KEY LEARNINGS

The perception I had of business digital business models changed significantly. I originally linked business models to quick profit generation by selling a product or service. However, when I gained knowledge on subscription based models I understood that the value created in digital habitats usually depended on user engagement and data utilisation (Teece, 2010). This understanding was impressive as it emphasised that businesses like digital platforms may not always supply value directly, instead promote the interaction between users. This matured my thinking from a transactional point of view to a well rounded understanding of business.

PERSONAL DEVELOPMENT

I have undergone notable growth in my ability to think strategically. I’m capable of evaluating how businesses form, deliver and seize value. To add, I am conscious to the significance of sustainability and scalability, thus solidifying my confidence in recognising viable opportunities and analysing business ideas.

APPLICATION OF LEARNING

Using a hypothetical digital jewellery brand that sells personalised diamond bracelets, I would endorse a hybrid model which includes incorporating e-commerce with subscription services. This would push the business to produce both recurring and transactional revenue, advancing financial longevity.