Discuss about the Think Big for Evaluation of Proposed Business Model.
The problem which should be identified could be the lack of innovation in the idea to be generated by the entrepreneurs. The entrepreneurs have the zeal and the passion of starting any business but they struck when they do not found any innovative idea which is considered by far the most common problem to be associated with any entrepreneur (Eppler & Hoffmann, 2012). This problem of having no innovation in the creation of the business idea needs to be solved at any cost for making the entrepreneur start the business and make the business idea to be quite feasible (Obschonka, Silbereisen & Schmitt?Rodermund, 2012). It is seen that this is the 21st century and this world has the dominance of technology and the increased use of online access and the internet access (Sekaran & Bougie, 2016). With the huge online presence it is dominating the market with all the businesses are going digitally recognized. In the retail sector there are different products which has gone online but the baked foods are those items which are still under the ripe of getting it online for the customers. It is seen that the baked food items going online are not represented properly and it has not been accepted as the feasible idea for the business as well (Pagani, Lucisano & Mariotti, 2014).
In most of the European and the UK countries they are fond of consuming the baked food items which consist of pastries, pan cakes, breads as well the other dry food which are available at the bakery. The Europeans and the people from UK would like to have a visit to the bakery and spent the time their relaxing and consuming the baked food items. They have not experienced with any kind of bakery system which should have the online presence. So there is the need of innovation to be done in terms of the service which the bakery shops would love to provide it to the customers (Zhou, Therdthai & Hui, 2014). The bakery shops would love to go online where they can be able to provide online support to the customers. This is the required innovation to be done by the entrepreneur when the entrepreneur would like to start a business. So the entrepreneur should be able to start this business which makes most of the customers of UK and Europe to become much more satisfied if this online bakery would be started (Amit & Zott, 2012). The customers would be able to get the product from anywhere and they could be able to get the access from their respective homes as well.
The idea of developing online bakery in European and in the UK countries provides benefits to the entrepreneur as well the other stakeholders who are involved in these entrepreneurial practices to be made after it will start as well (Wassell, 2014). The benefits from this innovative business idea are explained as below
Entrepreneur- The entrepreneur should be able to improve the skills and knowledge of starting a completely innovative business. The entrepreneur should be able to gather information and make complete market research should develop the research and communicative skills lacked (Eppler & Hoffmann, 2012). The entrepreneur could be able to develop the problem solving and the decision making skills and able to handle the team members with whom the business will be started.
Customers- The European and the UK people should get benefit of having the products to get online provides high satisfaction level to them. The UK and the European people should be able to get employment opportunities as the local people will be benefitted from this online business to be started by the entrepreneur (Sekaran & Bougie, 2016).
Government- The UK and the European government should get benefit from the profit percentage to be given to them from the entrepreneur as the government has given the permission of operating the business in these countries.
The business model is defined as the plan generated by any business organizations for the generation of revenues and profits (Schaltegger, Lüdeke-Freund & Hansen, 2012). It should be including the components which help in designing the ways of how the business should be operating it in the market and provides the path for assessing the business functions involved as well (Sekaran & Bougie, 2016). The business model is visually represented in the business model canvas. It consists of nine blocks which gets integrated to develop a business model canvas. So the explanation of the nine building blocks were explained below
Key partners-The key partners could be the vendor companies who will be providing the software support for the development of online system. The partners should be the bakery companies operating in UK and European countries. The international as well the local suppliers supplying the fresh raw materials for the development of the baked products could be the key partners (Schaltegger, Lüdeke-Freund & Hansen, 2012).
Key Activities- The key activities could be the supply, record keeping as well the distribution of the products online and the marketing of the service which is going to be implemented as the business idea (Schaltegger, Lüdeke-Freund & Hansen, 2012).
Value Propositions- The value propositions could be the excellent quality of customer service to be given, developing product choices and varied options for the customer’s online, convenience of the products to be accessed and the high quality fresh and healthy baked products delivered online (Amit & Zott, 2012).
Customer relationships- The customer relationships could be developed with attractive promotions of the online bakery system to be developed. It also involves the discounts to be given online to the food items which have high demand in the industry (Pott & Pott, 2012). The loyalty cards and the membership plan to be developed for the customers. The free home delivery of the products also enhances customer relationships.
Key resources- The key resources are skilled and technical staffs and the delivery boys.
Customer Segments- It should segment the business executives, travelers, families and couples as well.
Channels- The TV commercials, social media marketing and print advertisement.
Cost Structure- The licensing fee, staff salaries, administration fees, equipment costs and technical expenses as well the packaging and labeling costs (Zhou, Therdthai & Hui, 2014).
Revenue Streams- The steam should be online marketing of the business.
The critical success factor is defined as the specific activity, process or any area where the business is really dependent for the sustainability of the business in the near future (Martínez et al., 2013). The critical success factors for this new business which is to be started are explained below
Market Share and Profitability- The market share and the profitability in the measure of how much share the business will be having it and the revenue to be generated in the near future from this business (Pagani, Lucisano & Mariotti, 2014).
Customer Satisfaction- The customer satisfaction is also the CSF which needs to be measured through analyzing the customer feedbacks on this new business to be developed.
Vision Achievement-The CSF could be the analysis and the evaluation of the vision which has been set earlier by the entrepreneur before the business will be started (Martínez-Monzó et al., 2013).
System Feasibility- The entrepreneur should be looking at the system which is developed should be right for the sustainability of the business in the near future or not (Obschonka, Silbereisen & Schmitt?Rodermund, 2012).
It is important to understand the fact that this business idea is innovative and it needs to be implemented in a proper way. The idea is feasible as with the online dominance to be made at the highest level in this century, the businesses are getting the competitive advantage over the businesses which still do not have the online presence in this competitive market (Amit & Zott, 2012). The idea of online bakery is a new concept altogether which provides flexibility and improving the satisfaction level of the customers as well (Eppler & Hoffmann, 2012). Hence, this innovative study is definitely feasible for the long term sustainability of the business.
References
Amit, R., & Zott, C. (2012). Creating value through business model innovation. MIT Sloan Management Review, 53(3), 41.
Eppler, M. J., & Hoffmann, F. (2012). Does method matter? An experiment on collaborative business model idea generation in teams. Innovation, 14(3), 388-403.
Martínez-Monzó, J., García-Segovia, P., & Albors-Garrigos, J. (2013). Trends and innovations in bread, bakery, and pastry. Journal of culinary science & technology, 11(1), 56-65.
Obschonka, M., Silbereisen, R. K., & Schmitt?Rodermund, E. (2012). Explaining entrepreneurial behavior: Dispositional personality traits, growth of personal entrepreneurial resources, and business idea generation. The Career Development Quarterly, 60(2), 178-190.
Pagani, M. A., Lucisano, M., & Mariotti, M. (2014). Italian bakery products. Bakery Products Science and Technology, Second Edition, 685-721.
Pott, O., & Pott, A. (2012). Entrepreneurship. Unternehmensgründung, unternehmerisches Handeln und rechtliche Aspekte, Heidelberg.
Schaltegger, S., Lüdeke-Freund, F., & Hansen, E. G. (2012). Business cases for sustainability: the role of business model innovation for corporate sustainability. International Journal of Innovation and Sustainable Development, 6(2), 95-119.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. John Wiley & Sons.
Wassell, P. (2014). Bakery fats. Fats in Food Technology 2e, 39-81.
Zhou, W., Therdthai, N., & Hui, Y. H. (2014). Introduction to baking and bakery products. Bakery Products Science and Technology, Second Edition, 1-16.
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