REFLECTIVE JOURNAL

  • Category:
    Business
  • Document type:
    Coursework
  • Level:
    Undergraduate
  • Page:
    4
  • Words:
    2738

REFLECTIVE JOURNAL

Department

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 have 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 business model can help us understand and test prototypes to see whether to see whether we passionately believe about its impact.

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 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 of designing a business could help to avoid the pitfalls and increase the chances of a business becoming more sustainable. As a group, we faced with 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. Design encourages the creating of alternatives and open new possibilities to a problem. I think we could have used design thinking as 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.

This week we focused on details the subject of business model design as well as other related concepts using the methodology of design thinking. Business can embrace the mindset of design thinking where options are designed rather than refined. Design thinking has various attributes which are significant in unearthing the small-scale problems that have created the wicked problems and possible solutions. First, adopting customer perspective is crucial in designing entire business model design process. In this case, the wicked problem we had a challenge understanding how to analyze the problem. However, the best solution would have been to adopt design thinking to solve the problem. Design thinking would have prepared us to discover hidden elements as well as ambiguities around the wicked problem, and perhaps uncover unclear assumptions before making the decisions. In this case, were first to make a decision of who the customers were to determine value proposition, and how they would like to be reached as well as their needs. Furthermore, this process allowed the CLN team to generate ideas and then to isolate the best ones. However, the challenge is in ignoring the status quo and suspending concerns over operational issues. Using the business canvas model helped all the stakeholders involved to develop a shared understanding of this and open a dialogue to deepen understanding of the impact of sustainability on business model. We were able to post few assumptions on our business model canvas to resolve the wicked problem.

This week we applied what we have learned about business model canvas design to address the wicked problem-How to Sustainably Enable People to Maintain Well-being and Thrive as they Age. The business model canvas has allowed us to organize thinking around a creative and exploratory process that provides the crucial first part of the search for a business model. It has also helped to refine ideas by thinking about it, reflecting on it, receiving feedback on it, and by engaging with the literature in the area to explore and examine how others have engaged with this idea. In this case, we used canvas to come up with new solutions. At the initial stage of the design cycle, canvas helped to describe sustainability as a business model and put it into the context of actual trends. This in combination with literature made it easy to identify as well as synthesize each canvas building block. It was a perfect starting point for identifying a solution to the wicked problem. This model also made brainstorming with my CLN team easier. After creating the prototype for the prioritized new solution, we were able to complement the prototyped solution with the to-be business model to underpin its viability, desirability, and feasibility. Business model canvas can help us to visualize and understand when it is time to reassess whether there are any impacts and decide whether to redesign or walk away.

This week the Last week the CLN teams updated and refined the content of the Business Model Canvas, creating presentation so that we can get peer feedback on the changes that we can make. This week I have learned that engaging in a research can provide a broader and a deeper understanding of a business problem. This is because conducting a solid research has helped us to examine assumptions, as well as test research hypothesis. Additionally, we have learnt that a Business Model Canvas can be used in an organization to track a research design of a problem. In this case, the BMC has helped us tackle the problem of—How to Sustainably Enable People to Maintain Well-being and to Thrive as they Age. Our CLN team updated and refined the contents of the Business Canvas Model and created a presentation which was uploaded in the discussion board. The presentation included research design to explore the problem research, what we have learned from the preliminary research, and the changes that were made in the business canvas model. Once the presentation was uploaded in, the CLN teams reflected on the peer feedback. Our CLN team listed both the positive and negative feedback. This was paramount, as the reflections helped to make changes in our business canvas model and conduct more research on areas that we had not covered properly. Furthermore, the positive feedback acted as a motivation for the team and realized we were on the right track.

This week we focus on the development of a research design that will help us to examine assumptions, test hypothesis and evaluate prototypes. A research design is vital in the development of an appropriate business model. We examined components of the process of research design. We then worked in CLN teams to create a research proposal by identifying implicit assumptions so that research questions could be formulated, and by creating a research design checklist. Our CLN team spent some time identifying assumptions to develop a research plan, and we used our business model canvas as a prompt to extract these assumptions. By extracting implicit assumptions helps to set out a set of research questions is the first step toward refining a business model. Our CLN team was dedicated to clarifying to clarifying experience research expectations, and thus, we discussed on related issues such as the formulation of the research questions, objective, and research strategy. Our CLN team was able to identify implicit assumptions in our business model to determine research questions we needed to formulate to discover insights that would help us inform our business model design. We had challenges ranking everyone’s assumptions. I think this should have been solved by analyzing how each assumption would impact our problem. Talking with the stakeholders was crucial because we were able to obtain crucial information as will as increasing the quality of the research. However, we were faced with challenges of formulating research questions. I think, design thinking would have enabled us to not only highlighting the shortages but also give a enable to identify unclear assumptions and come up with a detailed explanations of changes that should be made.

This week we continued to identify components of research design. A successful research design should have specific essential components, and this week we continue to discuss objectively in details to assist in the making of these decisions. Our CLN teams formulated research questions using implicit assumptions which were guided by the quality of secondary data and the choice of research strategy. Therefore, these problems were analyzed critically by reviewing literature to assess validity of the research strategy using secondary data from related studies. Our CLN team mainly devoted on assessing the best choice of the study research strategy. Our CLN team also discussed sort of data will be used, and in this case, we decided to use both primary and secondary data for our research. We also discussed methods of data collection to be used in the study and concluded that both questionnaires and interviews would be appropriate for our research. On the other hand, research methods were determined by the reliability and validity of data analysis methods as well as relevance of the problem. After spending an additional amount of time for the choice of appropriate methodology and data collection methods, we were able to create a research proposal. In other words, all the research questions in our study will be effectively addressed by selecting appropriate primary and secondary data collection methods.

After examining the components of the process of research design, our CLN team created a research proposal by identifying implicit assumptions so that research questions could be formulated, and by creating a research design checklist, this week we refined research proposal by sharing results to get peer feedback. After creating the business model canvas with nine building blocks, we were able to derive a number of key outputs. The research proposal was created to address output derived from the business model canvas in the context of How to Sustainably Enable People to Maintain Wellbeing and Thrive as they Age. Our CLN team uploaded our research proposal on the discussion board. The task now at hand is to refine the research proposal. However, wee had challenges assembling the right feedback so that we can make appropriate changes. I think we should have cultivated friendship with peers whose feedback would help us think critically about the topic. These feedbacks are invaluable for helping us to consider an idea from a different angle or perspective. Develop research design to explore research questions derived from conceptual prototyping. CLN teams provide peer assessment for each presentation on Discussion Board based on the Assessment Rubric A, repeated in the Appendix of these Topic Notes.

This week we reflected on peer feedback CLN team and upload the results in a written document. Peer feedback was a good resource for the presentation as well as enhances the presentation as well as put more insight on our research. However, we were somewhat anxious about the risks involved when the research proposal is scrutinized by others. Peer feedback was helpful in identifying shortcomings or flaws in the research project proposal which can be addressed in future investigations. Our CLN team listed the positive and negative feedback that was received. However, I considered the peer feedback reflection because it helped to make some adjustments to my proposal as well as realize the positive elements of the research proposal. More importantly, peer feedback reflection was crucial in providing the basis for a deeper understanding of current interpretations the problem. The presentation also gave us an opportunity to affirm the positive elements and contributions. I think has helped to make some changes on my business model canvas as well as engage with more literature to understand how other scholars have explored this idea. I realized that it was important to critically analyzed secondary data related to issues in my research rather than just providing the description of the issues. After reviewing peer feedback reflection, I have realized that critical analysis and discussions are the elements of the work that increase its value. For this reasons, I had to make some changes until I ensure all the issues highlighted have been addressed, and critical analysis was done.

This week we continued to refine our business model and using these changes to make adjustments on the final presentation. We used the materials we have learned in this unit to understand how to undertake business research and identify and explore complex problems from a different perspective. We were also able to interpret the broad range of research designs applicable to an exploration of business problems. Moreover, assessing research design should be considered in the actual social context. In addition, the initial purpose to which the research was directed, there is many purposes for those people who will come to assess it. Therefore, peer feedback reflection was crucial to refining our research design. We also identified, determined, communicated and implemented appropriate research design to explore relevant aspects of a complex and ambiguous business problem. This should not be taken to suggest that the criteria of validity or representative. However, such approach seemed to be very challenging, and I have come to appreciate the value of peer feedback reflection to make my final presentation. I have also developed the skills of critical analysis that I have applied in the research proposal, and I can apply these skills in a real business issue in future. Formulating my research proposal and making the presentation has also increased my level of professional competency. In fact, I have developed a critical mindset towards solving business issues as a result of conducting the Research. Therefore, the skills I developed during using the business model canvas to formulate research can be used in order to successfully manage business projects in the future.

This week we continued with feeding the refinement into the final presentation. We developed, evaluated and communicated options for innovative business design based upon a business model design approach. Communication is a crucial skill at various stages of formulating research proposal as well as making the presentation. Listening to my CLN team and peer feedback reflection has been valuable as they have helped me to understand the changes I should make to improve my research proposal because I have used to feedback I received and implemented them into practice. As we prepare the final presentation, the peer feedback showing opinions about the quality of my research design. The feedback from different people was important as it has enhanced my proposal and my presentation. I have also ensured that the research questions were well formulated, and the secondary data was obtained from reliable sources, and the research methods are appropriate for this study. Furthermore, I have learned the importance of analyzing a problem by mapping the key assumptions attached to the various part of the business model and then pair those assumptions to allow you to validate quickly or invalidate the assumptions. Lastly, completing my research proposal and doing a presentation will allow my knowledge and skills to improve, and eventually awaken my desire to continue doing research. Therefore, delivering a successful presentation is important because it means that I have convinced others to back my business model in the market. I have ensured that the presentation is persuasive, coherent, succinct and professionally executed.