Reference no: EM133697685

Creating a Winning Business

Assignment

Business - Corder caffe (polish) based in Worcester

Business Model Canvas - Iteration and Reflection

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

Cost Structure
What are the most important costs inherent in our business model? (think about fixed and variable costs). Which resources and key activities are most expensive?
Is the business model more cost driven (helping the customer save money) or value driven. Is there an opportunity for economies of scale?

Revenue Related
What value are our customers willing to pay for? What are they paying now? How do they currently pay and how would they prefer to pay? How much does each possible revenue stream contribute to overall revenue? How might we price this product or service e.g. subscription, fixed or variable pricing, pay in advance, paypal?

Explain the history behind your idea for resolving the identified business problem:e.g. Who did you talk to? How did you come up with the idea? Did you pivot from one idea to another?

Why do you think it will be successful? Why do you think you are the right person to develop this idea?

Reflection: What do you understand by the term ‘reflection'?What is an ‘action learning set' and why might it be more effective than individual reflection?

Assumptions: What are the main assumptions behind resolving the business issue? How could you test those assumptions?

Pitch: How did you prepare for your pitch about the selected brief? What went well or not so well? What have you learnt from the experience?

Assumption Testing: How have you tested the main assumptions behind the suggested idea/s? How has your business model canvas been updated and changed and why?

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?

Iterative Journey: How has your idea changed since the last version of your Business Model canvas? How have your assumptions changed? What evidence have you gathered during the last few weeks to support your initial assumptions about your business idea or to challenge those assumptions? What do you know about your target customers now that you didn't know at the start of the module?

CompetitorInsight: What is the difference between a ‘direct' and ‘indirect' competitor?Who are your businesses main direct competitors?Who are the main indirect competitors, and why?Which other business are ‘analogues' e.g. offering service in a similar way but to different customers, or trying to reach the same target customers with a different product or service. What have you learnedfrom a 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?

Cost & Risks:What are the biggest risks or obstacles in delivering your project and how might you reduce or overcome them? What type of funding might you need for your venture and where might you source this?

Critically reflect on your experience and challenge faced and the abilities you have developed(e.g., communication (written and verbal), problem solving and using initiative, teamwork, organisational skills including time management and interpersonal skills, demonstrating autonomy and innovation etc).

Pick three skills / knowledge areas and provide reflective evidence for each using the STAR approach(describe the situation/scenarios and the task/roles (in that situation), followed by a reflection on the actions taken and the final results).

Personal action planning: now you have evaluated your abilities in the previous section and in consideration of your future career action plan:

1) identify TWO skills/knowledge areas for further development i.e. you believe you specifically need to develop further to realise your career goals.

2) action plan as to how you planning to develop these two areas in the near future with specific timeframes/deadlines

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: