07 Jun BUSINESS MODELS AND CANVASES
BUSINESS MODELS & CANVASES
In the entrepreneurial world, innovators and startups map and plan their businesses in unique and different ways. We’ve talked about some of the tools that will help you understand the concept of entrepreneurship – now it’s time to look at the tools that can help you turn your idea into a business.
We won’t go into too much detail here – we’ll work together in the workshop to learn all the elements of business models and the canvases that can help you – but for now, we want you to begin to understand the concepts and what we’re talking about.
A business model is a plan that illustrates how your business will operate – it will cover things like your customers, your revenue streams, your key partners, and how you’ll get your product or service in front of people.
To understand this, entrepreneurs can map their business idea on a Business Model Canvas. The Business Model Canvas is an open source tool that has been developed by Alex Osterwalder and is distributed by Strategyzer. It’s a creative and analytical tool that allows business to understand all the complex elements of their business from a new perspective. It also allows businesses to see where they might need to do a little more work, or improve on their plans. Watch the video from Strategyzer and see how they explain Carl and Beth’s process as they go from business idea to business model and what steps they need to take to get there: