Background: you have discussed multiple project opportunities with your peers. Although you have had many different opinions, the group is now focused on an accepted topic. It is now time for you as a management group to create and publish the Strategy and Business Model for your venture. This document will help guide your team and others over the course of the Entrepreneurship Sales and Marketing efforts to get your product to customers.
Using information, you have been given in the lectures and the content information you have attained from discussions with your peers, you have the required data to produce a guiding document. You will need to critically think about options, viable alternatives and your own preferences for the shaping of your business venture.
Understanding the information you have gathered and applying it to this task will demonstrate the knowledge you gained in dealing with the fuzzy front end of innovation. The document you produce will be a stake in the ground for solving the other ambiguities of your venture.
The document must be targeted at senior managers who may report to you now or at some point in the future. After reading the short document, potential managers should understand the strategy for building an initial product and the portfolio of possible future products. The Business Model Canvas, an abbreviated Business Model, will expose the key areas within your venture and the important activities performed in each area.
Ultimately, the Strategy and the Business Model Canvas must be comprehensive and coherent. Comprehensive - detailed to your specific business. Coherent - the Strategy and Business Model Canvas must align and agree with each other.
Next steps: discuss as many aspects of the group project with your team as you believe are important to addressing this document. Using your own beliefs, independently form your own strategy and tie it into your own view of the Business Model using the Business Model Canvas.
I expect some commonality of the concepts, but I expect that no two group members will be in total agreement on their own view of Strategy and Business Model.
The paper should be a total of 3 - 5 pages in length. It should include; a clear description of your strategy and a populated Business Model Canvas template, plus a summary closing paragraph.