Want to be an Entrepreneur?

Convert your creative idea into business model

19 shares, 3 points

Entrepreneurship is not a destination; it is a journey. It is a journey to work on your idea or product, It is a journey which start with the intention to provide new solutions to the world problems, It is a journey to build something for the future. Successful Entrepreneurs don’t have an expectation of arriving to some finish line or to become the most richest person in the world, they just want to provide solution to a problem through their creative approach and that lead them to success.

“People failed in their startup venture because they don’t know what they are doing they just want to start a company.” –  Mark Zuckerberg Mark Zuckerberg

To become an Entrepreneur, you should ask yourself few questions. What do you want to do? What kind of service or product do you want to provide? Is your service or product solving the existing problem in real world? Once you find these answers, you need to convert your idea into a business model. This article will help you to prepare a business plan for your idea.

The business model canvas is a great tool to help you understand a business model in a straightforward, structured way. Using this canvas will lead to insights about the customers you serve, what value propositions are offered through what channels, and how your company makes money. You can also use the business model canvas to understand your own business model or that of a competitor! The Business Model Canvas was created by Alexander Osterwalder of Strategyzer.

The following list with questions will help you brainstorm and compare several variations and ideas for your next business model innovation.

Key partners:

  • Who are your key partners/suppliers?
  • What are the motivations for the partnerships?

Key Activities:

  • What key activities does your value proposition require?
  • What activities are important the most in distribution channels, customer relationships, revenue stream…?

Value proposition:

  • What core value do you deliver to the customer?
  • Which customer needs are you satisfying?

Customer Relationship:

  • What relationship that the target customer expects you to establish?
  • How can you integrate that into your business in terms of cost and format?

Customer Segment:

  • Which classes are you creating values for?
  • Who is your most important customer?

Key Resources:

  • What key resources does your value proposition require?
  • What resources are important the most in distribution channels, customer relationships, revenue stream?

Distribution Channel:

  • Through which channels that your customers want to be reached?
  • Which channels work best? How much do they cost? How can they be integrated into your and your customers’ routines?

Cost structure:

  • What are the most cost in your business?
  • Which key resources/ activities are most expensive?

Revenue Stream:

  • For what value are your customers willing to pay?
  • What and how do they recently pay? How would they prefer to pay?
  • How much does every revenue stream contribute to the overall revenues?

You can know more about entrepreneurship and learn from the best entrepreneurs via the Xpert App


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