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Running head: BUSINESS MODEL
8
BUSINESS MODEL
MGMT20143 Assignment1
Table of Contents
Assignment 1    3
Business model innovation    3
New ventures in the commercial, digital, service, and the social context    4
Application of the lean entrepreneurship principles    5
Formation, evaluation, and communication with the creative idea for the new ventures to a variety of audience    5
Application of the theories that have a relation with the ideation processes and the model design principles and forecasting    6
Discussion and reflection on the technical, financial, and organizational constraints for innovative new ventures    7
Reference    17
Assignment 1
Business model innovation
Figure 1. Business model innovation
(Source: Pieroni, 2019)
Purpose
There would be a purpose for starting the business. With the help of this step, the purpose of the business would be defined in a proper and effective way. The purpose is very essential for starting the business in a potential market(Pieroni, 2019).
Right playing field
This step has helped to find out the field where the business would occur. With the help of this step, the organization can easily get an idea about the target market.
A unique way to win
An innovative way is essential to start the business in the market. In addition, it can be sated that innovative process assists to start the business in a proper and effective way.
Set of capabilities
This step has said about the set of capabilities means it helps to know about the capabilities of the organisation and after knowing that it assists to open the business in a proper way. Capabilities assists to give a proper idea at what time the organisation can start the business or about the resources that are essential to operate the business in a proper way(Parida, Sjödin & Reim,2019).
Support system
It is very essential to have the support of the management team as the team helps to regulate the business in a proper and effective way.
Innovative strategies
In order to acquire competitive advantage the company or the organization needs to generate innovative strategies. The company needs to prepared innovative ideas to acquired more clients and earn more profit. This idea mainly helps the organization to increase their profitability. The organization can manufacture latest model product, can be promote the product in more effective way in the front of the client to acquire their attention towards the product. Some time the company needs to reduce the price rate of the product in order to acquired client from different income group. This can helps the business organization to acquired client from different aspect and helps to gain the popularity in the competitive business market as well.
Hiring trained and expert employee
In order to acquired success in the business a organization needs to appoint trained and expert employees in the organization. Trained and eligible employee who has been known their job role can be able to produce excellent quality product which not only helps the company to gain attention of the clients but it also helps the company to increase its revenue. If the organization only started to hire trained and educated employee the company does not needs to spend extra money for the training of the employee which helps the company to save their expenditure. Also if the employee has...