A Business Model is a summarized version of how a business operates and makes money. It is a pre-cursor to an Execution Plan.

The Business Model Canvas (BMC) is a tool to capture key elements of a business in how it is creating and, delivering values and capturing values in return. There are nine building blocks in the BMC.

It captures the key elements of a business starting with the product or benefits or value it is proposing to the market it is targeting, how the business is interacting with its customers and the expected revenue streams. On the back end of the business, the BMC indicate the resources it is using to undertake all its business activities plus the partners the business is collaborating with. It also indicates its cost structure.

The Business Model is outcome of the Exploration and Discovery Phase of the Entrepreneur Journey. The BMC serves many benefits such as helping a startup to structure its business idea visually on one page. It is fast to complete, as one can start by just capturing assumptions for future testing and verifications. It provides a holistic view of the business and provides a central document for discussions and reference. Its temporary nature (until it is fully verified) allow for easy and quick updates and iterations.

The BMC is not intended to replace the traditional Business Plan. It is a precursor to the old Business Plan and is used to overcome critical weaknesses of using the Business Plan as a key tool in starting a business. Instead of creating a Business Plan, Carabetul employ the use of a validated Business Model to create an Execution Plan.

Module 6 will provide participants with the PTTs of how to create and validate a Business Model using the BMC and the various testing techniques.

Learning Roadmap for EJ1:

Module 6 completes our 6-part Modular Online Workshops for Entrepreneur Journey Phase 1 (EJ1): Explore & Discover. To find out more about all the 6 modules, click here >>

ENTREPRENEUR JOURNEY PHASE 1 (EJ1): EXPLORE & DISCOVER

1. Module 1 - Adopting Entrepreneurial Mindset and Preparing for the Journey | Get more info or register >>
2. Module 2 - Applying Lean Startup Methods and Testing Techniques | Get more info or register >>
3. Module 3 - Selecting Market Segments and Identifying Opportunities | Get more info or register >>
4. Module 4 - Generating and Selecting Business Ideas | Get more info or register >>
5. Module 5 - Developing Product Features and Value Propositions | Get more info or register >>
6. Module 6 - Creating and Validating Business Models and Execution Plan