A tool that is key to beginning a business is the Business Model Canvas. In the MACE program, this was one of the first things we learned in our program. We especially worked on the Lean Canvas model which is a condensed version of the business model canvas. The purpose of a lean canvas that the business model doesn’t have is to communicate our businesses in a simple summary that explains the main points of interests.
Definitely watch videos such as this one to learn the importance of designing a model!
In our class about business modelling we were given large sheets to develop our own business models since we have been working so hard on our current start-ups.
(See in the photo how diligent we are)
When filling out the lean start up canvas with what we understand at the moment, there were factors to add that came obvious and easy to us as well as some facts that were a bit more problematic. One problem that occurred was our value proposition. We understood and knew what we wanted to give to customers to fulfill their needs but was unsure exactly how to present it in simple terms that others can understand.
We have an idea, have done our research for what we think is a innovative business.
However, it was extremely helpful to draw out our progress again and again with leans start up canvases. A great deal of it helped to understand your objective of the business.
When you come across issues with your business or misunderstandings, business models can help you clearly design what your intentions for financial, ethics, partnerships, and more are and how it is currently working out.
I highly recommend watching videos and repeating model canvases at least once a month as my team has started to do. This was our second canvas and already we have made a leap of improvement.
Strategyzer. 2013. https://www.youtube.com/channel/UCPVreN9tVxFY2RgWeENShpg