February 15, 2021 – An important place to start any new venture is defining and understanding your business model; even asking the fundamental question, “Do I have a business?”.
Using a Business Model Canvas or Lean Canvas tool can help you focus on the primary elements that need to be present in order for a successful business to be possible:
- What is the problem you are solving?
- What is your solution and why is it compelling or unique?
- What is the revenue model for your venture?
- Who are your customers and how big is the market?
- Have you spoken directly with prospective customers and other stakeholders to validate their interest?
Without a deep and clear understanding of these basic elements, it’s very difficult to realize success with your new technology venture. Your canvas will be your initial tool to guide your work with ITEN mentors and help identify strengths and weaknesses in your business model.
We have a great example to share from this last year when we were living through an active worldwide pandemic and its impact on the hard-hit restaurant industry. Supply chains were cut, storefronts were closed, and the way people ordered food was turned upside down. And yet, MrBeast’s Burgers is growing at an unprecedented rate.
How does one insurgent restaurant chain disrupt an entire industry? And why didn’t mega-chains like McDonalds or Burger King do it sooner? Click HERE to learn why AND view a great video showing how the Strategyzer Business Model Canvas is used!