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Rashmi Hegde



Still pondering on how/why/what about your Business Model Canvas. Why not consider cooking one for yourself? One can add their own flavours to anything to give the desired taste. Scale your ideas, blend them properly and finally bake them suitably.

What is a BMC? BMC stands for Business Model Canvas. Business Model Canvas is a strategic management and lean startup template for developing new or documenting existing business models. It is a visual chart with elements describing a firm's or product's value proposition, infrastructure, customers, and finances.

Let us cook a BMC for your startup.

Note: Aprons and mittens not required, blazers preferred!

Cooking Time: Around 3 hours Caution:

1. Heated Discussions may come your way.

2. A constant doubt after every step may arise.

Ingredients:

1. A Team

2. Internet Service

3. A virtual workspace or something which your team considers as office.

4. Sound mind and listening skills.

Preparation:

● Google ‘BMC templates’ and download one. (3mins)

● Note down the following taking in account that they are subject to changes.

● Value proposition-(20mins)

➔ What product are you selling? What are the customers offered?

Discuss what makes your company stand out among your competitors. Give a more problem solving approach.

● Infrastructure-( 30mins)

➔ Key Activities, Key Resources and Key Partnership

➔ What is your human workforce? What values does your company’s financial resources, intellectual and physical resources give to the customer? Are your partnerships providing mutual benefit? Partnerships can be alliances with competitors and non-competitors!

● Customers-(40mins)

➔ Analyze your target market.

➔ How can you classify your customers? Like- based on demography, financial classes etc.

➔ What are the various channels through which customers communicate with your services?

➔ To ensure the survival and success of any businesses, companies must identify the type of relationship they want to create with their customer segments.

➔ Think of creating a community of your customers, giving personal assistance or automated services, whichever suits your company the best.

● Finances-(30 mins)

➔ Should your business model be cost driven or value driven? Cost driven suggests that your company focuses on minimizing all costs and having no frills. Value driven suggests that your company is less concerned with cost, this business model focuses on creating value for products and services.

➔ Cost structure- Salaries, production and installation cost if any.

➔ Identifying your revenue streams from and to the company. Like advertising, licensing fees, direct product sales, lending/renting etc.

● Revise once more. Are there conflicts among your team members? Well, that's where individual roles play a part. (27mins)

● Print or keep your business model canvas template ready to use. Fill in all the categories i.e., Key Activities, Key Resources, Key Partnerships, Value proposition, Customer Relationship, Channels, Customer Segments, Cost Structure and Revenue Streams. (15mins)

Gourmet’s Suggestions:

● Take water breaks whenever needed.

● Refer Statistics wherever possible.

● Wear formals and keep coffee handy to maintain the professional ambience.

● Do not hesitate to scribble ideas.

● Sauté your Business Model Canvas well.

● Garnish it with some belief and positivity.

All set to serve! Bon Appétit!


Edited By:

Rishabh Runwal


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