focused primarily on the key
partners and complying with the assumption, I identified that Andy Thornton,
Organic Fresh Food Company and MA Consultancy would be the best for design,
food supply and marketing respectively.
On the other hand, I tried to keep deeper focus on entertainment factors rather
than quality of food. This is because fun-restaurant will be new concept among
target audience for whom food quality will be an inferior choice to have music
and entertainment.
Assumption Testing:
The main assumption was to identify and contact with the consultant, designer
and supplier of food. There were several suppliers in the market. However, best
supplier was identified through secondary research by focusing on reviews,
advertisements and success stories. Moreover, I had to change the diversify
customer segment to niche segment so create higher value in the market.
On the other hand, we had to focus more on the types of food that were available
in the market that attract trendy crowd and therefore, we tried to keep a blend
between unique recipe and widely accepted items. Finally, after extensive
research and contacts, Organic Fresh Food Company was found to deliver the
best fresh quality vegetables. Therefore, due to the change in supplier, the cost
structure was modified along with key resources and value propositions.
Comment on your Action Learning Set:
Every start-up is associated with plenty of alternatives and therefore from the
group, I got the idea of focusing on human resource that would manage the
operation. Based on the ideas from NORAHS Consultancy and availability of part
time/full time staffs along with chefs, I thought of designing the hierarchy that
would be required in the first 6 months.
Considering the people in the group, I advised them to focus on the service
delivery techniques such as offering dine-in, take-away or home-delivery.
Moreover, I communicated with them the entire plan as all the 9 blocks of canvas
model were interrelated.
I found that selection of partners was quite perfect, however our team was
lacking the ability to identify proper marketing channels.We understood that
strong advertising technique would be required. Therefore, finally we
approached to the marketing partner, Ontrac Agency.
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Business Model Canvas Version 3: Final Refined Version
Cost Related Revenue Related
Key Partners
 The key partners will be
the best decoration
companies and music
partners of United
Kingdom
 The key suppliers of the
new company will be the
best interior decorator
company (Andy Thornton)
and fresh organic food
ingredients suppliers
(Organic Fresh Food
Company)
 The suppliers will design
the best themes on
rainforest concepts and
music themes that will
attract the customers
 The supplier will also
supply fresh organic
healthy food ingredients
for preparing delicious
organic and healthy food
items for the customers
and best themes on
rainforest and music
Key Activities
 The restaurant will create
an effective supply chain
network for getting supply
of effective themes on
rainforest and music and
organic food ingredients
 The customers will avail
foods from the physical
restaurant as well as
through online channels
 The restaurant will
provide buffet and
personal assistance to the
customers during having
foodsIt will also
implement money return
policy for compensating
customer dissatisfaction
Value Propositions
 Along with themes of
rainforest, the
restaurant will also
provide awesome
feelings and
experience of
enjoying classical
music
 It will also offer
organic, healthy and
delicious foods to the
customers for their
health wellbeing
 The restaurant will
solve the fun problem,
music needs and
health problem of the
customers though
offering fun and music
themes and organic
foods
 The people having the
need for fun, healthy
food lover and music
lover will be the
customers
Marketing & Sales Communication
 The restaurant will adopt strong
advertising techniques, public
relation and sponsorship for raising
awareness regarding products and
services
 The offerings of rainforest themes,
music themes and healthy foods will
create desire and interest among the
customers
 The restaurant will use mass media,
digital media and social media
advertising for reaching potential
customers
Customer Segments
 The restaurant will
select niche customer
segment having
needs for organic
foods as well as
music and
entertainment
 The people having
positive attitude in
life and healthy life
style will be the
valuable customers
Key Resources
 The value proposition
requires intellectual and
skilled human resources
and supplies as well as
adequate business capital
for decorating attractive
themes, music
arrangements preparing
organic foods
Product & Service Delivery Channels
 Along with physical restaurant, the
customers can also order online and
get delivery of foods at their own
home
 The marketing communication will
direct the customers towards the
physical outlet of the restaurant as
well as online order system
Cost Structure
 The arrangement of music programs, themes and organic foods will also be
costly for the restaurant
 The restaurant will have value driven business to provide organic healthy
foods and music and theme entertainment to the customers
Revenue Related
 The customers will be willing to pay even high price for aesthetic view,
classical music within the restaurant and its organic foods
 The restaurant will use fixed pricing for offering foods
 The revenues will be generated at the restaurant owned by the company
itself
Page 7

Business Model Canvas Version 3: Reflection
Iterative Journey:
In the earlier canvas model, I have identified from the consultants that
consumers will not only love delicious food but the market demands for organic
items. Therefore, niche target market segment was chosen. Finally, in the last
version quality items with organic materials were confirmed.
Initially, I thought that from the research, people would love theme-based
restaurant, however with the changes with suppliers and consultants, I came to
know that the number of repeat customer will get reduced if the entertainment
becomes monotonous. Therefore, in the final version music was added along
with the lively environment.
I had very less idea of marketing and advertisement and therefore I came to
know that both offline and online promotional techniques would be required.
Eventually, I thought of adding sponsorships along with public-relation
campaigns so that people could relate their need with market availability.
Finally, I must highlight that the idea was to offer dine-in service. However, after
consulting with the firms I came to know that it would become very difficult to
penetrate the market. Therefore, I thought of adding online platform in the last
version through which consumers can order their items.
Considering evidence, I must declare that it was the consultants, suppliers and
partners whose continuous support helped me in building the canvas model.
Competitor Insight:
Direct competitor is the company that produces virtually identical goods and
services to offer for sales in the same market. Indirect competitors may provide
slightly different products and service for meeting same customer needs (Cox
Pahnke et al. 2015). In case of new business organization, the direct customers
will be The Blues Kitchen, Tinseltown, Cahoots and others. These restaurants
also offer foods to the customers having being decorated with different types of
themes. On the other hand, the small food shops and street food shops can be the
indirect competitors of this new business. Such shops may not provide organic
foods, but they also provide delicious foods to the same customers for meeting
their food needs. Hence, such shops can be the indirect competitors of the new
business. The analogous companies of this company are trying to reach same
customers with having slightly different foods and service (Porter and
Heppelmann 2014). Moreover, the companies like Cott and Kraft are offering
house branded beverages to the customers for enhanced customization. I have
learned from the competitors that business success is highly dependent on
uniqueness of products and service offered to the customers. Hence, I will
differentiate my restaurant from the competitors through offering unique and
delicious taste of foods and customized themes.
Cost & Risks:
According to Harvard Business Review (2013), the biggest risks would be the
gap between projected budget and proposed budget for any start-up, which may
be the same for our business. Moreover, the number of supplier is restricted to
only 1, which if fails to deliver quantity and quantify it might hamper daily
operation.
In order to overcome such issues, The Guardian (2016) pointed out that Work-
Breakdown structure should be followed for the project along with Critical Path
Method Approach. In such a way Project management Chart will help in tracking
the daily deliverable.
According to Bbc.co.uk (2014), the best funding sources for start-ups are angel
investors, venture capitalists, personal investors, banks and peer-to-peer
lending. For the concerned business, fund will be collected from bank, personal
investors and venture capitalists.
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Business Model Canvas Version 3:
Page 9

References
List of Web Resources Academic Sources
Bbc.co.uk. 2014. BBC - GCSE Bitesize: Why start a business?. [online] Available at:
http://www.bbc.co.uk/schools/gcsebitesize/business/aims/aimsandactivitiesrev4.shtm
l
Startupdonut.co.uk. 2018. What are the real risks to your business? | Startup Donut.
[online] Available at: https://www.startupdonut.co.uk/business-planning/business-
strategy/what-are-the-real-risks-to-your-business
The Guardian. 2016. Starting a new business: how to avoid failure. [online] Available at:
https://www.theguardian.com/small-business-network/2016/feb/22/starting-a-new-
business-how-to-avoid-failure
Bradfield, R., Cairns, G. and Wright, G., 2015. Teaching scenario analysis
—an action learning pedagogy. Technological Forecasting and Social
Change, 100, pp.44-52.
Cox Pahnke, E., McDonald, R., Wang, D. and Hallen, B., 2015. Exposed:
Venture capital, competitor ties, and entrepreneurial
innovation. Academy of Management Journal, 58(5), pp.1334-1360.
Maaranen, K. and Stenberg, K., 2017. Portraying reflection: the contents
of student teachers’ reflection on personal practical theories and
practicum experience. Reflective Practice, 18(5), pp.699-712.
McMullen, J.S. and Kier, A.S., 2017. You don’t have to be an entrepreneur
to be entrepreneurial: The unique role of imaginativeness in new
venture ideation. Business Horizons, 60(4), pp.455-462.
Porter, M.E. and Heppelmann, J.E., 2014. How smart, connected
products are transforming competition. Harvard Business
Review, 92(11), pp.64-88.
Smith J., 2014. Theories of Reflection, 2nd. Edn., Prentice Hall: London
Page 10

Page 11

Business Model Canvas Version 3: Final personal career & action plan
Continuing personal career development: reflection and action plan
Critically reflect on your experience and challenge faced and the abilities you have
developed:
Skills Situation Task Action Result
Intuition
Skills
During the business
development process, I
was especially asked to
provide innovative
restaurant ideas for
initiating start up
business.
The task was to
come up with
unique
restaurant ideas
within 1 month
time period
I became highly
delegated in the
task and
consulted with
some experience
business person
to get restaurant
business idea
As a consequence,
I became able to
come up with
innovative theme
based restaurant
within only 1
month time.
Problem
Solving
In business development
process, it was quite
difficult to assess the
market for recognizing
the unique customer
needs.
My task was to
conduct market
research for
assessing the
individual
customer needs
I conducted
survey on the
people coming
in Cardiff
Christmas
Market fair for
knowing their
food
preferences
As a consequence,
I resolved the issue
of recognizing
customer needs
through assessing
their food
preferences
Teamwork We were supposed to
develop the start up
business plan in a group.
I was
responsible to
maintain the
group work for
successfully
developing the
business plan
I maintained
well
collaboration
among the
group members
for reaching at
integrated
business plan
As a consequence,
I became
successful in
coming up with
attractive business
ideas within
specified time
period.
Personal action planning:
Future Development of Skills
Skills Specific Goals Measurable Achievable and
Realistic
Time Bound
Communication
Skills
I will get training
on enhancing my
communication
power especially
on my verbal
communication
Good
interaction
within team and
week feedback
on my team
members will
measure my
communication
The training and
support from
qualified trainers
will develop my
communication
skills
I will develop
my
communication
skills within 3
months time
period
Time
Management
Skills
I will learn from
the established
business persons
about managing
time
Meeting the
deadline of any
task given to me
will measure my
time
management
skills
The learning from
established and
effective business
person will surely
develop my time
management
skills
I will develop
my time
management
skills within 2
months time
period
Page 12

APPENDIX: Summary of Evidence of Testing MAIN assumptions.
List your MAIN
assumptions
How did you test the assumption? Summarise the results of testing.
Idea Creation Survey: The idea is to target people within the age group from 12 to 80 and fast food
lovers with varying interests. Therefore, survey was carried out in the Cardiff
Christmas Market fair as wide variety of people from local areas would visit. A form
was given to most of the stalls where people visited and gave their opinion by ticking
their favourable options.
Out of the 3000 survey forms, 1347 forms were
filled. 78.77% people indicated that theme would
create unique value and 50.56% people accepted
rainforest theme restaurant. People commented for
organic food items to be quite preferable.
Consultant: Since it is a start-up hence consultant ideas were extremely necessary.
NORAHS Consultancy was approached who supported the idea with the requirement
of key resources, budget and assets.
The agency informed to have a huge open space
area along with the number of employees that
would be required. They described the management
hierarchy and proposed 550000 GBP budget.
Partner: Andy Thornton is one of the best interior decorators in Wales and
therefore, they supported the idea with necessary requirement such as furniture,
water supply, design and budget.
The agency informed to have an open space
restaurant along with good exit and entrance space.
Fire safety, number of furniture, decorative
lightings, pipeline and water supply designs that
would be required were explained.
Unique
Value with
regards to food
Secondary Research:Extensive research was done regarding the food items, variety
of category and types of restaurants in Wales.
It was found that most of restaurants offer non-
vegetarian food items with similar type of
ingredients and categories.
Food Suppliers:Organic Fresh Food Company was contacted as it is one of the top
fresh growers, producers and suppliers in Wales.
The suppler informed to supply fresh items
regularly in bulk. It would be a contractual basis for
1 year.
Sales and
Marketing
Consultant: MA Consultancy was approached to identify the type of marketing
approaches necessary. Sales and promotional techniques were also highlighted and
with fragmented time-frame for 2 years.
It was found that marketing campaign was
extremely necessary along with online advertising
mediums. Also, Google AdSense would be required
for SEO.
Print Media Agency: Ontrac Agency was approached regarding the type of offline
promotional media strategies that would be required.
It was found that both online advertising and offline
print media would be handled by them. Digital
Screen Advertising would be extremely necessary
for attractive promotions.
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