Wedding Bells: Business Canvas Model and Kolb's Experiential Learning

This essay analyzes the application of the Business Canvas Model and Kolb's experiential learning cycle in the context of a startup named Wedding Bells, which provides event management and wedding planning services. The essay begins with an introduction to entrepreneurship and the utility of the Business Canvas Model for startup planning. The main body of the essay then delves into Kolb's four-stage experiential learning cycle (Concrete Experience, Reflective Observation, Abstract Conceptualization, and Active Experimentation) and how the author applied these stages while working on the project using the Business Canvas Model. The author reflects on their experiences, observations, and conceptualizations regarding customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partners, and cost structures. The essay concludes by summarizing the key insights and the importance of adapting to customer requirements, innovation, and risk assessment in entrepreneurial endeavors, highlighting the Business Canvas Model's effectiveness in business planning and execution.

Essay

Table of Contents
Introduction......................................................................................................................................1
Main body........................................................................................................................................1
Conclusion.......................................................................................................................................5

Introduction
Entrepreneurship is the process of designing, launching and running a small business
firms in the market for gaining money. Entrepreneurs are the people or individuals who setup
these small businesses. Business Canvas Model is very helpful for these entrepreneurs in
planning their business. Business Canvas Model is used by the companies with purpose of
planning the setup and strategies of the new start-up in order to gain more growth and
development in the market. This model is a visual chart which consist of several elements such
as value proposition, customers, infrastructure, finances etc. This model was developed for a new
start-up named as wedding bells. This essay reflects the personal experience using Kolb
experiential learning cycles along with the business canvas plan for wedding bells.
Main body
Kolb's experiential learning style theory is a four-stage cyclical theory for learning which
provides a holistic view which combines the perception, experience, behaviour and cognition
together. This model was created by the theorist David A. Kolb who believes that learning is the
continuous process of acquiring the knowledge using the previous experiences. The four stage of
this model are Concrete Experience, Reflective Observation, Abstract Conceptualization and
Active Experimentation. A person can start follow this theory in any stage but the sequence must
be followed for getting good results. I used the business canvas model in doing this essay project.
Through this model, me and my team get to know the various elements which are essential for
the growth of a successful business. The four stage of this model are discussed below in detail:
In Concrete experience, My experience in executing the project was very good and
satisfactory. I get the opportunity to get to know new things which are unknown to me till now. I
get to know and understand the importance of business idea and planning which are essential in
the growth of the new business. Wedding Bells company is a new start-up who is providing
event management and wedding planning services to their customers. I get to know the methods
which are used in development of business canvas model for new firms. I also get to know
regarding how the business ideas are developed and implemented and regarding the essential
steps to be taken care of. The overall experience of executing the project was quite wonderful but
lack of enough time is a major problem faced by me. Due to less time, the completion of the
project get delayed.
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My team is also feeling very good after the execution of the work and they thinks that
their coordination and mutual support is also very helpful in completing the project in an
effective manner. A good thing that was learnt by me is that the using shared work or collective
efforts, individuals and teams can execute their work with the required efficiency. As an
entrepreneur, it is my duty to be innovative in my thinking and also to suggest better and unique
ideas to my team when they face any issues and problems. The problems of the team members
must be recognised properly, so that innovative ideas can be generated for resolving the issue at
earliest. Also risk taking is another important thing for entrepreneurs. They needs to take risks in
their work or project and run the business with the risks involved. The goals and objectives must
be set in such a way that they are achievable and measurable. The entrepreneur needs to calculate
the total risk involved and its impact on the business before taking the risk. A entrepreneur must
have high problem solving and analytical skill for providing the solutions to the problems of the
workers or team mates. When ideas are provided to the workers than they can work with their
full capability and their performance will not get hamper. Analytical skill are helpful in
determining the proper alternatives from different sources. Through this project, my knowledge
regarding the entrepreneur and businesses improved very much which will be useful in the future
purposes.
In Reflective Observation, I observed several things which assisted me in completing the
project in an effective manner. I observe the methods for implementing the business ideas using
the business canvas model. By using the model, the desired targets can be met. This consist of 9
points of Business canvas model as discussed forward.
First is customer segment, In this I observed that Wedding bells should needs to
determine their customers and market for providing their services associated with design,
catering, music, decorations. In value proposition, I observed that customers tends to attract
towards the firm when they are provided with unique featured services and products. Wedding
Bells is providing the value proposition to their customers in terms of design and catering. In
channels, I observed that Wedding bells needs to use effective communication channel for
attracting the customers towards their services. The firm is using the social media, website and
brochures for making aware their customers towards the offered products. In customer
relationship, I observed that maintaining healthy relationships with customers is highly essential
for firms in order to get success and sustainability. Wedding bells is organising personal meeting
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with their targeted customers for providing them their services in an effective manner. In
revenue streams, I observed that the firm needs to generate more amount of revenue for
effectively performing their operations and activities. It is the way through which the
organisations makes income from their customers. Customer tends to pay for services and
products when provided at affordable amount.
In key resources, I observed that the availability of resources such as finance, manpower
etc. are necessary for creating the value or for providing the services. Wedding bells's main
resources are designing venue, flowers and manpower through which the firm attracts their
customers. In key activities, I observed that the priority activities of wedding bells is the
marketing and selling activities which are influencing the customers of firm effectively. But
Wedding bells can give the priority to research and development as the firm needs to conduct
research for determining the preferences of their customers. In key partners, I observed that
these provides their maximum support to the success and growth of the firm. The key partners
for the Wedding bells are customer and supplier whom the firm is providing their services. In
cost structure, I analysed that firms needs to analyse the costs of their products and services for
determining the required budget. I observed that the price of the services must be less so that the
profit can increase.
According to me, Wedding bell is performing their operations in an effective manner.
The firm needs to modify their services based on the requirements of the customers for
enhancing their satisfaction. By making improvements in the services and products, firm can
attract new customers towards their provided products. By implementing this suggestion, firm
can expand their business operations and profits can be maximize. According to m observation,
Wedding bells needs to take feedbacks and suggestions from their customers for making
improvements. Through the feedbacks, improved products and services can perform better in the
market.
In Abstract Conceptualization, I feels that the firm needs to provide some additional
facilities to their customers for ensuring the satisfaction of customers. Wedding bells is providing
services of event management, catering, wedding planning etc. to their customers. Apart from
that I think that the firm can provide the photographer and videographer from their side so that
the customers doesn't needs to worry about the videos and photos. The firm can charge the
customers for these services at a little cost which can be included in the total costs. Through this,
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the firm can generate more money and profit. Management of the Wedding bells must have the
innovative and out of the box thinking for expanding the business at large scale. The firm also
needs to make new strategies for competing with their competitors and to obtain sustainability.
The entrepreneur of the firm needs to take risk for increasing the market share and revenue. But
the risk must be calculated before taking, so that its impact can be minimised. Also facilities
including fast food, drinks can be offered based on the requirement of customers by the firm.
The process may differ when the role of an intrapreneur will be adopted in the
organisation. Intrapreneur is also a entrepreneur which exists within an organisation and provides
the innovative ideas of the business to the company. The intrapreneur does not take risks
associated with their ideas or business. These works within the company and provides their ideas
for expansion or growth purpose. These people uses the resources and funds of the firm in
executing their business project. So according to me, firm should provide the opportunities to
their employees for brining their business ideas forward which will ultimately assist the firm to
grow and expand. For encouraging the employees, management can provide them shares or can
make them shareholders in-case the employees come forward with the idea. So based on my
thinking, it can be said that the intrapreneur and entrepreneur are both different and also their
roles are different which assist the firm in the growth and success in upcoming future. The
intrapreneur also has the necessary skills and knowledge as that of the entrepreneur.
In Active Experimentation, I get to know that the business canvas model is very useful
for the business firms as it consist of nine important points which assist the firm in growing and
success at market place. The key partners such as suppliers, customers, investors etc. are
essential for the firm for surviving in the market. The firms needs to prioritised their activities
properly and execute the key activities first in an effective manner. In order to provide the value
to the customers, management of the Wedding bells is providing design and catering services to
consumers so that they will purchase the product. Apart from that, customers segmentation is
also a important aspect which can't be ignored and firm needs to maintain healthy and strong
relations with the customers.
Also key resources such as: finance, manpower, catering etc. are helpful in supporting the
growth of productivity of the business. I also get to know that the firm is using the social media
and website for promoting their business and its services. Cost of the products needs to be
analysed before setting so that the profit can be increased. I get to know the challenges which are
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faced by the firm in implementing the business. Major challenge is to come forward with
innovative business idea for increasing the profit and market share. Another issue is of cost and
budget. Also the challenges from the competitors in gaining high profit is also faced by the firm.
Firm needs to analyse the impact of external environmental factors for protecting the business
from their impact. By analysing the performance of my group members in two weeks, I observed
that our work was very good and we are quite successful in executing the work with some delay.
The delay in executing the work is due to the conflicts among 2 of my team members. I also
learn that with the help of nine elements of Business canvas model, business idea can be
implemented successfully. These nine elements are key partners, key activities, value
proposition, consumer segments & relationships, key resources, channels, cost structure and
revenue streams which are used for planning the business. I also get to know about several steps
which will be discussed further. Through these steps, successful results can be achieved. These
steps are Decide the objective, Understand the audience, Report format and type, Gather the
facts and data, Structure of report. These steps are used by me for ensuring that the successful
outcomes can be achieved from this report.
Conclusion
It can be concluded from the above essay report that the business ideas can be effectively
implemented through the help of Business canvas model. With the help of Kolb's experiential
learning style theory, the four stages of the model can be understood for reflecting upon the
incidents and situation. An entrepreneur must needs to analyse the risk and cost involved in the
business project. Both intrapreneur and entrepreneur helps the organisation to gain growth and
success along with the sustainability in the market.
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REFERENCES
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