Portfolio for Business Model Generation - Book Report/Review Example

Portfolio for Business Model Generation Personal Profile This personal profile will provide an idea about me being a responsible person. My current roles will be described and my values will be analyzed. In order to develop my performance in future, certain critical success factors and short along with long-term objectives have been listed. In the final section of this profile, a comparison would be made with respect to last year’s improvement. It will be vital to mention that the design of my personal profile will present certain leadership competencies that I gained during the specialization course. Values My personal values have been listed hereunder. Synergy Identification Order Based on the above depicted values, I highly valued the factor of ‘synergy’, as this leads towards my personal development in the form of removing any sort of complexity and making quick judgments about any topic. By considering this value, my motive is to drive effective behavior for an individual with synergy, which may result in generating varied positive outcomes. These positive outcomes can be judged in the form of taking various effective decisions, utilizing the available resources efficiently and promoting innovation in every business or operational aspect. I strongly believe that this particular value of mine i.e. synergy would enable me to build communication with others and likewise, share my thoughts, ideas as well as opinions with them for the attainment of the aforementioned targets. Based on the value of synergy, I want to value more business or organizational procedures to be organized and functional. In accordance with my value of synergy, it will be vital to mention that I do reveal a constructive attitude towards the factor of diversity along with its prevailing differences that go with change. This practice may lead to transferring knowledge to the individuals and developing new ideas for dealing with any sort of risk and complexity. Apart from the above discussed value, my second value lays in driving effective behavior for an individual with identification. Based on the value of identification, my energy remains focused on ‘fitting in’ and remaining a part of a set group. This might help in working collaboratively with others and set future directions as well as for making further developments in different areas. While remaining as a part of a specific set of group, my goal is to keep every individual together and assure them with developed safety along with security. Based on the value of identification, I would like to place utmost value on maintaining loyalty as well as reliability for attaining success in future. It will be vital to mention that valuing the factor of identification mainly appears at the time when I have to make adjustments while working with different organizations and getting interacted with new members. I believe that the value of driving identification would aid in developing teamwork and attaining predetermined targets. Another value of mine, which aims at driving effective behavior for people with order, supports me to generate greater knowledge about the willingness to follow as well as monitor the prevailing hierarchical structures and also the rules along with regulations that are highly valued by the organizations. It is worth mentioning that the above stated value i.e. order possesses certain significant characteristics. These facets include having the ability to truly believe in something, developing a sense of discipline as well as duty and paying utmost attention to apply effective procedures and methodologies along with working instructions in complex situations. In alignment with this particular value that I possess, my intentions lay in clearly viewing the right and wrong activities being conducted and also bearing risks towards change. The value of order certainly makes my leadership abilities to be traditional as well as bureaucratic in nature. Roles Currently, I possess the following life roles: A manager An achiever A self-believer A risk taker A creator In relation to the above context, as a manager, I need to perform functions efficiently and prepare plans for attaining short as well as long-term objectives. Moreover, as an achiever, I would like to perform well and become a successful entrepreneur. My self-believer role denotes identifying own strengths along with weaknesses and taking effective measures towards mitigating any sort of existing weakness. Specially mentioning, as a risk taker, I require developing myself towards coping up or dealing with uncertainties and complexities that emerge during the execution of varied functions. Finally, by performing the role of a creator, I can ascertain new opportunities with removing risks. Objectives Currently, my objectives are: To become a successful entrepreneur To get through varied complex situations To promote collaboration Based on the above discussed objectives, I would like to state that becoming a successful entrepreneur is important for me, as this will aid me to conduct business efficiently in future. While conducting business in future, I strongly believe that various complex situations may arise, which can be tackled through making collaboration amid the respective members. Critical Success Factors This particular section describes about varied success factors that I think to be much important for supporting me to attain my desired short as well as long-term objectives. These factors have been elaborately discussed in detail below. Social: Communicative, self-belief, collaborator, risk taker, social orientation and endurance. Organizational: Leadership, planning capabilities, making effective decisions, desire to attain predetermined targets, market awareness and potentiality to deal with any sort of uncertainty. Other: Autonomy, taking responsibilities, exercising power, creativity and flexibility. Comparison While comparing myself on the basis of my last year personal profile, certain differences can be apparently observed. One of such major differences includes my increased level of urge towards attaining long as well as short-term objectives within a definite period. I can say that little improvements have been made by me in framing effective plans to deal with uncertainties, however, my urge to take responsibilities have not been changed, rather it increased as compared to last year. Business Model Generation My technical competency in relation to business model generation can be better understood by obtaining a clear idea about long tail, free business model, canvas, bait & hook and outside the pattern i.e. innovation. From a theoretical perspective, long tail denotes the opportunity of providing niche markets owing to the presence of internet. On the other hand, free business model represents financing non-paying customers by another segment of business model or through another customer segment. Canvas signifies the attributes of a specific business model in the form of determining key partners as well as activities, distribution channels and cost structures along with revenue streams. Bait & Hook states charging customers for the additional features provided to them that are of urgent need to them. Finally, the factor concerning outside the pattern i.e. innovation indicates promoting business by the use of varied technological procedures and standardizing the operational aspects among others (Osterwalder & Pigneur, 2010). After acquiring a brief idea about the above stated different patterns of business model, my technical competency in business model generation can be better understood by considering certain values and goals possessed by me. This can be justified from the fact that my value of synergy will enable me to deal with various complex situations, which might be related to the business model patterns of long tail and free business model. Specially mentioning, the values including identification and order that possessed by me will certainly aid in monitoring different rules as well as procedures that are required to be followed for ascertaining positive outcomes. It will be vital to mention in this similar context that the above stated values will provide active support to me in developing an effective canvas and efficiently using the procedure i.e. Bait & Hook. The development of a quality canvas can be made in terms of identifying the key partners, determining the key activities to be conducted, and forming, developing as well as maintaining favorable customer relations. Apart from these, the other activities may entail segregating customer segments in alignment with the organizational targets, utilizing the key resources in an effective way and working upon the revenue streams as per the desired level. On a further note, it is to be affirmed that apart from possessing the values of order, synergy and identification, being a team player will certainly assist me to promote innovation within the operational or technological procedures. This particular activity certainly denotes the capability of making a business to accomplish its predetermined targets in the long run. Conclusively, it can be affirmed that holding the above discussed values certainly makes me technically competent enough in business model generation. Business Model Innovation With regards to determine whether I am an innovation business advisor or not, certain important aspects are needed to be discussed elaborately. In this regard, such aspects can be reckoned as analyzing innovative techniques for business model, assessing the business model patterns, determining value propositions and elaborating business design as well as social innovation. Business Model Canvas (The Tool) One of the innovation techniques for business model comprises attaining SMART objectives. As I play the role of an achiever, the use of the SMART technique in the business model would be quite beneficial. Patterns (The Focus) On the other hand, Bait & Hook is identified to be one of effective business model patterns towards which I widened my view about ascertaining how businesses are maintained as well as operated. Design (The Exploration) From the viewpoint of customer empathy map, the design of value proposition is mainly determined by assessing the customers on an entirely different level as compared to the commonly used GDP per capita factor. I can work upon this particular factor, as I do possess a strong sense of responsibility with greater ability to deal with uncertainties associated with the process. The business design is deemed as one of the most challenging tasks of the modern companies. This actually denotes identifying the individuals, who actually require the products and determining the nature of such individuals. As one of my values is a short as well as long-term thinker, I strongly believe that a greater business design can be developed. Strategy (The Match) Social innovation can be regarded as a strategy, which signifies promoting the conduct of different communal activities for accomplishing short as well as long-term objectives. As far as I am concerned, the values concerning synergy and order would enable me to promote social innovation at large. Business Model You Personal Ambition Statement I desire to attain my short and long-term objectives by developing certain special attributes. In this regard, I will try to develop such goals as SMART oriented, which denotes ‘specific’, ‘measurable’, ‘attainable’, ‘resourced’ and ‘time-constrained’. It is projected that I will find greater opportunities to work in a concise manner in accordance with my predetermined objectives through better utilization of my values as well as roles that include creativity, social skills, team work, self-believer, risk taker, social orientation and autonomy. My mindset is to become a successful entrepreneur. For this, I will pay utmost focus on dealing with varied complex situations, promoting learning procedure, revealing positive attitude towards diversity, utilizing the best ideas and using the available resources among others. Lastly, I would like to mention that my decisive future contribution to others will be my one of the values i.e. self-believer, which would assist in accomplishing respective desired targets within a definite time. Reflection Report This particular report will discuss about my potentialities with respect to Business Model U. This particular business model can be better understood from the following diagrammatical representation: Source: (Osterwalder & Pigneur, 2010) Key Resources My key resources in relation to the above depicted model comprise taking wise as well as effective decisions promptly, controlling the overall costs and promoting innovation. In this similar context, for controlling the costs incurred while performing varied operational functions, schools fund will be mainly utilized. Apart from this, while taking effective decisions promptly, the teachers will be prepared with gaining superior knowledge about different operational aspects or situations. For getting promoted next year, certain key resources would also be adopted and get executed. In this regard, such key resources will be following up classes along with projects and doing home tasks regularly. Key Activities The key activities that will be performed by me with respect to the stated model are monitoring the operational procedures along with organizational rules, developing strong sense of responsibilities and promoting diversity among others. Apart from these, the other activities to be conducted by me are studying minor innovation, conducting effective leadership based practices and involving myself in playing any specific sport or making workout of the same. It is projected that the performance of these particular activities would assure me to promote innovation and provide active support to me in attaining my predetermined objectives. In this regard, one of such objectives of mine includes developing my learning skills along with gaining knowledge about different subject matters of studies for getting promoted next year. More importantly, by performing the above stated activities, my learning and development structure will also get developed by a considerable degree. Customers The customers would be the potential users who desire to use the products or avail the services. Apart from the end users or the potential customers, the customer segments would be segregated into several categories. These categories included my company wherein I will be working with and other such companies that include proactive human resource (HR) management. Value Proposition According to me, value proposition will be mainly determined by emerging new ideas and innovative concepts. From a theoretical perspective, value proposition is regarded as a measure to study the satisfaction level of the customers and likewise meet their respective choices to obtain success. Thus, it can be affirmed that value proposition is essential to be considered by me while developing my capabilities that I possess. With this concern, it is strongly believed that the concept of value proposition would not only support in generating greater value to the potential customers, but will also aid in attracting them and likewise enlarge customer base. One of the important value propositions, which I would like to consider is studying the conceptions of leadership as well as innovation. This particular value proposition of mine may help in improving organizational environment by changing my working mind towards understanding different concepts in an innovative way and making me more conscious about maximizing my skills as well as competencies. Channels Channels play an important part in establishing superior communication amid the individuals, which in turn, denotes attaining desired objectives in the form of varied ways. These ways include forming collaborative work, developing as well as maintaining teamwork and most vitally redesigning the existing corporate culture in alignment with the framed objectives. Thus, in relation to the above context, the potential channels would be conducting periodic meetings and arranging seminars or workshops. Apart from conducting such meetings and arranging workshops or seminars, utmost focus will also be laid upon using e-mails, doing calls, accessing to varied applications related to social media such as Skype and most importantly making face-to-face interactions. Customer Relationship Customer relationship mainly represents forming greater association with the end users, which requires to be developed for acquiring long-term benefits including enlarging customer base. It could be maintained or managed in a differential manner either through business, operational or personal level. In addition, it will be vital to mention in this similar concern that the factor concerning customer relationship could also be developed by the conduct of several Corporate Social Responsibility (CSR) related activities and serving the community members with their respective requirements. Key Partners Currently, the key partners would be the responsible managers or the successful entrepreneurs who possess similar characteristics and objectives of mine. Apart from these, the key partners who will assure to fulfill my desired objectives include my husband, my entire family members, my sponsor with whom I shall work for and also my group studying. Revenue Stream Opportunity towards developing individual career and gaining ultimate happiness may be an effective revenue stream. Besides, gaining knowledge about different subject matters of a particular topic, developing my skill sets as well as talents and acquiring a diploma certificate in the context of getting promoting next years are the other effective revenue streams that will assist me to ascertain my desired targets and likewise make me to become a responsible person. It is essential to consider the above identified revenue streams for gaining wider understanding about how I can make improvements in my learning and development towards attaining the objective of promoting next year. Cost Structure The cost structure will be determined in terms of effort and time. It will be vital to mention the things, which cost me money include school fees, transportation and accommodation. Thus, utmost focus is needed to be made on controlling these costs in order to derive varied favorable and positive outcomes, which could be only made possible by designing as well as following an effective cost structure. Visual Thinking From a theoretical perspective, the conception of visual thinking helps in viewing this modern world from a different way. This particular approach helps in generating new ideas and structuring new concepts. It is worth mentioning that visual thinking is regarded as one of the potential learning styles, wherein an individual understands as well as retains valuable information in a better way. In this particular approach i.e. visual thinking, various conceptions, ideas along with words are linked with images. A few of the common and widespread tools relating to visual thinking include mind mapping, generating graphic organizers, outlining and diagramming among others. In this modern world, which is witnessing increased level of globalization and rapid technological advancements, the functions played by visual thinking are quite significant. In this similar context, based on the report published by Inspiration Software, Inc. (2005), it can be apparently observed that visual thinking helps to organize as well as analyze valuable information in an efficient manner that are quite easy to understand and develop the design patterns in accordance with the desired levels. Apart from this, the report of Inspiration Software, Inc. (2005) also identified explaining thoughts along with ideas and concepts as other major functionality of visual thinking. It will be vital to mention in this particular dimension that the individuals are able to learn about how such thoughts and ideas as well as concepts are linked with one another and make them realize about how different information can be organized. In addition, integration of new knowledge is one of the potential functionalities of visual thinking, which enables individuals to remember different valuable information in a better way at the time when the same gets distributed visually as well as verbally. The report, which already published by Inspiration Software, Inc. (2005), revealed that by the inclusion of visual thinking, the individuals can think critically about the ideas and concepts as well. This might be owing to the reason that the stated approach i.e. visual thinking will facilitate the individuals to establish connections, understand relationships and most essentially help in recalling related details (Inspiration Software, Inc., 2005). By considering the subject of business model generation, a particular subject matter will be discussed with the inclusion of visual thinking approach. In this regard, value proposition is regarded as a particular topic based on which the discussion will be made. In relation to this specific subject matter, main focus will be levied upon discussing differences prevailing between value proposition and unique selling proposition in the context of a business model. It has been mentioned earlier that innovative techniques of a particular business model include ‘canvas’, ‘patterns’, ‘design’, ‘strategy’, ‘process’, ‘outlook’ and ‘afterword’. As per the observation made by Osterwalder & Pigneur (2010), the factor concerning ‘canvas’ denotes how a particular organization generates, captures and delivers value. The factor relating to ‘patterns’, on the other hand, focuses on revealing certain significant concepts that are quite essential to be considered for attaining short as well as long-term objectives. In this regard, such concepts can be found as infrastructure management, product innovation and customer relationship management. According to Osterwalder & Pigneur (2010), ‘design’ denotes the use of ideation, visual thinking, prototyping and customer insights towards the attainment of predetermined objectives. The factor concerning ‘strategy’ signifies examining the different business models that are adopted by distinct business organizations, managing the same and treating such models as per the operational settings. Based on the understanding made by Osterwalder & Pigneur (2010), ‘process’ states the objectives of new business models towards satisfying the potential market users in terms of meeting their respective desired needs. The other factors include making deliberate efforts towards bringing new products in the respective business markets, enhancing the business market conditions and most importantly creating target markets. Specially mentioning, the factor concerning ‘outlook’ represents promoting innovation in the form of developing information systems and dealing with any sort of uncertainty or operational issue efficiently. Finally, the element of ‘afterword’ signifies evaluating the overall performance of the selected business model and adopting effective measures or initiatives towards improving the same in future (Osterwalder & Pigneur (2010). According to Barnes et al. (2009), value proposition is related to the field of marketing, which is regarded as an innovative aspect, feature or services that makes a specific company or product attractive to the potential customers or the end users. It has been witnessed that in this globalized as well as technology driven era, business market competition has increased considerably in every sector throughout the globe. Thus, in order to cope up with this situation and ensuring long-term sustainability along with attaining superior competitive position as compared to others, the companies belonging to this modern day context tend to promote and develop the factor of value proposition. Such companies strongly believed that the development and the promotion of value proposition would certainly assist them to attain their respective desired targets. These targets can be increasing the profitability level in terms of market share, attaining dominant business market position in the respective operational markets and ensuring improvement in business reputation (Barnes et al., 2009). In relation to the above context, Osterwalder & Pigneur (2013) argued that value proposition is regarded as one of the important aspects based on which the customers can shift their preferences from one company to other. Thus, Osterwalder & Pigneur (2013) clarified the fact that the notion of value proposition tends to solve problems faced by the customers and meet their requirements on a priority basis. Based on the observation made by Osterwalder & Pigneur (2013), every value proposition comprises a selected package of products and/or services that comply with the requirements of a definite customer segment. In this regard, it will be vital to mention that value proposition is regarded as a package of benefits that a specific company offers to its potential customers. In relation to the above context, Barnes et al. (2009) argued that there should lay certain imperative elements for generating greater value to a specific customer segment. In response, Osterwalder & Pigneur (2013) affirmed that the elements concerning ‘newness’, ‘performance’, ‘customization’, ‘design’, ‘price’ and ‘cost’ along with ‘risk reduction’ play a decisive part in creating higher customer value. It is to be affirmed that the element concerning ‘newness’ creates customer value by providing dissimilar products to the end users, making them to reveal new experiences. Relating to the factor of ‘performance’, value proposition gets enhanced by developing the entire product or service performance. For instance, the PC industry is noted to be depending much upon this specific element for generating greater customer value (Osterwalder & Pigneur, 2013). On the other hand, Osterwalder & Pigneur (2013) inferred that customization in relation to value proposition indicates modifying the necessary products and/or services that meet the definite requirements of individual customers or a specific customer segment. ‘Design’ frames an important part in the procedure of creating superior customer value by promoting innovation in the product features. On the contrary, the element concerning pricing also play a decisive role in creating customer value by offering the desired products and/or services to the customers with affordable prices. This can be related to the business operations conducted by Ryanair and Southwest Airlines among others. It will be vital to mention that assisting the customers in lessening costs is also deemed to be a vital way of creating higher customer value for attaining short as well as long-term objectives. Similar to this particular aspect, the factor concerning ‘risk reduction’ also determines effective value proposition in the form of supporting the customers towards diminishing the risks that they likely face while purchasing any product or availing any service (Osterwalder & Pigneur, 2013). The above discussed context can be better understood from the following visual representation: It can be apparently observed that the canvas of value proposition entails two significant aspects that eventually aid in meeting the requirements of the customers and likewise ensure attaining short as well as long-term objectives within a stipulated timeframe. A visual illustration has been provided below for gaining better comprehension of value proposition canvas. Source: (Strategyzer, n.d.) In the context of value proposition, one of the marketing concepts i.e. Unique Selling Proposition (USP) is noted to play a decisive role in generating customer value as per the desired level. Prior to explaining the differences prevailing between value proposition and USP in a specific business model, it is indispensable to acquire a brief idea about the USP factor. From a conceptual perspective, Muehlhausen (2013) defined USP as a marketing term, which assists business organizations to follow certain guidelines or procedures based on which such organizations are being differentiated from that of chief business market competitors. It will be vital to mention in this similar concern that the prime intent of any business model is ascertained to be offering quality products to the customers, so that they can get attracted towards the same and likewise, support the companies to ensure gaining maximum profitability in terms of market share and long-term sustainability in this competitive business setting. Thus, based on this notion, Muehlhausen (2013) reckoned a highly marketable product to be defined as possessing a USP. According to Muehlhausen (2013), defining USP simply denotes identifying the target audiences, determining as well as solving the recognized problems and promoting uniqueness in the respective products and/or services offered to the potential customers. From a contrastive perspective, it can be affirmed that value proposition and USP differs based on various significant aspects. One of such aspects includes the nature of these two particular conceptions. Based on the observation made by Osterwalder & Pigneur (2013), the nature of value proposition signifies the tangible consequences that an individual customer or a specific customer segment obtains from using the product offerings by a company. In contrast, according to Muehlhausen (2013), USP tends to make the companies in getting differentiated from their respective vendors in terms of product features and customization along with promotion. In precise, it can be affirmed that the prime objective of USP is to generate competitive differentiation amid the companies operating in dissimilar industries throughout the globe. Apart from this, the other difference persisting between value proposition and USP can be better understood from assessing their respective functionalities. In this context, as per the standpoints of Osterwalder & Pigneur (2013), the factor concerning value proposition helps the modern companies to decrease operational costs that they incur while performing different operational functions. On the other hand, based on the observation made by Muehlhausen (2013), the functionality of USP lay in influencing the purchase decisions made by the customers, providing guaranteed services to the end users and meeting their requirements within a definite time. Thus, significant differences can be found to exist between value proposition and USP. Apart from the above discussed differences, certain similarities can also be apparently traced to be persisted between the stated terms. In this regard, it must be mentioned that both the approaches i.e. value proposition and USP focus on creating customer value for attaining short as well as long-term objectives in future context. In this present day context, wherein greater prevalence of business market competition exists, the perceptions of value proposition and USP are deemed to play decisive role in supporting the modern companies operating in dissimilar sectors to ensure long-term sustainability. Contribution My Contribution to the Minor By taking into concern my key activities that include studying, developing skills and gaining knowledge for getting promoted in next year, I strongy believe that my contribution to the minor is much favourable and positive. My contribution could be better understood while gaining knowledge about valuable ideas during the specialization course. I believe that representing me as a self-achiever and self-believer along with risk taker is one of the major strengths, which might prove to be quite beneficial in helping others. The business model you and the discussed elements associated with the same will certainly aid me to improvise my learning and develop skills. Contribution & Experience Finally, I want to say that I learned various significant aspects and acquired knowledge about different innovative concepts that will not only promote my learning as well as development, but would also aid me to attain my future targets. In this regard, one of such targets is to become a successful entrepreneur in future. Specifically, I want to state that I acquired the knowledge of various patterns of a business model and the innovative techniques for different business models. This eventually facilitated me to get adhere with new outlooks in terms of leadership and deal with any sort of uncertainty that arise in the process. References Barnes, C., Blake, H., & Pinder, D. (2009). Creating and delivering your value proposition: Managing customer experience for profit. US: Kogan Page Publishers. Inspiration Software, Inc. (2005). Overview. Retrieved from http://www.inspiration.com/visual-learning Muehlhausen, J. (2013). Business model for dummies. USA: John Wiley & Sons, Inc. Osterwalder, A., & Pigneur, Y. (2010). Business model generation. Retrieved from http://www.slideshare.net/pavan7soni/business-model-generation-alexander-osterwalder-yves-pig Osterwalder, A., & Pigneur, Y. (2013). Business model generation: A handbook for visionaries, game changers, and challengers. US: John Wiley & Sons. Strategyzer. (n.d.). The value proposition canvas. Retrieved from http://www.businessmodelgeneration.com/downloads/value_proposition_canvas.pdf Read More