Creating a Winning Business (MN5W50)

Assignment 2 Workbook:

Business Model Canvas - Iteration and Reflection

Student Id: [type here]

Seminar tutor: [type here]

NOTES

1. You should stick to one page for each of the parts. To achieve this, you may reduce the font size if needed (no smaller then 8) and delete the guidance
words in italics (see 2 below)
2. Make full use of the Guide questions in italics in the Workbook and remove them afterwards, so they do not count towards the total number of words
3. Although the maximum number of words per page is 400 words, please take into consideration that overall, the full report should remain within
1500 words in total. The total number of words does not include the list of references, guiding questions and appendices.
4. Any extra information that can help understand your arguments, can be added in the appendix section (e.g. diagram, image etc)

In the box below, please explain in simple terms, the brief based on your business placement and the business solution. Maximum of 100 words

Page 1
BMC template (Maximum 400 words for the page, after removing the questions). Show the chronology/timing of your ideas in the following order of colours: black, Blue
and red.

Cost Related Revenue Related

Key Partners Key Activities Value Propositions (See note 1) Marketing & Sales Customer Segments
Who are our key partners? What key activities do our value What is the brief? Communication For whom are we creating value?
Who are our key suppliers? propositions require in order to What is the problem faced and the How will we raise awareness of Who are our most important
Which key resources will our produce, market and deliver them? proposed solution? our products and services with our customers?
partners provide? Which key What about channels, customer Which of the customer’s problems target customer segments? What Type here:
activities will our partners relationships, different revenue are we helping to solve? Which messages or offers will create Who are the stakeholders that will
perform? streams? customer needs are we satisfying? desire and interest? How will those benefit from the solution
Type here: Type here: Type here: messages reach our potential (Customers, SME/author of brief,
customers? e.g. Facebook ads local community, environment etc)
Type here:

Key Resources Product & Service Delivery

What key resources do our Value Channels
Propositions require e.g. physical, How will ‘customers’ access the
intellectual, human, financial? product? What about after sales
What resources do our channels, support e.g. returns? Where will
revenue streams, customer the marketing communication
relationships require? direct customers to?
Type here: Type here:

Cost Structure Revenue Related

What are the most important costs inherent in our business model? (think about fixed and What value are our customers willing to pay for? What are they paying now? How do they
variable costs). Which resources and key activities are most expensive? currently pay and how would they prefer to pay? How much does each possible revenue
Is the business model more cost driven (helping the customer save money) or value driven. stream contribute to overall revenue? How might we price this product or service e.g.
Is there an opportunity for economies of scale? subscription, fixed or variable pricing, pay in advance, paypal?
Type here: Type here:

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BMC template (Maximum 400 words for the page, after removing the questions). Show the chronology/timing of your ideas in the following order of colours: black, Blue
and red.

*1 Please note that the BMC is used to locate the brief. If the brief affects all aspects of the BMC, then show this in the BMC. If it affects only one aspect of the BMC, then the brief
should be located within the BMC after explaining the value proposition of the company and all aspects of the BMC.

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Reflection questions A (Maximum 400 words for the page)

Explain the history behind your idea for resolving the identified business Reflection: What do you understand by the term ‘reflection’? What is an ‘action
problem: e.g. Who did you talk to? How did you come up with the idea? Did you learning set’ and why might it be more effective than individual reflection?
pivot from one idea to another? Type here:
Why do you think it will be successful? Why do you think you are the right person to
develop this idea?
Type here:

Assumptions: What are the main assumptions behind resolving the business issue?
How could you test those assumptions?
Type here:
BMC template (Maximum 400 words for the page, after removing the questions). Show the chronology/timing of your ideas in the following order of colours: black, Blue
and red.

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Reflection questions B (Maximum 400 words for the page)

Pitch: How did you prepare for your pitch about the selected brief? What went well Assumption Testing: How have you tested the main assumptions behind the
or not so well? What have you learnt from the experience? suggested idea/s? How has your business model canvas been updated and changed
Type here: and why?
Type here:

Comment on your Action Learning Set: What helpful advice, if any, have you
received from other people in your group? What advice or help have you given?
What has worked well and what could you do to make your group more effective?
Type here:

End of page 5
Reflection questions C (Maximum 400 words for the page)

Iterative Journey: How has your idea changed since the last version of your Competitor Insight: What is the difference between a ‘direct’ and ‘indirect’
Business Model canvas? How have your assumptions changed? What evidence competitor? Who are your businesses main direct competitors? Who are the main
have you gathered during the last few weeks to support your initial assumptions indirect competitors, and why? Which other business are ‘analogues’ e.g. offering
about your business idea or to challenge those assumptions? What do you know service in a similar way but to different customers, or trying to reach the same
about your target customers now that you didn’t know at the start of the module? target customers with a different product or service. What have you learned from a
Type here: competitor(s) or analogue (s) that has informed your business idea? How is your
product or service different or better than your competitors, how will it stand out
from the crowd?

Feedback from the Brief provider (if you worked on a work placement)
How satisfied is the involved SME/employer with the suggested solutions? Cost & Risks: What are the biggest risks or obstacles in delivering your project and
Consider: how might you reduce or overcome them? What type of funding might you need for
- Adequacy of solution your venture and where might you source this?
- Empirical support Type here:
- Efficiency
- Effectiveness
- Support from employer. Can you provide a quotation (e.g. oral or based on
email)? The employer should specifically mention the students involved.
Type here:

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Business Model Canvas Version 3: Final personal career & action plan (Maximum 400 words for the page)

Continuing personal career development: reflection and action plan

Critically reflect on your experience and challenge faced and the abilities you Personal action planning: now you have evaluated your abilities in the previous
have developed (e.g., communication (written and verbal), problem solving and section and in consideration of your future career action plan:
using initiative, teamwork, organisational skills including time management and
1) identify TWO skills/knowledge areas for further development i.e. you
interpersonal skills, demonstrating autonomy and innovation etc).
believe you specifically need to develop further to realise your career goals.
Pick three skills / knowledge areas and provide reflective evidence for each using
2) action plan as to how you planning to develop these two areas in the
the STAR approach (describe the situation/scenarios and the task/roles (in that
near future with specific timeframes/deadlines
situation), followed by a reflection on the actions taken and the final results).

End of page 9
References (articles, books, websites etc)
These should be listed in full Harvard Format below and in author-date format in the earlier pages e.g., on page 3 you might say “reflection is a form of looking back
(Smith, 2014)” and below you would cite this fully:

Smith J. (2014) Theories of Reflection, 2nd. Edition., Prentice Hall: London

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APPENDIX: Summary of Evidence of testing your MAIN assumptions (Maximum 400 words for the page). PLEASE provide detailed

information about your testing.

List your MAIN assumptions (No more than How did you test the assumption? (E.g. Give Summarise the results of testing. (E,g, % of
3) details of who was approached; how many; people liking your product/service; any
how you contacted them. OR any partners positive and/or negative comments etc.)
contacted).

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