When it comes to learning about, mapping out, and innovating the perfect business model for your venture, there are two tools that have no equal.
As a young entrepreneur you may be imagining the workings of your very first startup. Later on you might need to figure out how to pivot your business in a changing market. Whatever your needs, these tools will help you visualize and design the perfect business model.
The Business Model Canvas
How excited can you possibly get about something you can draw on one sheet of paper? The answer is, “VERY.” We have discussed the business model canvas in-depth in a previous article, and for good reason it is one of our favourite business tools.
The genius behind the business model canvas by business theorist Dr Alexander Osterwalder, founder of Strategyzer, is that it paints a comprehensive picture of any business using just 9 parts.
- Customer Segments – Who are you creating value for?
- Value Proposition – What value does your customer experience?
- Channels – How are you getting the value to your customers?
- Customer Relationships – How will your customers find out about your offer and interact with your company?
- Revenue Streams – How does value transfer take place from the customer to you?
- Key Resources – What staff, machines, inputs, investments, and IP do you require?
- Key Activities – Which repeated major tasks make your business tick over?
- Key Partners – Who are the suppliers of services and resources you need to make the model work?
- Costs – What are you spending on resources, activities and partners?
Using these 9 parts, you can:
- analyse competitors,
- ensure you have thought of everything when designing your business model,
- build a clear pitch to investors,
- and quickly and easily redesign your model to meet the realities of your market.
The Business Model Navigator
Don’t you wish someone could just build a handy online tool that tells you exactly how 60 successful business models function? AND at the click of a button, can it also give you concise examples of companies that use the model? How about adding industries that favour the model? And why not map out how that model interlinks with others?
What would you pay for such a comprehensive and extremely valuable business tool? The answer is, “NOTHING”.
In what can only be described as a true service to humanity, the BMI lab has created a tool that will help students, young entrepreneurs and salted business veterans to build better businesses.
According to BMI Labs you can use their tool to:
- Understand the key drivers of business model success.
- Leverage our proven methodology of business model innovation.
- Discover powerful business model patterns.
- Learn how to revolutionise your business model.
- Explore business models of iconic firms.
Use the Business Model Navigator and Prof. Oliver Gassmann’s 4-step formula for innovating your business model to create the perfect business model for your market and your value offering.
Then embrace the biggest opportunity in Africa! Bring your energy, courage and creativity to the GoGettaz Agripreneur Prize Competition and grow your business.
The 2021 GoGettaz Agripreneur Prize Competition is open until 14 June 2021, and we want to hear from you. Don’t miss this opportunity. Start your application today!