Assignments

1. Complete a Business Canvas for your idea by answering these questions:

Value Proposition

• • What are you building and for whom?
  • What pain are you solving?
  • What gain are you creating?
  • What will your customers pay for?
  • What’s in it for the customer?
  • Does it solve a need or a problem that your customer has?
  • Can you see the target market you wish to serve and why they would want this? 

Customer Segments

• • Who are they?
  • Where are they?
  • What will they do with your product or service?
  • Are you selling in a physical channel or in a virtual or web channel?
  • Who are your customers? And what is the journey you’d like them to experience with you?
  • How does your product or service resolve their needs?
  • Can you make a picture of them as an archetype?
  • What other websites or products do they buy?
  • What are their demographics, psychographics, and interests?

Channels

• • How does your product get to your customers?
  • Physical or virtual?
  • How do you find the channels that will provide the delivery, packaging and transportation to you?
  • Do you have back up channels in case of a disaster or supplier interruption?

Customer Relationships

• • How do I keep them?
  • How do I grow them?
  • What’s the journey they will have?

Revenue Streams

• • What is the value that your customers are paying for?
  • What streams of revenue do you plan to create?
  • How much revenue do you anticipate from each segment of your customer base?
  • What is your strategy for acquiring revenue?
  • Will you have online sales?
  • In-person transactions?
  • Will you be a subscription or licensing based business?

Key Resources

• • How will you finance the business?
  • What kind of machines do you need?
  • Are there any specific kinds of people you will need?
  • How about Patents or intellectual property?  These take time, so you may want to think about this upfront.
  • How about the resource of time?  Will you be dedicated to this creation once you begin, or will you ramp up slowly?
  • Where will you work? Office? Home? Garage? Co-working space? Incubator?

Key Stakeholders

• • Who are the key people working with you and your business?
  • Do you need any partnerships to start the business?
  • Are there friends and family you want to work with, or those you definitely do not?
  • Are there any alliances or groups of customers you want to tap into?
  • Who has a strong interest in this business and who will want to help you sustain it?

Key Activities

• • What fundamentally are you doing to make the business work?
  • What are you expert at?
  • What do you need to learn? What expertise do you need to master to make your company the best at what it does?

Cost structure

• • What are the BIG costs for your business?
  • What will be your fixed and variable costs?
  • What will be your loss leaders
  • How do you take in money? Venmo? Credit card?