In this tutorial, Dr Mark expounded further on the importance of working as a team. Here, we were made to understand the key processes that are involved in the development of the values of a proposition. In this regard, the Doctor highlighted that the first step in the business design process is definition. The business requires to have a clear understanding of the proposed model, and this helps even when explicating the business design to the client. Additionally, execution is also required whereby the business explores and creates the desired outcome.
Furthermore, Dr Mark also introduced to us the aspects that make up the business model canvas, and here he explained the key considerations that define whether a business is successful. Notably, he highlighted that some of the factors in the business proposition that determine whether a business is moving in the right direction include identifying the unique needs of the different market segments, an understanding of its different potential clientele, and the core objective of the organization.
Additionally, the tutorial provided me with great insights into understanding the differences between the problem space and the solution space. I was able to leant that while former ideally deals with understanding and defining the challenge under consideration, the latter is involved in developing and delivering sustainable solutions. Agreeably, coming with such solutions not only help the business but may also have a positive impact on the environment. Overall, the discussions held through the week three tutorial was important in giving me more confidence to work as part of a group and also learn more about dealing with the typical challenges that characterize most businesses.