• The business model canvas is made up of nine vital elements
that help to visualize and communicate a business idea or
concept. The nine elements are key partners, key activities,
value proposition, customer relationships, customer segments,
key resources, channels, cost structure, and revenue streams.
The role of each of the building blocks in the canvas is important
to influence the overall effectiveness of the new business idea
(Mičieta et al., 2020). Out of the nine building blocks, the
segments that can be completed immediately are the key
activities that need to be conducted to progress towards the
new idea, maintenance of customer relationships, and
identification of the chief customer segments that will be
targeted by the new business idea. Similarly, the key resources
that will be used, such as manpower or finance, can also be
identified.
• The specific segments of the business model canvas that would
require additional work are identifying the key partners and
forming an association with them to work towards the business
idea and determination of the revenue streams that will help in
the generation of revenue for the business. Similarly, the
determination of the exact cost structure at the initial stage
might be a major challenge. Before working on these areas, it is
necessary to adopt a well-calculated and strategic approach. For
example, the cost structure, as well as the revenue streams,
have the potential to directly influence the financial aspects of
the business idea. These areas need to be thoroughly examined
before making decisions on what cost structure would be
followed and how revenue will be generated by the business.
• A key segment that I had not completely taken into
consideration is related to the value proposition block. While
working on the business idea, the emphasis was on the
perspective of business and how the new offering could be
beneficial for itself. However, the limited focus was laid on how
value would be created for the target market audience by
working on the new business idea. Another important fact that
had not been taken into consideration is how both traditional
channels as well as digital channels would be used for the
purpose of reaching out to the intended target audience. This is
an important aspect that must be given high importance as it
involves customers, who are the key stakeholders in the specific
business context. Similarly, limited emphasis was given to
identifying whether the business idea would be more cost-
driven or value-driven.
References
Mičieta, B., Kasajová, M., & Howaniec, H.(2020) Business Model
Canvas As A Tool Of Manager 4.0 Model Biznesowy Canvas Jako
Narzędzie Menedżera 4.0.
