Business Canvass Model for Entrepreneurship Learning Free Sample

Question: Discuss about the Critical Reflection on Business Canvaas Model for Entrepreneurship Learning. Answer: Critical Reflection on Business Canvas Model for Entrepreneurship learning Blue Ocean Eggs business is an example of the application of Business Model Canvas that shows the entrepreneurial spirit and leadership development required for the setting a new entrepreneurial business successfully. The business mode canvas in the entrepreneurial business of Blue Ocean Eggs reflects that the new start-ups for new entrepreneurship business should be based on opportunity recognition through developing the innovative business ideas and concepts. The BMC in Blue Ocean Eggs provided reflection on attaining the new business opportunities for start-ups by focusing on nine key components of BMC including unique value proposition, customer relationship, managing activities, customer segments, business partnerships and trade channels, cost structure, resource management, and revenues streams (Rhoads, 2014). The business model canvas is an entrepreneurial innovation and strategic management tool that enables the entrepreneurs to describe, design, invent, challenge, and pivot their business models. The BMC in the entrepreneurship business of Blue Ocean Eggs provides the learning for the entrepreneurs to start-up businesses by managing the outsourcing operations, logistics operations, and supply chain operations through establishing the good business contracts and relationship with the sales channels (dealers, franchisers, supermarkets, hypermarkets, and sales agents), logistics partners, transportation partners or agencies and outsourcing business partners (Cowan, 2012). This model reflects the importance of the management of the key resources including physical (plant or farm construction and maintenance, raw material, and production technologies and machineries, equipment) financial (capital investment and funding), human (managerial staffs, operational staffs, accountant, sales persons , labor staff, and employee relationship), and intellectual resources (assets, patent and copyrights, brand name, logo, and customer database). The unique value proposition component of the BMC in Blue Ocean Eggs business was a learning to the entrepreneurs for the start-ups by focusing on enhancing the value chain of the production process and supply chain operations in order to offer quality, and value-added products and services to the customers. The BMC model also provided the learning perspective for the entrepreneurs on managing the key activities, such as managing customer relationship and sales performance to grow sales, managing supply chain, production, and outsourcing operations, managing direct marketing, and ensuring the quality control and inventory management for running the profitable businesses in a systematic way. The customer segment component of the BMC model was aimed at targeting the potential customers through segmenting them into different subsets of the customers so that the high profitable business could be developed by targeting the needs and wants of different customer segments (Mastrangelo, 2015) . The customer relationship component was a lesson for the entrepreneurs for establishing and maintaining the healthy customer relationships by meeting their needs, interests, and preferences through representing the quality, health-conscious, and valued products to the customers. This model also emphasized the importance of the promotional tools or advertising campaigns in promoting the products and services of the company for creating the high brand awareness and loyalty in the mindsets of the customers. The BMC model provides learning to the entrepreneurship on managing the external operations by using the marketing channels, such as direct communication campaign, digital advertising posts, social media sites, and company website. The cost structure and revenue streams components of this model emphasized the important of the cost structure management in the inventory management, capital management and funding, and expanding operations. E.g. the cost incurred in supply chain operations, staff compensation/remuneration, investment on technologies, RD, procurement operations, and management of operations. This also provided the learning on managing the profitable business operations through achieving the large sale revenues by establishing good contract with s ales channels (Cowan, 2015). So, by identifying and communicating these nine components of the BMC, the entrepreneurs will be able to design, tests, and access the new business idea for the start-up businesses. The BMC in Blue Ocean Eggs business was an example of successful business model based on innovation and creativity that provided the entrepreneurial learning for start-ups to invest the new business ventures by getting the useful data about the market conditions, changing external environmental conditions, fluctuations and trade restrictions, industry competition, technological breakthroughs and innovation, socio-cultural trends, economic fluctuations, country risks, and changing customers needs and preferences. These are such growing business aspects that should be followed by entrepreneurs for start-up businesses for managing the different business operations, activities, and processes effectively and efficiently. The BMC in Blue Ocean Eggs business was based on creativity and innovation (two bases of this model) that will relate to entrepreneurial mindset, skills, knowledge, and attitudes for the strong leadership development of the entrepreneurs for start-up businesses (Lidow, 20 14). The BMC provided an understanding of the labor market conditions, investment risks, cultural risks, industry risks, and employment conditions in the local and global markets that may be useful for the start-ups businesses by the entrepreneurs. The BMC in Blue Ocean Eggs business showed the transformational, social, emotional, imaginal, cognitive, and experimental knowledge of the entrepreneur to exploit the new business opportunities despite of lots of business risks, threats, industry competition, and market forces. The BMC shows a strategic direction for the start-up of new entrepreneurship businesses to develop the entrepreneurial mindsets, skills set, and innovativeness to the market and crafting the innovative business model to launch the business successfully. The application of BMC in the business of Blue Ocean Eggs works as a role model for start-up businesses by enhancing the entrepreneurial leadership competences, such as conceptual theoretical knowledge, self-regulative knowledge, practical experiential knowledge, socio-cultural knowledge, interactive thinking, and business intelligence of the entrepreneur (Osterwalder and Pigneur, 2010). The BMC is an innovation model of entrepreneurship that will enhance the c reative thinking, innovativeness, and analytical capability of the entrepreneurs to prepare them for facing the real life challenges in their start-up businesses. The BMC in Blue Ocean Eggs Business Model identified the entrepreneurial learning as identifying and creating new opportunities, acting on the opportunities in opportunistic and innovative way, moving new ideas and innovative activities, interacting socially, and using imaginative technologies for managing the different activities of the entrepreneurship business (Edwards, Gialouris, Brackenbury, and Navratil, 2012). For example, the collaborative learning of the BMC was based on the simulated learning environment, information sharing, teamwork, and group performance for generating new business ideas and plans by using the knowledge, values, expertise and experiences of the staff members. References Cowan, A. (2012). Online Workshop Business Model Canvas. [Online]. Available at: https://www.alexandercowan.com/workshop-business-model-canvas/. (Accessed: 2 April 2017). Cowan, A. (2015). The 20 Minutes Business plan: Business Canvas Model Made Easy. [Online]. Available at: https://www.alexandercowan.com/business-model-canvas-templates/. (Accessed: 2 April 2017). Edwards, B., Gialouris, C., Brackenbury, D., and Navratil, M. (2012). Business Model Canvas: Blue Ocean Eggs. [Online]. Available at: https://mail-attachment.googleusercontent.com/attachment/. (Accessed: 3 April, 2017). Lidow, D. (2014). Startup Leadership: How Savvy Entrepreneurs Turn Their Ideas Into Successful Enterprises. USA: John Wiley Sons. Mastrangelo, A. (2015). Entrepreneurial Leadership: A Practical Guide to Generating New Business: A Practical Guide to Generating New Business. USA: ABC-CLIO. Osterwalder, A. and Pigneur, Y. (2010). Business Model Generation: Business Model Canvas. [Online]. Available at: https://diytoolkit.org/tools/business-model-canvas/. (Accessed: 2 April, 2017). Rhoads, J. C. (2014). The Entrepreneur's Guide to Running a Business: Strategy and Leadership. USA: ABC-CLIO.