Assignment 2 Workbook

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 you can delete the guidance words in italics
2. Make full use of the Guide questions in italics in the Workbook
3. For Versions 2 and 3 of your BMCs – you ONLY need to show the changes from the previous version

In the box below, please explain in simple terms, your business idea. Maximum of 100 words

Cost Related	Revenue Related
Key Partners Who are our key partners? Who are our key suppliers? Which key resources will our partners provide? Which key activities will our partners perform? Type here:	Key Activities What key activities do our value propositions require in order to produce, market and deliver them? What about channels, customer relationships, different revenue streams? Type here:	Value Propositions What value do we deliver to the customer? Which of our customer’s problems are we helping to solve? Which customer needs are we satisfying? Type here:	Marketing & Sales Communication How will we raise awareness of our products and services with our target customer segments? What messages or offers will create desire and interest? How will those messages reach our potential customers? e.g. Facebook ads Type here:	Customer Segments For whom are we creating value? Who are our most important customers? Type here:
Key Resources What key resources do our Value Propositions require e.g. physical, intellectual, human, financial? What resources do our channels, revenue streams, customer relationships require? Type here:	Product & Service Delivery Channels How will customers purchase and receive the product or service? What about after sales support e.g. returns? Where will the marketing communication direct customers to?   Type here:
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?   Type here:	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? Type here:

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Explain the history behind your idea: e.g. how did you come up with the idea, why do you think it will be successful? Why do you think you are the right person to develop this idea? Type here:	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? Type here:
Assumptions: What are the main assumptions behind your business idea? How could you test those assumptions? Type here:

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Cost Related	Revenue Related
Key Partners Who are our key partners? Who are our key suppliers? Which key resources will our partners provide? Which key activities will our partners perform? Type here:	Key Activities What key activities do our value propositions require in order to produce, market and deliver them? What about channels, customer relationships, different revenue streams? Type here:	Value Propositions What value do we deliver to the customer? Which of our customer’s problems are we helping to solve? Which customer needs are we satisfying? Type here:	Marketing & Sales Communication How will we raise awareness of our products and services with our target customer segments? What messages or offers will create desire and interest? How will those messages reach our potential customers? e.g. Facebook ads Type here:	Customer Segments For whom are we creating value? Who are our most important customers? Type here:
Key Resources What key resources do our Value Propositions require e.g. physical, intellectual, human, financial? What resources do our channels, revenue streams, customer relationships require? Type here:	Product & Service Delivery Channels How will customers purchase and receive the product or service? What about after sales support e.g. returns? Where will the marketing communication direct customers to?  Type here:
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?  Type here:	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? Type here:

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

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Cost Related	Revenue Related
Key Partners Who are our key partners? Who are our key suppliers? Which key resources will our partners provide? Which key activities will our partners perform? Type here:	Key Activities What key activities do our value propositions require in order to produce, market and deliver them? What about channels, customer relationships, different revenue streams? Type here:	Value Propositions What value do we deliver to the customer? Which of our customer’s problems are we helping to solve? Which customer needs are we satisfying? Type here:	Marketing & Sales Communication How will we raise awareness of our products and services with our target customer segments? What messages or offers will create desire and interest? How will those messages reach our potential customers? e.g. Facebook ads Type here:	Customer Segments For whom are we creating value? Who are our most important customers? Type here:
Key Resources What key resources do our Value Propositions require e.g. physical, intellectual, human, financial? What resources do our channels, revenue streams, customer relationships require? Type here:	Product & Service Delivery Channels How will our customers purchase and receive the product or service? What about after sales support e.g. returns? Where will the marketing communication direct customers to?  Type here:
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?  Type here:	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? Type here:

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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? Type here:

Competitor Insight: 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 learned from 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?   Type here:

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List of Web Resources (at least 3) List the web sites that you have used for your research. Note: you don’t have to cite them using the Harvard author-date format in the previous pages; you can just list them here e.g.   http://grasshopper.com/blog/startup-competition-guide/	Academic Sources (at least 3) 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. Edn., Prentice Hall: London

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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 have developed: undertake a personal audit of the skills and knowledge you have developed.  This can include business sector specific knowledge and wider ‘transferable’ skills, such as: communication (written and verbal), problem solving and using initiative, team work, organisational skills including time management and interpersonal skills, demonstrating autonomy and innovation.    Pick three skills / knowledge areas and provide reflective evidence for each using the STAR approach briefly 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: identify TWO skills/knowledge areas for further development i.e. you believe you specifically need to develop further to realise your career goals. action plan as to how you planning to develop these two areas in the near future with specific timeframes/deadlines

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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 3)	How did you test the assumption? (E.g. Give details of who was approached; how many; how you contacted them. OR any partners contacted).	Summarise the results of testing. (E,g, % of people liking your product/service; any positive and/or negative comments etc.)