What is Business Model Canvas?
Business model canvas is a strategic tool that helps entrepreneurs focus on the business strategy and growth potential of their startup idea. It explores and explains how a business will design, create, offer and monetize Value
List of business model canvas you should know
-Value propositions-Customers segment
-Customers relationship
-Channels
-Key sources
-key Activity
-Key partners
-Cost Structure
-Revenue Storing
Knowing all these Business Model Canvas that has to be put in place and duly construct in a business,let’s start with breakdown of each model but I will rather discuss extensively on Value Proposition before touching to other categories.
1.Value Proposition
What is Value proposition?
This is what you promised to offer in a business enterprise.it is the things you promised as a Business owner or a brand to offer in business to the masses.
It is also a unique point in business that can be used to outshine competitors in the same business Hub.
Creating a Value proposition that is flexible and well construct goes a long in the booming of a business organization By recognizing already existing problem the masses are facing,and providing a well structured solution that is convenient,advantageous,cheap and affordable.Let take “OPAY” as an example, OPAY came into Nigeria Fully Knowing the problem of transportation is a major setback to the masses. And they took it up as a matter of concern by providing ORide to ease transportation barrier from one place to another. They created the platform in such a way you just have to be in your in comfort of your homes,offices,workshop or anywhere you are and rightly placing an order for a bike to pick you up to your next destination as fast a possible with the help of a mobile phone.This isn’t only thing interesting about what has been done but also give a service fee that is cheap and affordable and also gives discounts on every ride.This is the more reason they (OPAY) excel in this business more than their competitors.
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This is a case study to closely observe and study before pushing out or presenting a product or services to the masses. firstly taking a good look at the community/region your business establishment wants to be set by doing a good market survey or hiring a market survey agent to know/determine an existing problem a community/region is facing.knowing this, it will help you to provide a perfect solution in the sense that the solutions you are proposing is not rigid,posing any harm,inconvenience or threat to them but rather one that is beneficial,advantageous,cheap and affordable.
let us know what you feel you been getting wrong in your business model plan in the comment section.
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