Experienced entrepreneurs and advisors always say that a business plan should be a living, breathing document that you change whenever you change your business. But in reality, how many overworked entrepreneurs have the time to keep a document like this updated?
What if all of a startup’s core business strategies were condensed to a one-page canvas? Do you think it would be manageable to keep it updated?
During last Wednesday’s Entrepreneurship 101 lecture, Mark Zimmerman, MaRS chief information officer and a senior advisor with MaRS Information & Communications Technology (ICT), spoke about Alexander Osterwalder’s business model canvas template.
A business model canvas is a strategic management template for developing new or documenting existing business models. It is a visual chart with elements describing a firm’s value proposition, infrastructure, customers and finances.
Alexander Osterwalder spent nine years in research and practice, combining thousands of online comments from 470 co-authors in 45 countries, to develop this visual tool for entrepreneurs. View this short view for an overview of the Business Model Canvas Explained.
Mark explained the elements of the business model canvas, using Nespresso as a case study to illustrate how this great tool can help your business progress.
Watch the video below and start developing a business model canvas for your own business today.
Forgot to take notes? Here is a sketch note shared by attendee Sacha Chua.