Hello entrepreneurs at heart. Today is our 8th episode and we are talking about the Business Model Canvas for Startups. The Business Model Canvas, is a strategic management and entrepreneurial tool that allows you to describe, design, challenge, invent, and pivot your business model.
You probably already experienced having a great idea, at a very unique moment or unexpected place (running, taking a shower or doing the dishes) and it might seem a great idea at first. But before you start thinking about too many details or even putting some of your time sharing the idea, it might be wise to consider doing this quick exercise for your new idea. Even if you already have a business or project, doing a Business Model Canvas analysis can help you discover some new possibilities and areas of improvement for your business.
What’s your homework for today? Practice writing a Business Model Canvas for an existing business you know relatively well, or for that idea you are itching to bring to life! What did you learn? What factors did you think of, that you did not consider in the first place? Is there any strategic alliances that can be develop? Share your experience with us at www.jllbmedia.com
If you work on a team setting, I would recommend to do this exercise with your team, and use post it notes to write people’s ideas for each one of the nine blocks addressed in this business model. This can be a great exercise to learn more about your business and to even pitch your business to a potential investor or business partner.
Business Model Canvas: these are the 9 blocks that will help you understand, describe your business:
Customer Segments – Who are we creating value for?
Value Propositions – What value do we deliver to the customer?
Channels – How do we reach our Customer Segments?
Customer Relationships – What type of relationships do our Customer Segments expect?
Revenue Streams – What value are our customers willing to pay for?
Key Resources – What Key Resources do our Value Propositions require?
Key Activities – What Key Activities do our Value Propositions require?
Key Partners – Who are our Key Partners?
Cost Structure – What are the important costs inherent in our business model?