How the business model canvas and the lean canvas

Reference no: EM133687171

Assessment - Lean Business Model

Aim
Building on your experience lo Assessment 2, students will work in group ( to develop a new venture, pitch, their idea to "Investors' and write a report of their new Lean business Model.

Task
In Assessment 3, you will be required to form a group (4-5). Group have a choice to select one of the best ideas from Individual Assessment 2 or develop an entirely new idea (not presented in Assessment 2), Similar to Assessment 2, Similar to Assessment 2, the idea should not be a direct imitation of an existing product, process or business model. The idea must be new and can be following:

Duplication creative replication of an existing concept
Extension New use or different application of an already existing product, service or process
Synthesis Combination of existing concepts and factors into a new formulation of use
Invention Totally new product, service a process.

Students are expected to work collaboratively to design new product/service concepts, digital prototype, text, develop MVP and new business model

Assessment 3 will cover topics

Designing new value proposition
Creating and testing prototype and MVPs
Leon Startup methodology
Design thinking, User Experience
Agile product development model
lean business modeling
Lean canvas

Assessment 3 has two parts. In parts A, group will pitch their new ideas (present) using a lean canvas in tutorials (to "investors") and submit their presentation on LMS before the deadline. In Part B, based on feedback obtained in Part A, the group will write a report to their lean business model and submit to LMS.

Part A
Group must use the lean Canvas to pitch their idea in allocated tutorials. The flowing link procides a step. by step guide how to use a lean canvas to pitch your idea to "investors"

Part B
in Past B, group must demonstrate application of entrepreneurial and innovation tools and modes included value proposition canvas, the lean startup validation board, lean business model canvas and lean business planning to write your report. Teams will have the opportunity to integrate feedback obtained from pitching their idea in tutorials.

APA referencing style.

Question

1. What is a business model?

2. Describe how the business model canvas and the lean canvas focus the start-up entrepreneur on distinctive issues. What are the specific differences between the two canvases in application?

3. What does the phrase 'Pivot, persevere or perish' mean? Can you give an example of (1) a company that perished; and (2) one that changed its business model?

Question 3

What does the phrase 'Pivot, persevere or perish' mean? Can you give an example of (1) a company that perished; and (2) one that changed its business model?

We have two options, equally weighted. The key is to know when to change direction, and when to stand firm on original beliefs. If either one is ignored, you are almost guaranteed third option, 'perish'.

Nokia was once the standout global leader in mobile telephone technology, they almost perished by resting on their laurels. However, they are now engineering a comeback, based largely on reconfiguring, or pivoting', towards old technology, providing options for those that wish a phone that simply makes phone calls.

Reference no: EM133687171

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