Business Model Canvas for Wedding Bells: My Experience

This essay details the student's experience in developing a Business Model Canvas for 'Wedding Bells', a company providing marriage and party services. The assignment focuses on the student's role in gathering information about key partners and resources, analyzed through Kolb's experiential learning style. The essay describes the stages of concrete experience, reflective observation, abstract conceptualization, and active experimentation, detailing the student's learning process, challenges faced during group work, and insights gained. It highlights the importance of key partners, resources, and the impact of technological issues. The essay also discusses how the student would approach the task as an intrapreneur, emphasizing the Business Model Canvas's role in clarifying business operations and decision-making. Ultimately, the essay reflects on the importance of teamwork, communication, and the application of theoretical concepts to practical business scenarios.

ESSAY

Table of Contents
INTRODUCTION...........................................................................................................................1
Main Body.......................................................................................................................................1
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business Model Canvas, is determined as a graphical representation that is based on
numerous kinds of variables (Joyce and Paquin, 2016). Thus, it is considered as a strategy tools
which a company can adopt in order to execute plans effectively. Furthermore, business model
which is made is based on a company named “Wedding Bells”. This firm provides services
regarding marriage, parties etc., In relation with this assignment it is totally based on my
experiences regarding the process of making a business model canvas. What goes right while
working in a group, drawbacks and in future what can be done for improving mistakes.
Main Body
Business Model Canvas, is a model used by millions of people in an organisation for
developing a business plan because this includes describing of idea, designing, challenge etc.,
This model was developed by Alexender Osterwalder and includes 9 components named as Key
Partners, Key activities, Key resources, Value propositions, Customer relationships, Channels,
Customer segments, Cost structure and Revenue streams. This assignment will help us in
knowing what are the factors that goes right or wrong, limitations that was being faced and what
are the steps which can be taken for further improvement. My role on the process of developing
Business Model Canvas is to gather information about key partners and key resources. Further to
understand the same it could be understand by Kolb's experimental learning style. Therefore,
with the help of Kolb's Learning style I would be explaining my experience regarding my
developing a business model and working in a group. Learning is an ongoing process which with
the change in course of time and with gained experience improves knowledge so that acquired
knowledge can be applied different situations. Kolb's learning style basically works in regards
with two levels which includes four stage cycle and separate learning styles (Plenter and et. al.,
2017). But generally, Kolb's theory concentrates on learner's internal process of cognition. Thus,
Kolb's with his model tried to explain that every individual have a different style of learning and
according to their acquiring skills they learn things. For example: some person can learn in social
environment, educational experiences or as per basic cognitive structure. Kolb's model, is
generally based on two continuum in which east-west axis shows processing continuum whereas
north-south axis called the perception Continuum. Concrete Experience: This is the first stage
in which people basically watch activities of other individuals instead of performing the same.
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Thus, in regards to this I looked at my seniors whom I was assisting in order to develop a
business model canvas. As I was having “diverging learning style” considering this I was
assigned with the task of gathering information related to key partners and key resources who
can assist “Wedding Bells” in managing their business operations in an effective manner. Along
with this, I was asked to selected those prime key resources and partners who can be very
beneficial for organisation in providing better outcomes and results. For example: after collecting
information I got to know that customers, suppliers, creditors and government are the key
partners with whom “Wedding Bells” has to maintain good relations. Whereas, in relation with
key resources finance, manpower, catering and flower design company has to considered in
order to provide better services and facilities to its customers. Therefore, this is the best way for
me to just see and learn and participate in activity by watching what other persons are doing.
While working in a group there were many people such as interns, new employees etc., who
were just watching how seniors were performing their activities so as to make a business model
canvas. The first step has to do only with watching and learning from the activities that are being
performed. But by coming onto the stage i.e. Reflective Observation: a person starts to think
about what he/she has watched and show a logical approach towards a task. Thus, in this
thoughts, ideas and concepts plays a crucial role in transferring them into reality. Therefore, in
relation to this segment some of the people in our group were excel at understanding more
practical work so they were assigned with activities such as channels under which sources that
are required to connect with customers are taken into consideration like social media websites,
internet, e-mails, electronic media etc., Other than this, for maintaining strong relationship with
customers it is important that company's consumer executive must work hard for connecting with
customers. There were many things that worked really good for instance: gathering information
regarding what channels company is required to adopt for connecting with consumers. Therefore,
according to me, with the change in course of time, as people are more active in social media
sites thus, this will be effective for firm to adopt. As a result, it will help them in connecting with
large number of customers at a time. I was able to provide better information for developing
Business Canvas Model because whatever resources that I selected such as designing venues,
flowers and manpower is adding stars to their work and making firm in sustaining a better
position at market area. But there were some problems as well that was faced by our group like
during the initial phase of gathering information which was based on field work some of my
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team mates were facing issues in doing field work because of less time entire squad was having
in order to collect information for making business canvas model effective and reliable. Along
with this, section of Information Technology faced heavy trafficking in servers in order to gather
information regarding which site will be effective for “Wedding Bells” for pulling attention of
maximum number of people. Abstract Conceptualization: By coming on to this stage, our
group started working on ideas so that work can be started. Along with this, things that didn't
work for our team were taken into consideration. For example: some of the people is the group
doesn't wanted to do filed work which created problem in executing and implementing proper
plans. Mutual understanding, was being affected because there was a time when entire team
denied to work for a common goals because of the consequences. Furthermore, to make this
better our team leader gathered all individual and motivated us showed the positive side of
working together. Other than this, we had to upgrade our technological sector as we added
numerous switches and gates. As a result, this made access to different websites easier and less
time consuming. Therefore, expertise and experienced employees in our group assisted us in
performing all our task in an effective. In context with my skills, I learned a lot and further I too
faced issues and problems in gathering information because I had to start from a scratch. While
collecting information regarding key resources and key partners of the “Wedding Bells” I was
told that instead of searching online I should go and talk to the manager of the company as it will
be helpful in determining effective stakeholders of organisation who can provide benefits and
give competitive advancement as well. Furthermore, I have a thought to it and consider what my
colleague was saying was right. This will not only increase my knowledge regarding what all key
stakeholders are required but will also aid me in interacting with different personality. Therefore,
in this stage it gave me opportunity of using my brain for getting effective results. I learned new
things from experienced person I really go to know about different conceptualised things like
while working in a group what all are the things that must be taken into consideration. For
instance: even if things are not going good within team mates than with the help of a small
meeting or having conversation things can be resolved and if no proper solutions are extracted
than an individual can move towards experts. Active Experimentation: After all three steps, this
is the last stage under which people generally consider experimental approach and they gets
attracted to new challenges. Therefore, while I was selected for this group work I was very happy
because this was a great opportunity for me to learn new things as it will be helpful in
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performing my future activities. In some situations I guided to new employees and make them
understand about the activities which they are working are whether they are doing it right or not.
While working in group and developing Business Canvas Model aid me to large extent because
it helps in categorising the important factors that are essential for starting and operating business
in an effective manner. Because according to my context, an individual or an entrepreneur
always find difficulty taking the first step like from where to start. Therefore, with the help of
Business Canvas Model, various elements were divided into 9 segments which made things clear
such as key partners, what will be the cost structure, what key resources are required etc., this
reduced the time that would have been taken while gathering all the information. If I would have
been appointed as an intrapreneur than my way of working would have been different. Firstly, I
would have identified what is the requirement of developing a Business Canvas Model, how it
will help in taking business to an another level. Subsequently, I would have analysed whether
company who have adopted this model have gained any kind of benefits or not. After this, my
next step would have been planned according to what all activities are required in order to
perform the task. Therefore, in order to convert the plan into reality I would have selected
members who are interested in both field and office related work so as to develop a team. Along
with this, I would have shuffle the work according to skills and knowledge acquired so that in all
the sectors employees can enhance their skills. This will help them in accepting future
challenges. Furthermore, a clear conversation would have been established so that proper
harmony could be maintained and if any team mates is facing issue than with the help of group
discussion it would have been cleared. Rest, distributing things would have been made easier
because of nine factors included in Business Canvas Model. For certain steps that goes wrong
while executing the plan would have been different such as assigning of roles and
responsibilities. I would have given task as per skills and knowledge so that activities can be
performed in an effective manner. Other than this, while working in a group there were certain
clashes which created problem for entire group as at some point all members quit to perform
with one another. In this situation I would have first identified the problem and reason behind
this and then would have taken appropriate decision or negotiation so that mutual understanding
can be maintained. Therefore, working in a group always plays an important role in an
individual's life as this help them in increasing their skills and knowledge and also creates a
better understanding of working in a team.
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CONCLUSION
From the above report, it has been evaluated that while working in a group there are
certain factors that can be considered. For me, this experience worked really good as I learned
new things under the supervision of my senior manager. I have learned how to manage activities
and different factors so as to achieve a common goal and objectives for an organisation. For me,
in some situations I found it difficult to do the job that was assigned to me but my senior
manager helped me out and resolved all my issues and further guided me in performing my
activities in a better manner. Along with this, my colleagues were very supportive as they
motivated and encouraged me in doing my work in an effective manner.
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REFERENCES
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.
Dudin, M., Kucuri, G., Fedorova, I., Dzusova, S. and Namitulina, A., 2015. The innovative
business model canvas in the system of effective budgeting.
Toro-Jarrín, M. A., Ponce-Jaramillo, I. E. and Güemes-Castorena, D., 2016. Methodology for the
of building process integration of Business Model Canvas and Technological
Roadmap. Technological Forecasting and Social Change. 110. pp.213-225.
Plenter, F., and et. al., 2017. Repainting the business model canvas for peer-to-peer sharing and
collaborative consumption.
Lüdeke-Freund, F. and Dembek, K., 2017. Sustainable business model research and practice:
Emerging field or passing fancy?. Journal of Cleaner Production. 168. pp.1668-1678.
Setiawan, M. I., and et. al., 2018, January. Business Centre Development Model of Airport Area
in Supporting Airport Sustainability in Indonesia. In Journal of Physics: Conference
Series (Vol. 954, No. 1, p. 012024). IOP Publishing.
Tomkins, L. and Ulus, E., 2016. ‘Oh, was that “experiential learning”?!’Spaces, synergies and
surprises with Kolb’s learning cycle. Management Learning. 47(2). pp.158-178.
Thomas, T., Rafie, K. and Williams, E., 2016. 8: Integrating Functional Resonance And Kolb’s
Learning Cycle To Understand Sociotechnical Systems. Critical Care Medicine. 44(12).
p.88.
McKinney, E., 2017. Using Kolb's Experiential Learning Cycle to lead students in learning about
sewable circuits.
Stein, M., 2018. Theories of experiential learning and the unconscious. In Experiential Learning
in Organizations (pp. 19-36). Routledge.
Watson, M. K., and et. al., 2016. Assessing impacts of a learning-cycle-based module on
students' conceptual sustainability knowledge using concept maps and surveys. Journal
of cleaner production. 133. pp.544-556.
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