2043IBA Revised Business Model Canvas Assignment Sample

• Subject Code : 2043IBA
• University : Griffith University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Entrepreneurship

Innovation, Creativity and Entrepreneurship

1.1 Reporting: Revised Business Model Canvas 

Developing a new business requires amalgamating the skills and knowledge (Packard, Clark & Klein, 2017). I felt that I must converse with an entrepreneur to further gain insight of what tools and frameworks are required for further elevating a business and its effectiveness. My key motive for indulging in this activity was to make sure that I gain sufficient knowledge regarding entrepreneurship and the associated theories and processes so that I am able to relate it with my own business idea. I contacted a successful entrepreneur in Sydney; Carlos Ferri, who is founder and CEO of Zapla. He is one of the young entrepreneurs of the year 2019 and is regarded as the young entrepreneur of the year of Sydney in 2019.

This is a key reason that I decided to interview him: I communicated with his secretary and arranged a particular schedule for the interview. I conducted his interview in a room where I also took a notebook so that I could write down the key points and inferences of the interview, I also recorded it on my cell phone so that I can refer to it for future purpose. I framed the structured questionnaire which I decided to ask and few questions were unstructured which were based upon his responses. While interviewing him, I asked several questions related to his experience of starting a business and the motive for doing so. Few questions were also based on how he developed his vague business idea into a successful firm.

1.2 Responding: Revised Business Model Canvas 

I was initially quite nervous regarding the activity as I had not indulged in any sort of interviews prior to this. Before conducting the interview I tried to approach Carlos Ferri; but was unable to do so due to his busy schedule. However, I got the chance to interview him and I finally arranged the meeting the following day. Since he is the most successful and young entrepreneur of Sydney in the year 2019 I was anxious regarding what questions to be asked and what not. For coming up to a solution, I referred to journals and articles so that I can gain an enhanced perspective of entrepreneurship.

I also coordinated with my peers and family members regarding what questions can be asked in the interview. Finally I met him, he was quite calm and this allowed me to settle down and easily ask him questions as I felt comfortable after interacting with him. When he told me about the entrepreneurial tools, I came to know that it is integral for me to comprehend them so that I can convert my business idea of the health and nutrition mobile application into a successful business. I also came to know about certain pitfalls in my business idea which were mainly related to the human resources and the technological advancements. I was happy at the end of the interview that I was able to gain profound understanding of skills and tactics required for an entrepreneur.

1.3 Relating: Revised Business Model Canvas 

My experience of the interview was valuable as well as engaging. He told me that the motivation behind becoming an entrepreneur was that he wanted to come up with innovativeness which was not already present in the market. This made me realise that I need my business to be different and unique and for this, it must provide a value that the customers have not received by any other firm. He stated that being an entrepreneur is associated with the visionary skills and the motivating capability. He also recommended that in my business idea, I must lay more prominence on human resources and the technological innovations.

Relating it with my past experience, I have come through the fact that it is cardinal for an entrepreneur to have good managerial skills so that the subordinates can be motivated and the entrepreneurial tools and theories can be successfully implemented (Kuratko, 2016). However, I was not sure about the ways to do so. I was able to gain sufficient information regarding the same through the interview; which involved frequent team meetings, fulfilment of the employee needs, aligning the goals of employees with that of the firm and leading them with virtuous guidance. Currently, I think, I need to work on my participative approach to lead the team in an effective custom.

1.4 Reasoning and Reconstructing: Revised Business Model Canvas 

During interview, he informed me about the entrepreneurial process. It incorporates three stages which are the conception of the business idea, events that boost the business and the employment and progression. I was aware of this process and also studied this while I was planning to inaugurate my own business idea. I employed this idea to identify the drive of development. I employed this process to generate the idea about my proposed business plan and to determine the opportunities in the market that can be grasped. Idea generation is the preliminary step in the entrepreneurial process (Yurdagul, 2017). He also guided me regarding the psychological entrepreneurship theory. This theory stresses on emotional elements (Chadwick & Raver, 2020; Nambisan, 2017). I employed this theory in my process of using creativity and emotional factor in helping and making motherhood sounder with the assistance of nutritional application. I applied this theory but I was unaware of another approach which was suggested by Carlos Ferri; he stated that the psychological drive and the resilience to optimism is a basic approach of this theory which also maintains the internal locus of control for influencing the external world.

1.5 Learning Journey: Revised Business Model Canvas 

I was looking forward to understand the entrepreneurial process and theories from Carlos Ferri, and was able gain a sound understanding of the same. In the past weeks, I have comprehended many aspects of entrepreneurship. It incorporates a wide array of aspects that involves identifying the gap in the market and the vital problems, creating solutions for the same, getting funding for the new business idea, partnering with other stakeholders and assimilating the key resources. I gathered the information through the modules' week lectures and the articles and journals by author Yurdagul (2017). This interview has further added to my knowledge to analyse and evaluate the business idea in the most critical custom.

References for Revised Business Model Canvas 

Chadwick, I. C., & Raver, J. L. (2020). Psychological resilience and its downstream effects for business survival in nascent entrepreneurship. Entrepreneurship Theory and Practice, 44(2), 233-255.

Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning.

Nambisan, S. (2017). Digital entrepreneurship: Toward a digital technology perspective of entrepreneurship. Entrepreneurship Theory and Practice, 41(6), 1029-1055.

Packard, M. D., Clark, B. B., & Klein, P. G. (2017). Uncertainty types and transitions in the entrepreneurial process. Organization Science, 28(5), 840-856.

Yurdagul, E. (2017). Production complementarities and flexibility in a model of entrepreneurship. Journal of Monetary Economics, 86, 36-51.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Entrepreneurship Assignment Help