There are many business modeling tools available. In this course, you will use the Business Model Canvas (BMC).
The BMC is a critical component for successful completion of this course. Initially, you will populate as many of the the nine building blocks that make up the BMC, as you can. You will enter the various assumptions you have about your business idea. For example, a description of who you think your target customer segment might be. Or, what your value proposition (how will you make your customers life happier) is for those customers. The most important building blocks to start out with include the value proposition and customer segment(s) sections. This is important because if you cannot validate that there is a group of consumers that have a problem that you think your business can solve, it is best to move on to an alternate business idea.
Once you have listed some assumptions, you will focus in on the most critical assumptions of all, and try to go validate those assumptions through primary research. For example, lets assume you wanted to start an organic food truck. Your assumption is that people between the ages of 26-32 that work in downtown Tampa desire organic food options for lunch. Given these conditions, the most critical assumption I have is that people that work in downtown Tampa between the ages of 26-32 desire organic food. I would start by interviewing these individuals to find out if my assumption is true or not. When you discover that an assumption is false, you update the BMC to note that your assumption was incorrect, and you move on to another assumption (i.e. maybe 26-32 year old's do not desire organic food, but rather 35-40 year old's and so on).
We will be using a free tool called Miro that will allow you to create a digital BMC, To get started, follow these instructions:
1) Visit the Miro BMC Page here.
2) Click on the purple "Use Template" button on the left side of the Miro screen
3) On the next page, click on the "Sign Up" button to create your account.
4) On the Account setup page, create your free account (enter your name, your HCC email and select a password you will remember) and then click "Get Started Now." You will receive a 6-digit code that you will need to enter to confirm your account.
5) Once you confirm your account, you will be asked to answer a few questions: 1) What is your team name? ANSWER: use your business name. If you do not have a business name, make one up), 2) What will you use Miro for? ANSWER: Education, 3) What's Your role? ANSWER: Student, 4) What best describes you? ANSWER: Business Owner, and 5) How big is your company? ANSWER: Only me, unless you are in business and have employees or co-founders.
6) Once you have answered the five questions, click on "Set up and continue." You will be asked if you would like to invite teammates, and you can skip that question for now.
Once you have set yourself up with Miro you can begin to populate the BMC. There is a "zoom screen" feature on the lower right of the screen if you want to make the canvas more visible. You will see some virtual post-it notes on the canvas already. You can add more, by clicking on the tool bar "sticky note" icon on the left side tool bar.
1. Watch the following video below that explains the basic functionality of the BMC
2. Download and save the BMC Assignment worksheet.
3. Login to Miro, and populate as many of the business model canvas building blocks as you can. At a minimum, you must fill in the customer segments and value proposition building blocks.
In later assignments and in class, you will be populating and modifying your canvas based upon experiences outside of the building (in the field research), and collaboration with your team and network.
4) Fill in the BMC worksheet and include a Miro ink for your BMC To share the link (preferable) click on the "Share" button on the top of your Miro BMC. When you click on that link you will be provided with sharing options. Click on the "Anyone with the link" option and select "can view." Copy the board link (blue button) and paste that link into the BMC worksheet and include the entire worksheet with this canvas assignment.