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Business Models

  • Writer: Ethen Dent
    Ethen Dent
  • Oct 12, 2021
  • 2 min read
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During today's session, we delve into methods to help identify different aspects of a potential business idea:


- Business Models are outlines which details the value of the company and/or business idea. It describes the methods on how to achieve a revenue, what is provided in the business and how it intends to market the product/service provided.

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"solution + business model = money"

"Google + AdWords = Revenue"

A provided example consists of 'Crowd-sourcing'

Lean Canvas

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Created by Ash Maurya, a Lean Canvas is a 1-page template which covers multiple aspects of a business.


It's intention is to deconstruct the business into its core assumptions and helps identify strengths/weaknesses. This includes problems and solutions that the business is presumed to face.











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[LEAN Canvas example]


A LEAN canvas gives you answers to unpopular questions
- ask about costs, etc.

Why do we Lean Canvas?
"Things change, so your canvas should do as well"

An elevator pitch (in this context) is an effective and brief way to convey key points, strengths and opportunities of a potential business idea.

Gantt Chart


Creating a Gantt Chart for our business idea felt appropriate to have the addition at the end of the blog post here. The intention of the Gantt chart is to illustrate the schedule of a project.


Below I have my Gantt Chart for my business idea, although it is still a work-in-progress.

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[OddWatch; Gantt Chart (early version)]

Reflection Segment


"The discussion of business models in today's session was so important. Not only did we explore business models in-depth that we knew of, we covered so many other models that I had not considered. In the context of my business idea, I considered going for multiple models, e.g. 'Contract Based Performance' and 'Hidden Revenue'.


"I'm still yet to do a LEAN canvas for my business idea but, I still recognize the importance of doing one. Deconstructing aspects of the business to respond to assumptions and address weaknesses is obviously risks of the business I want to tackle."


"This lecture, and Wednesday's lecture, featured a number of resources that I should take seriously and sit down to really do them. Struggling with the creative side of the project, it seems that I've begun to neglect the business part now. During reading week, I need to find a balance between both creative and business aspects of the project. I have a plan to add a tab on the portfolio page to accumulate research, plans, business details, etc. so that aspects of the business are not lost in piles of notes. This should also make the business easy to edit when it needs to change."

Further Reading

Ash Maurya; Running Lean

Citations

2021.WHATARETHEBUSINESSMODELSPATTERNCARDS?.[ebook]BMI Lab. Available at:<http://pearsoncollegecode.com/BusinessModels.pdf>[Accessed 27 October 2021].  

Leanstack.com.2021.Lean Canvas |LEANSTACK.[online] Available at:<https://leanstack.com/lean-canvas>[Accessed 27 October 2021].

What I've been listening to:


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