Fill out the business model canvass.

Competition kind of exists outside the business model canvas.

So let's take a look at our business model canvas.

Phase 1 is you state your hypotheses and you draw the business model canvas.

So in the last lecture, you remember the business model canvas, all the 9 components of a startup.

Now we finally come to the last part of the business model canvas.

The thing to remember that the goal is not to draw on the canvas.

And on the left hand side, kind of the backstage of the business model canvas, their activities we're going to be rental tracking, shipping, dry cleaning, marketing and customer service.

So we covered a lot of material in the customer segment part of the business model canvas.

Are there resources from the resoures part of the business model canvas?

By now, you're intimately familiar with the business model canvass.

Is while the business model canvass talks a lot about the business the big idea and you need to note this.

I can't emphasize enough that the business model canvas is just a start.

Let's take a look at what their business model canvas started with and evolved to.

The Business Model Canvas is a scorecard it's not the class.

That is, you'll understand business model design, you'll understand all the components of the business model canvas and understand the startup is not just a bunch of teams who have free food and you bring your dogs to work and work incredibly hard.

And this is a key idea, value proposition and customer segments are the first two things you tend to work on with the business model canvas.

Looking at the Business Model Canvas, fill in the box where your product would go and then fill in the box where your market would go.

The word hypotheses is really a fancy word for guesses, and if you really think about it when you fill out the business model canvas all you have is a series of guesses.

If you're doing more than just watching these lectures, one of the things you're going to be staring at a lot is the Business Model Canvas.

It's kind of ironic we're getting to the last part of the business model canvas that could actually put us out of business.

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So you could see after five days, just five days after talking to 160 customers you could see how the business model evolved dramatically from something that looked like this on day 1 to something that looked like this on day 5.

So here's an example of a business model canvas from a life sciences company that was going to provide E. coli cell lines for simplified downstream processing.

What you've already put together is a business model canvas with your hypothesis that says, Look, we're really passionate about this product or service, and we think there's a set of customers out there, and we've put together a revenue model, our first hypotheses and saying we're going to make a lot of money, and that's great, but there's really kind of a method to this madness, and there's not only one way to do this, but this is the way we kind of think of it.

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