The business canvas model is a great depiction of what is needed to
transform an idea into a business both internally and externally. It
lays out a straightforward, organized, and structural way to grasp all
that is incorporated in a business. The epicenter of the whole
business canvas framework is value proposition. Value proposition in
simplest terms is the exchange of value amongst customers and your
business. Without the presence of value proposition, why would
someone want to buy your product or service? There needs to be
value added to both parties.
The four segments that would be established immediately are:
1. Value proposition
2. Channels
3. Key activities
4. Key resources
The reasons why I have selected these four segments that would
come immediately is because they are some of the essential parts of
starting a business upfront. Much research and analysis of the market
should be completed to ensure that you as a business owner are
equipped with the necessary tactics to be successful. Value
proposition is pretty self-explanatory because if the main goal of
your business is not to exchange value between you and the
customer than there is no reason for conducting business. Channels
is a major part of the marketing portion of business and is especially
critical at the beginning of business. This would be done immediately
as the upfront research would be done to see where your company
should spend most efforts marketing in hopes to make the most
amount of people aware of your company as possible. The key
activities and resources are necessary components to the creation of
a company. It is putting the right people in the right roles to achieve
the best result possible. This is really part of the upfront actions as
well because identifying what your goal is, is great, but it is another
thing to figure out what resources and what roles you need filled to
get there.
The three things that I think would take some work or time rather is:
1. Key partners
2. Cost structures
3. Revenue Streams
These three segments are ones that would take time to develop and
finalize as you go along. It is important to have a tentative structure
and budget in place to work with, but it is consistently changing.
Determining where your company will allocate their extra revenues
to is a fluctuating process. Cost structure is also something that will
change as the course of time progresses because operations cost is
determined more so on the overall growth or decline of a company.
As far as key partners are concerned, those relationships will develop
stronger and stronger as time goes on and your network expands as
the business grows.
There was not much beyond these nine segments that I haven’t
already considered as there is a lot of different aspects that go into
the business realm. I have had the pleasure of seeing companies
started from the ground up and have seen how far they have come
since then. This process can be very rigorous and challenging, but I
think that the Business Canvas model is a solid framework of the
business world.
