Business Model Canvas for Entrepreneurship
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The document discusses entrepreneurship and the business model canvas. It defines entrepreneurship as discovering new ways of combining resources and defines a business model as describing how an organization creates, delivers, and captures value. The business model canvas is introduced as a tool that provides an overview of a business across nine building blocks: customer segments, value proposition, channels, customer relationships, revenue streams, key resources, key activities, key partners, and cost structure. Developing a business model canvas for a business concept is recommended to focus efforts and provide a common language.
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Business Model Canvas for Entrepreneurship
- 1. E.M. Erasmus, MA FEF, MKB, February 2015 BUSINESS MODEL CANVAS
- 2. What we will do next… • Discuss entrepreneurship (briefly) • General theory of Business Model Canvas • Develop business model canvas for proposed enterprise concept
- 4. Entrepreneur • Entrepreneur -> Originated from the French word: ‘entreprendre’ (to undertake) Merriam Webster Dictionary: Entrepreneur is.. “one who organizes, manages, and assumes risk for a business or enterprise”
- 5. Classic views on entrepreneurship • Frank H. Knight (1921) : entrepreneurship is about taking risk. • The behavior of the entrepreneur reflects a kind of person willing to put his or her career and financial security on the line and take risks in the name of an idea, spending much time as well as capital on an uncertain venture.
- 6. A different view on entrepreneurship Joseph Schumpeter (economist): Definition of entrepreneurship should be placed on innovation. • New products • New production methods • New markets • New forms of organization
- 7. A different view on entrepreneurship The function of the entrepreneur is one of combining various input factors in an innovative manner to generate value to the customer with the hope this value will exceed the cost of the input factors, thus generating returns that result in the creation of wealth.
- 8. Entrepreneurship To make it shorter… Entrepreneurship is the process of discovering new ways of combining resources… Successful entrepreneurs expand the size of the economic pie for everyone.
- 9. Some characteristics… • Motivated by an overwhelming need for achievement and strong urge to build • Optimistic in their decision-making processes • Creative and enthusiastic spirit • Passionate in what they do • They take prudent risk • Persuade others to join and help • They think and act ‘outside the box’ • They create more than just personal value Successful
- 10. Successful entrepreneurs… Bill Gates, undergraduate at Harvard developed BASIC for the first microcomputer, went on to help found Microsoft in 1975. By making software that increases human productivity, Gates expanded our ability to generate output (and income), resulting in a higher standard of living for all.
- 11. Successful entrepreneurs… Sam Walton, the founder of Wal-Mart, Innovations in distribution warehouse centers. Shoppers benefit from the low prices and convenient locations that Walton’s Wal-Marts provide.
- 12. Successful entrepreneurs… Fred Smith Fedex Ted Turner CNN Henry Ford Ford Automobiles Ray Kroc McDonald’s Martha Stewart M.S. Living Walt Disney Disney Oprah Winfrey Talk Show Host Mark Zuckerberg Facebook Robert Keane Vistaprint Steve Jobs Apple
- 13. So why have they all been so successful? The all managed to come up with a solid and effective business model
- 14. SO WHAT’S A BUSINESS MODEL? Write down your own definition… Discuss it with your neighbor…
- 15. Which elements did you mention when you defined a business model?
- 16. What is a business model? A business model describes the rationale of how an organization creates, delivers, and captures value.
- 17. Few companies understand their existing business model well enough
- 19. Business Model Canvas • BMC provides a simple, intuitive and flexible tool that can be developed rapidly and applied ongoing to iterate and refresh the business strategy. • In a single page view, the BMC provides an overview of the business: it’s offering, infrastructure, market and finances.
- 20. Business Model Canvas Building Blocks
- 21. Customer Segments The different groups of people or organizations you aim to reach and serve.
- 22. Value Proposition The products and services that create value for specific customer segments.
- 23. Channels How you communicate with and reach your customers segments to deliver a value proposition.
- 24. Customer Relationships The type of relationships you establish with specific customer segments.
- 25. Revenue Streams The cash you generate from each customers segment (subtracting costs from revenues to create earnings).
- 26. Key Resources The most important assets and resources (physical, intellectual, human, financial) required to make your enterprise work.
- 27. Key Activities The most important things that needs to be done to make the enterprise work.
- 28. Key Partners The network of suppliers and partners that make the enterprise work.
- 29. Cost Structure All the costs incurred to operate the enterprise.
- 38. Example
- 40. Example
- 42. Generating a BMC Choose your business concept!
- 43. BMC template
- 44. Three significant advantages 1. Focus 2. Speed and agility 3. Common language
- 46. Edward M. Erasmus, MA e.erasmus@fzanv.com edward.erasmus@ua.aw Facebook: http://www.facebook.com/edwardmerasmus Twitter: http://www.twitter.com/em_erasmus LinkedIn: http://www.linkedin.com/in/edwardmerasmus Google+: https://plus.google.com/+EdwardErasmus Instagram: http://www.instagram.com/em_erasmus Blog: http://edwardmerasmus.wordpress.com