Topic 4: Highlight successful examples of entrepreneurs who effectively utilised the Business Model Canvas
One of the most successful uses of the model, is the one made by Netflix, which includes the following key resources:
- Brand
- Apps
- Platform
- Employees
- Filmmakers
- Prizes
- to attract its customers.
Another successful example is Spotify, which relies on personalized experiences to build customer relationships, as well as mouth-to-mouth promotion and self-service.
Key partnerships are a crucial element for the success of this model, which include Facebook, Google Cloud and Sony Playstation, along with thousands of artists, music labels and podcasts.
Amazon has also been using the model successfully, with a specific focus on its key activities:
- Quick fulfillment processes
- In-time delivery
- Shipping systems that allow Amazon Prime to deliver orders within 1-2 days,
- Offshore R&D Center to streamline and improve the efficiency of fulfillment centers and other projects (e.g. Amazon Grab & Go stores) to lower costs.
To conclude, the Business Model Canvas is a tool used worldwide by different businesses and organisations, and for different purposes.
It is well-structured and organised, easily accessible, and with clear instructions on how to be filled in.
Completing the model can be seen as a learning process, which is very useful for an entrepreneur, especially a new one.
Adapting the model to the needs of one’s organisation or company can be challenging, but very useful.
Implementing the model successfully can be very rewarding for an entrepreneur and the team, especially when it starts to pay off.
The model should always be updated and reviewed, to keep up with the needs and developments of the business.
Overall, it is a very effective tool, if used wisely.