Business Model Canvas
What is the Business Model Canvas used for?
To map out and visualizing the key elements of a business strategy on a single page.
Fill in the blank. _________ plays a crucial role in entrepreneurship by enabling individuals to generate innovative ideas, solve problems in unique ways, and identify new opportunities in the market that others might overlook.
Creativity
What are the four main types of business resources?
Human resources
Financial resources
Physical resources
Intellectual resources
Who provides various types of goods, including raw materials, components, finished products, and services necessary for a business to operate and produce its offerings?
Suppliers
The actual good or service being offered to customers, including its features, benefits, quality, and packaging.
Product
What is the primary use of the Business Model Canvas?
To help businesses design, describe, and analyze their business model in a simple, intuitive format.
What does it mean to take a financial risk?
Taking on financial risks in business means investing personal or borrowed money into a venture with the possibility of losing that investment if the business fails.
Intangible assets such as patents, copyrights, trademarks, proprietary knowledge, and brand reputation that provide value to a company.
Intellectual Resources
Provide an example of a key partner in an entrepreneurial venture's network.
A distributor who helps get the product to market.
True or False. A tagline and a mission statement serve the same purpose in brand identity.
False
What is the purpose of a Business Model Canvas?
To provide a visual representation of a company's business model, showing how different aspects of the business interact and create value.
List three important entrepreneurial traits.
Risk-taking, Innovation, Persistence, Leadership, & Adaptability
Tangible assets such as buildings, equipment, inventory, and raw materials that a company uses to produce goods or services.
Physical Resources
How would you define a strategic relationship in business?
A long-term partnership between two or more companies that work together to achieve mutual benefits and competitive advantages.
The four traditional elements of the marketing mix, also known as the 4 Ps, are:
Product
Price
Place
Promotion
What does "Key Resources" in the Business Model Canvas refer to?
Refers to the most important assets required to make a business model work. These can include physical, intellectual, human, and financial resources.
Their role involves identifying opportunities, gathering resources, and managing the business to create value.
Entrepreneurs
This resource entail the workforce of a company, including employees, managers, and their skills, knowledge, and expertise that contribute to the organization's success.
Human Resources
What is a key reason why partnerships are established in entrepreneurial ventures?
To gain a competitive advantage through shared resources and expertise
"Place" in the marketing mix refers to...
The distribution channels and locations where a product or service is made available to customers, including physical stores, online platforms, and other points of sale.
What are the nine key components of the Business Model Canvas?
Key Partners
Key Activities
Key Resources
Value Propositions
Customer Relationships
Channels
Customer Segments
Cost Structure
Revenue Streams
Fill in the blank. _________ is essential for entrepreneurs because it involves making decisions under uncertainty.
Risk-taking
Financial resources are...
Monetary assets available to a business, including cash, investments, credit lines, and other sources of funding used to support operations and growth.
In the Business Model Canvas, these relationships help companies optimize their business models, reduce risk, or acquire resources.
Key Partnerships
This term refers to the overall perception and emotional connection that customers have with a company, product, or service.
Brand Image