This is the first of a 3 part lecture on developing your business model. In this lecture, we discuss why the business plan and business models are so important to an entrepreneur. We also introduce the Business Model Canvas, which is a great model for entrepreneurs developing their business ideas into business plans.
The Business Plan Canvas is a 1 page document that maps all the necessary information that you need to write a winning business plan without the fluff of emotion and passion. In this lecture, we talk about the first 2 parts of the 9 pieces that make up the business plan – Customer Segmentation and the Value Proposition.