ENTREPRENEURSHIP PROGRAMHelping You Get The Most Out Of Your Business
MODULE III – TAKING MASSIVE ACTION
V. Creating A Business Model Canvas
Another great tool to use in addition to your business map is a business model canvas as it helps conduct structured, tangible, and strategic conversations around new businesses or existing ones. Both large corporations and startups use a canvas business model. Large leading corporations –such as GE, P&G, and Nestlé- use it to manage strategy or create new growth engines. Start-ups use it in their search for the right business model as a lean start-up approach.
A business model canvas is a visual representation or story that explains how your business works. It includes nine components about your business model that you need to have clarity on and test. And answers questions like:
- Who are you key partners?
- What are the key resources of your value chain?
- What are the key activities of your value chain?
- What is your value proposition or what does your customer value?
- What are you customer relationships?
- What are your channels?
- What are your customer segments or who is your customer?
- What is your cost structure or how can you deliver value to customers at an appropriate cost?
- What are your revenue streams or how do you make money in this business?
Creating A Business Model Canvas
Complete attached Business Model Canvas Template