Convince yourself your idea is worth selling: The business model canvas
Join us this week at Entrepreneurship 101 as Dianne Carmichael, Managing Director, MaRS Health, moderates a panel of entrepreneurs from the healthcare industry. Learn from top health entrepreneurs—and join us for a networking event afterwards.
Last week at Entrepreneurship 101, Mark Zimmerman, CIO and Senior Advisor, ICT at MaRS Discovery District presented our session on the business model canvas. He detailed why the business model canvas is crucial for convincing yourself that your idea is worth selling.
The key to creating a successful product is thinking through the customer problem. Mark explained that often thinking through your idea in a structured way is far more valuable than the answers you come up with. The business model canvas is a tool that shows you how to create not only a product that people value but one that will bring in a profit.
The key reason businesses fail
The customer rarely buys what the company thinks it’s selling. – Peter Drucker
Mark said your business will fail if you don’t spend enough time thinking about who you are building your product for. The business model canvas gives you the chance to figure out who you’re selling to and what their pain points are in the current market. By looking at current pain points for customers, you’ll be able to determine what gains your product can offer.
A key takeaway from Mark’s talk was understanding that your business model canvas is a map of your business and that it changes and evolves over time.
Watch excerpts from the presentation
Missed the lecture? In the videos below, hear some of the in-depth perspectives Mark provided in his lecture.
Dissecting the Business Model Canvas
Examining Nespresso’s Business Model
Entrepreneurship 101 course resources
And search “Entrepreneurship 101” on iTunes U.