2. The Business Model Canvas and Customer Discovery Flashcards
What is the business model canvas?
9 boxes that describe how the central parts of a business come together and form the operating model of a business.
Think about it like a lab notebook that we update as we chart our course from startup to company.
What are the motivations behind the business model canvas?
- a better tool for tracking startup progress
- a means for having strategic conversations in a shared language
- organizing the risk
Open questions about your startup…
- is it desirable?
- is it feasible?
- is it viable?
What is a value proposition?
A statement that explains how some bundle of your product and services addresses the important jobs, alleviates the extreme pains, and creates the essential gains, that a customer cares about.
What is customer segments?
Who are your customers and why do they buy from you?
They’re grouped together by:
- demographics
- jobs they’re doing
- pains they have in common
- the value propositions you design
What are the key resources needed for a business/
- finance
- physical
- intellectual
- human
What are the key activities the business must do?
- production
- problem solving
- supply chain management
…
What are the key partners and suppliers for the business?
- what key resources do we acquire from them?
- what key activities do they perform?
Now what?
Make some guesses…
- who might your customers be?
- what might they value?
The follow the scientific method:
- create a startup thesis: who is your customer? what is your product?
- generate a hypothesis
- make predictions: who can you talk to? what do you expect to hear? what do you expect to observe? what might surprise you? what do i expect to see if i go see them?
- run experiments: talk, listen, observe
- iteration loop: pick any guess you have, design tests, run tests, reflect & learn, create new guesses
How does the company get, keep, and grow customers?
