Topic 1: Explore the Business Model Canvas as a tool for developing and visualising business models

The Business Model Canvas is a one-page document containing nine boxes representing different fundamental elements of a business. In other words, it is a strategic management tool that lets an entrepreneur visualise and assess their business idea or concept before putting it into practice.

The model was introduced in the book titled “Business Model Generation” by A. Osterwalder and Y. Pigneur (2010) as a visual framework for planning, developing, and testing the business model of an organization.

• The left side of the canvas focuses on the internal factors that are mostly under the control of the entrepreneur.
• The middle includes the value propositions that represent the exchange of value between the business and the customers.
• The right side of the canvas focuses on the customer or the market; in other words, these are the external factors that are not controlled by the entrepreneur.

A template of the model is available online: Untitled Workspace – Creately