BUSI 1600 Lecture Notes - Lecture 4: Business Model Canvas, Financial Capital, Human Capital
21 Feb 2017
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Used to evaluate an idea: not businesses. Under market evaluate the customers, competitors, etc. Under resource requirements examine money, people, etc. Should people want this: does it address a need/want, what is the value. How big: growth potential, duration of opportunity, competition, competitive advantage. Seeks to get rid of waste during start up: enhance chance of success w/o much funding, elaborate business plans or perfect product. Progress through measuring learning about key assumptions: through experiments using minimal viable product & customer feedback early & often. Uses canvas: nine key elements on 1 page. Describes what the venture is, where it is projected to go, how it will get there: roadmap. Scope, complexity & format depends on purposes of plan, intended audience & size of opportunity & risk involved: forces a thorough review of opportunity. Serves as communication tool for stakeholders, potential audiences (firms, key employees, bankers, government, agencies, etc. )
