What is your Business Model ?
Check PRÊT À PITCHER
Business Model Canvas Explained
Also use e.g. CANVANIZER to map your Business Model !
Activate the captions/ subtitles (option only works when the video is playing)
Methodology from A to Z
Ep 1 – Getting From Business Idea to Business Model
- A great business idea needs a great business model !Many ideas fail to turn in a successful Business
- Many reasons for failing amongst which :
- Customers don’t care about the problem your idea solves
- Customers do like your Value Proposition but the Business model is not scalable & financially sustainable,
- You haven’t identified reliable channels to reach & acquire customers,
- You don’t have the Infrastructure you need when your business begin to grow,
- Find the right Business Model with Business Model canvas and go & test it in the real world!
Ep 2 – Visualizing Your Business Model
- Description of each of the 9 blocks of the Business model working together /their interactions
- Right (What) and left side (How) of the Business Model
Ep 3 – Prototyping
- Make a Story how your business will create, deliver, capture value
- Start with value Proposition
- Decide Who do you sell it to
- How do you get it to them
- How this will generate revenue
- Key resources you need to offer your product/service
- Focus on your Business Model not your product or technology
- Don’t fall in love with your first Business Model -> Predictable Business Model can work but rarely give you a competitive advantage. Think harder, explore alternatives. Find a disruptive Business Model e.g. Nespresso, Skype -> freemium model. Look at other places for ideas in other industries.
- Iterate rapidly & test your model rapidly!
Ep 4 – Navigating Your Environment
- You have mapped the elements on the BM that are in your control (internal factors) . Now map the environment your business is entering (external factors).
- Prepare your BM for threats!
- Market forces (which other segments can you target, what do they want, key trends, regulations, etc)
- Main competitors & suppliers, partners
- Macro economice forces (access capital, market uncertainty, infrastructure, etc)
- Key trends
- Make your BM better suited for the environment
Ep 5 – Proving It!
Time to fail -> TEST & ADAPT YOUR BUSINESS MODEL COMPONENTS -> CUSTOMER DEVELOPMENT & LEANSTARTUP METHODOLOGY
- Your hypothesis are most likely to be wrong -> Fix them!
- State your mots important hypothesis & Test them -> GET OUT IN THE WORLD
- Go out & test your hypothesis -> talk to distributors, partners, industry experts, etc (Low cost experiments) and more importantly prospective customers that will help you mature your Busines Model
- Modify your original idea in favor of a Business Model that will actually work based on the Test, Fail methodology
- Intensify testing -> Test, learn, adapt -> mature your model, adapt rapidly, cheaply
Ep 6 – Telling Your Story
Here’s an excellent pitch !
- Start from BM canvas
- Don’t show model all at once
- Tell it like a story
- Start with Customer segments -> Market size
- Then Value proposition per segment
- How do you monetize this -> Revenues per segment
- Explain what you learn from your testing / show that you validated your hypothesis about customer pains (test, fail, adjust)
- Show market size/ market potential -> Huge