Entrepreneurship Interview Project Deliverable 1: Theoretical Study Introduction: The objective of this report is to explore the topic of business models in entrepreneurship, drawing from both class discussions and a literature review. Business models serve as a crucial foundation for entrepreneurial ventures, providing a framework for sustainable and successful business operations. Literature Review: To gain insights into business models, I conducted a literature review, focusing on reputable journals accessible through the university's library. The chosen topic centered on understanding the components and applications of business models in entrepreneurship. Business models, encompass the way a company creates, delivers, and captures value. The review highlighted the significance of a clear business model in guiding strategic decisions, resource allocation, and overall business sustainability. Key components, such as value proposition, customer segments, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure, were identified and explored in-depth. The literature revealed that successful entrepreneurs not only develop a comprehensive business model but also continuously reassess and adapt it to evolving market dynamics. New frameworks, such as the Lean Canvas model, were introduced as tools to streamline the process of developing and iterating business models, particularly in dynamic startup environments. Additionally, the review emphasized the importance of considering external factors, such as PESTEL (Political, Economic, Social, Technological, Environmental, Legal) factors, in shaping and influencing the business model. Understanding the impact of these factors allows entrepreneurs to navigate challenges and seize opportunities in the external environment. In summary, the literature review provided a robust foundation for understanding the theoretical underpinnings of business models in entrepreneurship. It offered insights into the key components, frameworks, and external considerations that entrepreneurs should take into account when developing and refining their business models. Deliverable 2: Interview Content Entrepreneur Overview: I conducted interviews with two entrepreneurs, a founder of a tech startup, and an owner of a successful retail business. Both interviews focused on exploring their experiences in developing and implementing business models. Questions and Answers: Founder of a tech startup: 1. Please introduce yourself and how did you start the business? - "I have a background in computer science, and I started my tech startup after identifying a gap in the market for innovative software solutions. It began as a passion project and evolved into a full-fledged business." 2. What is your educational level? Has any of the courses you learned helped you in your career? - "I have a degree in computer science, and the technical skills I acquired during my education have been instrumental in the development of our software products." 3. Do you know what is a business model? How do you understand it? Have you applied it? - "Yes, a business model is essentially how a company creates, delivers, and captures value. We applied the Lean Canvas model to iterate and refine our business model as we grew." 4. How do PESTEL factors impact your business and the business model? - "PESTEL factors are critical considerations. For example, technological advancements directly influence our product development, and legal factors impact compliance with industry regulations." Owner of a successful retail business: 1. Please introduce yourself and how did you start the business? - "I entered the retail business after years of working in the industry. I saw an opportunity to provide unique products and personalized customer experiences." 2. What is your educational level? Has any of the courses you learned helped you in your career? - "I have a business degree, and the courses in marketing and management have been valuable in shaping my approach to running the retail business." 3. Do you know what is a business model? How do you understand it? Have you applied it? - "A business model, to me, is the plan for how a business makes money. We've applied various models, especially focusing on cost structures and revenue streams." 4. How do PESTEL factors impact your business and the business model? - "External factors like economic changes and societal trends significantly influence our business. Adapting to these factors ensures our business model remains relevant." The questions and answers were collected without editing to maintain the authenticity of the entrepreneurs' responses. Deliverable 3: Interview Analysis Comparative Analysis: Analyzing the interviews in comparison to the theoretical study revealed several noteworthy insights. Both entrepreneurs acknowledged the importance of a clear business model, with The founder of a tech startup emphasizing the iterative nature of refining the model to align with the dynamic tech industry. The Lean Canvas model, highlighted in the theoretical study, was indirectly validated by The founder of a tech startup's approach to continuous refinement. This iterative process resonates with the agile methodologies often applied in startup environments. External factors, particularly PESTEL considerations, emerged as critical influencers in both interviews. The owner of a successful retail business's retail business, affected by economic changes and societal trends, underscored the necessity of adapting the business model to external dynamics. This aligns with the theoretical emphasis on considering external factors for business model development. Personal Reflection: The interviews provided a rich understanding of how entrepreneurs practically navigate the complexities of business models. The real-world experiences shared by the 2 entrepreneurs highlighted the nuanced decision-making involved in entrepreneurship. Theoretical concepts, such as the Lean Canvas model and the impact of external factors, were not merely theoretical but were evident in the entrepreneurs' strategic approaches. This experiential validation reinforces the importance of integrating practical insights into entrepreneurship education. In conclusion, the analysis revealed a harmonious connection between theoretical concepts and entrepreneurial practices. The interviews served as a bridge between academic understanding and real-world application, enriching the overall comprehension of business models in entrepreneurship. This project has not only deepened my understanding but has also underscored the dynamic and adaptive nature of entrepreneurial endeavors