The paper "Nine Building Blocks of Business Model Canvas " is a great example of a business assignment. This week we learned about the nine building blocks of Business Model Canvas to understand organization operations. A Business Model is used to describe the primary aim of how a firm creates, delivers, and captures value. The Business Model Canvas is crucial for any business start-ups because it allows you to put assumptions and test them rapidly. Although I have never started a business where Business Model Canvas was tested before, I can relate to building blocks when analyzing how different organizations operate.
In the case of our research, a business model canvas will help us to generate both solutions that will generate both financial and social value. Also talking with the stakeholders has helped me realize that Business Model Canvas help them to articulate business clearly articulate how a business is configured so that it can create and deliver value. This tool was crucial as it helped us identify things that we felt were significant for the business model. It contains how an organization does its business, the value it offers, the customers, and why they keep coming back.
However, the tool allows you to identify only what you feel is important in your business model. In other words, you have to decide whether to focus on low-cost structure or delivering exceptional value. In our research how to sustainably enable people to maintain well-being and to thrive as they age, even though it is not an actual business it will have an impact on the social issue seeking to be addressed.
Therefore, understanding the business model can help us understand and test prototypes to see whether we passionately believe about its impact. Week 3 In this week, we examined some deign patterns and drew a connection between a number of them and real-world organizations. Design patterns are a crucial way to spur ideas in your business model. Working with my team, I have come to appreciate the importance of a clear business model. I believe that understand how to develop a business model would be significant in identifying many problems as well as us to work on design solutions to these challenges.
Understanding a business model and their potential terms in designing a business could help to avoid the pitfalls and increase the chances of a business becoming more sustainable. As a group, we faced challenges on what to make a rapid decision to avoid failure. As a group, we tend to concentrate on refining the initial ideas, and thus, we could not come up with solutions. The design encourages the creating of alternatives and open new possibilities to a problem. I think we could have used design thinking like this would have generated more ideas, discover any faulty assumptions, and thus make smarter choices.
We learned that different companies apply different design patterns by analyzing various customer segments, value proposition, determining how value proposition will be fulfilled regarding activities, processes, resources and so on, and lastly the cost structure and how value will be created. This also applies to our research problem, and business model design will help in creating the most suitable option as well as make decision-based constant prototyping, iteration, and learning.