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Your introduction to the tool should begin with a short insight into its underlying document – the business model canvas.Its inventor, Alexander Osterwalder, insists that the business plan itself is a time-waster.With the canvas, you are able to analyze versatile aspects of your commercial activity. All other units play supplementary role to the VP: VP is a constitutive component that gives a reason for the business to exist.
The business plan is normally packed with a bunch of information irrelevant to grasp the intricacies of the business.
Moreover, Steve Blank claims that it’s rather ineffective as a tool for analyzing customers’ interests.
You have an understanding of what should be specified in each block and you do it. Besides, once your canvas is filled in, its lifetime is not over.
This document is updatable, and it is a good idea to make amendments to it over time.
The canvas won’t guarantee that your idea will prosper.
However, it gives you an opportunity to prevent failures based on risk identification.
A possible concern is whether all these parties involved will catch up and interpret your vision discovered in the document. It is a great solution, but it is more applicable for existing businesses than startups. Ash Maurya, the inventor of this tool, looked at the Osterwalder’s canvas from a different perspective.
The tool has an intuitive nature and creates a common language for all participants and third parties. He changed a vector a bit to obtain a problem-solution approach to business analysis. Generally, this document looks like the adapted tool we described above.
The analysis of revenue streams, target users and the product/service to offer gives enough input data to elaborate a fruitful marketing strategy with most of the risks measured. And the canvas is a decent tool to prevent your from failure.
What if it is necessary to share your business canvas with investors, partners or teammates.