Topic 3: Guide participants in using the Business Model Canvas to design and reflect on their business models

The Business Model Canvas is a free tool that can be used both online and offline. There are numerous templates online, offered by different companies and organizations, which can be adapted to the needs of the entrepreneur. There are free versions that can be either downloaded or printed and filled in, while there are more interactive templates that come at a cost. For example, a real-time built-in cost estimator analyses the financial viability of a business idea, identifying alternative areas to explore with the model. A free sample of the model can be found here: https://shorturl.at/imvy6. The users are encouraged to fill it in following the order described above (1 to 9).

Before experimenting with the model for their own businesses, entrepreneurs can explore some examples of existing businesses, the aspects of which have been put on the model and explained by experts, for instance here: https://shorturl.at/bwY23. This way, they can search for common aspects and elements, get ideas, or simply make adaptations. 

The model can be used by existing and future entrepreneurs alike and can work as a tool for reflections on the type and effectiveness of their product or services, as well as designing the next steps.

A detailed online course offered by the creators of the model can be found here: https://shorturl.at/pru67. This course is the next step that a potential entrepreneur can take, after deciding to invest in their business idea. 

There are certain steps that an entrepreneur can follow to create their own Business Model Canvas and activate it.

• To start with, setting up a diverse team, where everyone’s ideas can be heard and valued, can form the basis for effective collaboration on the model. The members of the team can be either existing or potential members of the business, or external collaborators. A brainstorming session is a good starting point for filling-in the model.
• Defining the context of the of the model, its scope and purpose is crucial for getting the whole team onboard, as well as narrowing down the main idea and all the suggestions from the initial brainstorming session. 
• Deciding on a paper or online canvas and visualizing it by putting in and naming the building blocks is the next step. 
• Filling in the blocks in the right order is the most important step. At this stage, the blocks can be quite detailed and also include data, links, descriptions etc., and they should become more brief and concise at a later stage.
• When the canvas is complete, a SWOT analysis can be really useful; identifying the Strengths and Weaknesses of each component, as well as the Opportunities and Threats related to the specific context will help with the allocation of tasks and responsibilities before putting the model into practice.