Q2: Describe three elements of a Business Model Canvas and tell how are they implemented

What is the most important thing at the beginning to talk about business models and business plans?

"Startups don't begin with a business plan, they begin with the search of a business model" Business models are one of the fundamental parts of Business plans.

What are the parts of a business model canvas?

Customer segments Value Propositions Channels Customer Relationships Revenue Streams Key Resources Key Activities Key Partnerships Cost Structure

Intrapreneurships vs. Entrepreneurship?

Intra: Dependent on company resources. Alignment with company culture. (Done inside a larger firm) Entre: Independent. Own resources. Access to market needed.

Entrepreneurial strategy and Business Model fit key take-aways?

x) 'Startups don't begin with a business plan, they begin with the search of a business model" x) Experimentation/learning is not commitment-free (the paradox of e-ship. Many choices!) x) Before drafting and searching for your business model (and test hypotheses about potential commercialization paths), you first need to think about your overall e-strategy! x) The Business Model(s) will implement the e-strategy x) The search for a business model could inform e-strategy (pivoting) x) E-strategy: values and goals should guide the roadmap for experimentation/learning x) Business models can pivot (some parts), but the mission and values (reflected in the founding team) are persistent. The root of the company.

What are the four important part for the business model?

x) Customer Value Proposition Defines value created and delivered (MVP, CVP, (S)CP). x) Technology & operation management Outsourcing or vertical integration (First, late mover) x) Go-to-Market Plan Channels, Innovation S curve, Selling, Marketing... x) Cash Flow/ Profit Formula Company/Product life cycles, cashflow forecasts, break-even point..

What is a business plan?

x) Document answering the What? and Why? of your business x) Describes market opportunity & cash flow forecasts (3-5 years) based on - Key assumptions, - Business model - Assumptions - Sources of uncertainty, - Metrics and milestones - IPR situation etc.

What is the difference between late and first mover?

x) First movers might control: Customer relationships, Scarce assets, Key patents, Capacity x) Late-movers might control: reduce R&D cost, Leverage Existing Technology

What is a business model ?

x) How will you run your business and generate profit? Choices regarding: x) Value proposition for customers x) Capabilities and resources needed(e.g., employees, partners, infrastructure, go-to-market plan, financing) x) Strategic positioning(markets to serve, products to offer, role in the industry)

What does the LEAN / 'toe-in-the-water approach' discuss?

x) Iterative and ongoing process: PPP approach (fail fast) x) Speed and agility matters; ("test-then-invest" approach) x)Large firms also use this method to develop new business models

Why do startups need a business model?

x) can use a Hypothesis-driven method to learn about the viability of their e-strategy and busines model x) LEAN / 'toe-in-the-water approach' x) Based on feedback: PERSERVE, PIVOT or PERISH