Your Business Model Canvas (BMC) should in.. a business idea you have developed and refined using the Big Idea Canvas.
How NOT to do this assignment: Pick a business idea. Then use the BMC to cherry pick points of support that your idea was genuis and sprang into being .1Iy formed like the children of Zeus.
Hedge fund CEO Ray Dalio talks about the benefits of teaming before deciding. That’s the case here. You’ll start with a creative taskâcome up with an idea. But the BMC is about evolving and improving that idea to make it more investable. That evolution is the key thing I am looking for in scoring your submission.
Tips for Success Before you sit down to compile your written submission, I recommend you do the following.
Problem/Solution The best business ideas solve a problem for someone. What problems are you aware of that could use solving, Once you have a basic solution to a problem. you’ll want to start asking viability questions like level of pain, potential market size, and customer willingness to pay.
Positioning Statement Next, consider writing a brand positioning statement (Links to an external site.)Links to an textual site. around your solution. This statement should include 1. who your solution is for and what compelling need they have, 2. what benefit your solution provides that solves their problem/meets their need, and 3. a °that’s because.’ statement that includes the special reason you can do this better than anyone else (special tech, expertise. secret sauce, etc.).
4 Components of Risk I describe these in detail in the Syllabus (and also for the Case Analysis assignment). But you should consider the basics of Product Risk. Market Risk, Team & Execution Risk. and Financial Risk and how risky your idea is for each component.
The BMC With a basic idea. you can now use the BMC to reveal gaps in your idea and consider ways you will strengthen your idea and mitigate the risks as you think about what it would take to make this an executable business.
Sample Solution
The life of a celebrity compared to an average personâs life is very different. A rich person lives a more luxuries lifestyle than the average person does. The average person usually only owns a single home where as someone of wealth may own several homes. The normal person is not as fortunate as someone who is rich and can sometimes be envious of what the elite own. The average salary for a middle class family is $60,000 to $85,000 the minimum amount of money you need to live a comfortable lifestyle these days is around $50,000. In order to be considered wealthy it is over a million dollars and with that amount of money you can buy almost anything you want and never have to work again, that is if you are careful with your finances. A rich celebrity on television usually owns a couple of luxurious homes all over the world thatâs why we get excited watching them on television and showing all that they own. We, as the viewers, are interested to see what the rich have spent their money on. While we are also jeal>
The life of a celebrity compared to an average personâs life is very different. A rich person lives a more luxuries lifestyle than the average person does. The average person usually only owns a single home where as someone of wealth may own several homes. The normal person is not as fortunate as someone who is rich and can sometimes be envious of what the elite own. The average salary for a middle class family is $60,000 to $85,000 the minimum amount of money you need to live a comfortable lifestyle these days is around $50,000. In order to be considered wealthy it is over a million dollars and with that amount of money you can buy almost anything you want and never have to work again, that is if you are careful with your finances. A rich celebrity on television usually owns a couple of luxurious homes all over the world thatâs why we get excited watching them on television and showing all that they own. We, as the viewers, are interested to see what the rich have spent their money on. While we are also jeal>
