This assigment will get you to think and set your business on right path.

Business Model Innovation is critical. It provides several benefits. It brings clarity about your idea and helps you to think and to translate idea into a ‘Business Idea’.

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First things first…

An effective way of creating a business plan and for the lean canvas is by identifying your ‘Customer Segments’ first.

Good understanding of your prospective customers, their persona and their general behaviour will empower you in your entrepreneurship journey…

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Identify the ‘Problem(s)’ of your customer segment(s) that you wish to solve.

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Now it’s time to pen the ‘Solution’ for the identified problem(s).

Don’t miss to recognize who your early adopters of your solution and also recognise the existing alternatives that are available. This will help you in a big way in developing your idea into a business.

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You should identify and define ‘Unique Value Proposition’ of your solution. It should be simple, clear, compelling message that states why you are different and worth paying attention.

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Be a Little Extra and recognize or create ‘Unfair Advantage’. This is what helps you create ‘entry barriers’ for others to enter your space.

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Solution is no good if it’s not reaching the intended customers. You need ‘Channels’ to enable reaching them. Identify which are the best ways to reach them.

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You are here to do business as an entrepreneur. One of the primary responsibility would be to generate revenues.

List your source of revenue – Your ‘Revenue Streams’

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If one side of entrepreneurship is ‘Revenue’, the other side would be the ‘Cost’. List your fixed & variable costs – ‘Cost Structure’.

In Business, they say that “if something is not measurable, then it is not achievable”.

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How are you going to measure your progress. List your ‘Key Metrics’, the key numbers that tells you how your business is doing.

Now that you have an understanding of all the pieces of the business plan puzzle, your effort should be to answer each of the identified piece of the puzzle and putting them together should help you in getting an idea of your business plan.

Create your canvas to model your business in an innovative way.