Business Model Canvas

The canvas that we have been working with up to now is a very basic sketch of your planning and thoughts, we can now move onto and start populating a more detailed and comprehensive canvas (if you are satisfied to continue with this product)

Is your product a business?

 As we draw closer to the end of the year I hope that you guys have been making progress on your business plans. Remember that the business plan is going to provide the content and answer questions when you present your pitch.

It all began with an idea....you looked for a problem to solve and you understood who the problem was being solved for where after you tested the market by creating your MVP and made a decision based upon the response you received for it.

Now its time for planning, we were introduced to the basic Lean Model Business Canvas which indicates the five most critical areas of your plan.

So now we need to ask: Is my product a business?

                                                          Check out the Vid

The answer can be yes or no, a business is a "vehicle" for getting products into the hands of the people it was created for with the intent of completing a mutually beneficial exchange of value.

Business Types

Business to Business

If you manufacture your own product then you need to consider manufacturing costs and what needs to happen for it to get to the customer, who in this instance is another business that will be selling your product to their customers. Your marketing and pitching will have to be adjusted accordingly and the required steps and costing must be compiled into a business plan.

You may also have a retail store of your own that should be a different business.

Business to Customer 

This business stocks items purchased from other businesses to supply to their customers.

Check out the Vid

Decide which of these best suits your idea and begin using the Lean Model Business Canvas that we have been looking at for completion on the website to qualify to pitch to the Investors on the 31st October 2024.

By now we need to be working on the process of how the product is getting to the customer, remember picture the moment of the transaction taking place, freeze frame and list everything in the image and then how it came to be.

Market Research and Validation

How do we establish if our product or service will sell? We need to ask and take surveys collecting information on how people respond to what you are offering. We did this exercise when creating your website MVP's, we set up a payment portal to collect pre-orders that would indicate the demand for your product.

Once you have completed your market research please upload using this button.

Instructions for the rest of the year

 Now that you guys know what we are doing for the rest of the year it is all up to you to achieve the goal that we have set.

To refresh everyone:

We will be pitching on the 31st October 2024.

Only pitches that qualify will get the opportunity to pitch:

    There needs to be a complete business plan.

    The initial pitches will be reviewed by myself and the successful pitches will be approved for        the investors to see.

    There will be a prize of R10 000.00 awarded to the team who demonstrates the highest net           profit for their operations.

    The investors are serious investors so if you have a plan that shows real viability                       you stand the chance of winning real investment into your operation.

    All the information you need is on the class website and the resources and                           lessons necessary will be there too.

Keep checking on your weekly blog for lessons and hidden opportunities to get you to your business goal as successfully as possible.