Business Model Canvas: A Tool for Entrepreneurs and Innovators (Project-Centered Course) from Coursera

What you’ll achieve:

In this project-centered course*, you will use the Business Model Canvas innovation tool to approach either a personal or corporate challenge or opportunity. You’ll learn to identify and communicate the nine key elements of a business model: Customer Segments, Value Proposition, Channels, Customer Relationships, Key Resources, Key Activities, Key Partners, Revenue Streams, and Cost Structure.

Your completed project will be a polished Business Model Canvas that outlines the business case for a new product or service to address your selected challenge or opportunity. You’ll present your case in both a one-page document and a 10-minute video presentation.

What you need to get started:

This project-centered course is designed for anyone who wants to understand innovation best practices and the intra-corporate entrepreneurial (intrapreneur) skills needed to lead innovation projects, teams, and strategies. Entry- and senior-level professionals in a variety of industries - including education, healthcare, business, and not-for-profit - will benefit from the course materials and project experience. The only prerequisite is a strong desire to understand best practices in innovation and to master the skills needed to transform a new idea into a profitable reality.

To complete the project, you’ll need to access the Business Model Canvas from either the Kauffman Foundation (http://www.entrepreneurship.org) or Strategyzer.com (http://www.Strategyzer.com), or via the Creative Commons license offered by Strategyzer AG (http://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf).

*About Project-Centered Courses: Coursera's project-centered courses are designed to help you complete a personally meaningful real-world project, with your instructor and a community of like-minded learners providing guidance and suggestions along the way. By actively applying new concepts as you learn, you’ll master the course content more efficiently; you’ll also get a head start on using the skills you gain to make positive changes in your life and career. When you complete the course, you’ll have a finished project that you’ll be proud to use and share.

What's inside

Syllabus

The Business Model Canvas: A Tool for Entrepreneurs and Innovators

Are you interested in starting your own business? Are you an entrepreneur who wants to accelerate profitable growth by improving your business model? Are you an intrapreneur, inside of an organization, who has a new idea that could make your customers smile and your competitors cry? If yes, then the Business Model Canvas is the best place to start. It is a proven tool for creating, assessing or reinventing a business model.

The Customer Segments

Every business model should start with selecting the customer segments that will benefit the most from your new idea, product, service, or solution. It's very tempting to select numerous customer segments that might have an interest in your value propositions. However, especially if you're just starting out, it's often best to choose just one, the most important, customer segment!

The Value Propositions

According to the authors of the Business Model Generation; "The value proposition is the reason why customers turn to one company over another. It solves the customer problem or satisfies a customer need...some value propositions may be innovative and represent a new or disruptive offer. Others may be similar offers, but with added features and attributes."

Channels and Customer Relationships

Channels are a critical element of the business model. They are how a company communicates with and reaches its customer segments. Channels are typically direct or indirect and has five phases: awareness, evaluation, purchase, delivery, and after sales. Customer relationships can range from highly personal to automated. Either way, the objective is to develop authentic relationships that lead to trust and customer loyalty.

Revenue Streams and Key Resources

According to the authors of the Business Model Generation; "If customers comprise the heart of a business model, revenue streams are its arteries." A business model typically has two different types of revenue streams--transactional and recurring. Key resources represent the most important assets required to make a business model work. The resources fall into several categories including physical, intellectual, human, and financial.

Key Activities and Key Partnerships

The key activities are what an entrepreneur or intrapreneur needs in order to create and offer a value proposition, reach markets, build and maintain customer relationships and generate revenues. Strategic partnerships have become a cornerstone of most business models. Entrepreneurs typically need the help of partners to create and deliver the value propositions. Innovation especially is a team sport.

The Cost Structure

The final building block focuses on what costs will be incurred as we create and deliver the value propositions to the customer segments. The most common categories of cost are cost-driven and value-driven. Costs can also be described as fixed costs and variable costs. Costs typically should be minimized in every business model but low cost structures are more important to some business models than to others. Think how Wal-Mart's business model is different from that of a luxury hotel.

Presenting the Business Model

Now that your business model canvas is complete, it's time to tell your business model story to others. Successful entrepreneurs and innovators are masters at pitching their ideas and business models to stakeholders. The animated video titled "Telling Your Story" gives excellent advice on how to present your business model canvas.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Examines modern concepts and best practices of innovation and entrepreneurship, which are standard in industry

Develops understanding and application of a recognised innovation tool, the Business Model Canvas, which is a core skill for innovators and entrepreneurs

Students will build the skills of an intrapreneur, which are useful for personal growth and development

Taught by Dan Stotz, who is recognised for their work in innovation in education

Teaches skills and knowledge that are highly relevant to innovation strategy, which is standard in industry

Leads learners through a project where they apply the Business Model Canvas to a real-world challenge or opportunity, which strengthens an existing foundation

Reviews summary

In-depth business canvas course

According to students, this course provides an in-depth understanding of the Business Model Canvas through engaging assignments and practical projects. Students say this course delivers valuable tools and frameworks for entrepreneurs and innovators.

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Business Model Canvas: A Tool for Entrepreneurs and Innovators (Project-Centered Course) with these activities:

Read 'Business Model Generation'

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Reading 'Business Model Generation' will provide you with a comprehensive understanding of the Business Model Canvas and its application in real-world scenarios.

View The Invincible Company: How to Constantly... on Amazon

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Purchase and read the book.
Take notes and highlight key concepts.
Complete the practice exercises.

Review Business Model Canvas Definitions

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Reviewing the key definitions of the Business Model Canvas will help build a strong foundation for understanding the tool and its application.

Browse courses on Business Model Canvas

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Read the provided course materials on the Business Model Canvas.
Create a glossary of key terms.
Test your understanding by completing practice exercises.

Organize and Review Course Materials

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Organizing and reviewing course materials will help you synthesize your learning and reinforce key concepts.

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Gather and organize all course materials, including notes, readings, and assignments.
Review the materials regularly to refresh your understanding.
Create summaries and mind maps to consolidate your learning.

Five other activities

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Attend a Workshop on Business Model Design

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Attending a workshop on business model design will provide you with structured learning and hands-on practice.

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Research and identify relevant workshops.
Register and attend the workshop.
Participate actively in discussions and activities.
Apply the learnings from the workshop to your own business or projects.

Apply Canvas Model to Real-World Scenarios

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Applying the Business Model Canvas to real-world scenarios will help you develop a deeper understanding of its practical application and refine your problem-solving skills.

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Select a business or industry.
Identify a specific challenge or opportunity.
Develop a Business Model Canvas for the challenge or opportunity.
Present your solution to a group.
Receive feedback and iterate on your solution.

Facilitate a Discussion on Business Model Innovation

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Leading a discussion on business model innovation will allow you to share your knowledge, engage with peers, and gain diverse perspectives on the topic.

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Prepare discussion questions.
Gather a group of peers.
Facilitate the discussion, ensuring equal participation and constructive dialogue.
Summarize the key takeaways.

Develop a Business Model Canvas for a Personal or Corporate Challenge

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Creating a Business Model Canvas for a personal or corporate challenge will provide you with hands-on experience in using the tool and demonstrate your understanding of its components.

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Identify a personal or corporate challenge or opportunity.
Conduct research and gather data.
Develop a Business Model Canvas based on your research.
Present your Business Model Canvas.

Mentor Junior Entrepreneurs or Intrapreneurs

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Mentoring junior entrepreneurs or intrapreneurs will provide you with an opportunity to share your knowledge and experience while supporting the next generation of innovators.

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Identify and connect with junior entrepreneurs or intrapreneurs.
Provide guidance and support on business model development and innovation.
Share your insights and best practices.
Monitor their progress and provide feedback.

Career center

Learners who complete Business Model Canvas: A Tool for Entrepreneurs and Innovators (Project-Centered Course) will develop knowledge and skills that may be useful to these careers:

Venture Capitalist

A Venture Capitalist provides funding to early-stage businesses with high growth potential. The Business Model Canvas course can help someone planning to go into this field to understand the different components of a business model and how they fit together. This knowledge can help Venture Capitalists to make better decisions about which businesses to invest in.

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Innovation Manager

An Innovation Manager is responsible for leading and managing innovation within an organization. The Business Model Canvas course can help an Innovation Manager to develop and implement new business models that will help their organization to grow and succeed. The course teaches students how to identify and evaluate new opportunities, develop and test new products and services, and create a business plan for their innovations. This knowledge and these skills are essential for anyone who wants to be successful in innovation management.

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Entrepreneur

An Entrepreneur is someone who starts their own business and takes on the risks and rewards of doing so. The Business Model Canvas course is ideal for someone who wants to become an Entrepreneur because it provides a step-by-step guide to creating a business model. This can help Entrepreneurs to validate their ideas, identify potential risks, and develop a plan for success.

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Product Manager

A Product Manager is responsible for the development and launch of new products or features. The Business Model Canvas course can help someone planning to go into this field to understand how to create a successful business model for a new product. The course also teaches students how to identify and evaluate new market opportunities, which is a key skill for Product Managers.

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Marketing Manager

A Marketing Manager is responsible for developing and executing marketing campaigns that promote a company's products or services. The Business Model Canvas course can help someone planning to go into this field to understand the different components of a business model and how they fit together. This knowledge can help Marketing Managers to develop more effective marketing campaigns that are aligned with the company's overall business goals.

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Operations Manager

An Operations Manager is responsible for the day-to-day operations of a business. This includes planning, organizing, and directing the activities of the business to ensure that it runs smoothly and efficiently. The Business Model Canvas course can help someone planning to go into this field to understand the different components of a business model and how they fit together. This knowledge can help Operations Managers to make better decisions about how to allocate resources and manage the day-to-day operations of the business.

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Market Analyst

A Market Analyst studies and analyzes market data in order to provide insights and recommendations to businesses. The Business Model Canvas course can help someone planning to go into this field to understand how businesses are built and function. Additionally, the course teaches students how to identify and evaluate new market opportunities, which is a key skill for Market Analysts.

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Customer Success Manager

A Customer Success Manager is responsible for onboarding new clients, implementing new systems, and generally overseeing a client’s business relationship with a company. A Customer Success Manager could benefit from the Business Model Canvas course by gaining a better understanding of their client's businesses. This could help them to better meet the needs of their clients and improve their customer retention rate.

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Franchise Owner

A Franchise Owner owns and operates a business that is part of a larger franchise system. This means that they follow a specific business model and receive support from the franchisor. The Business Model Canvas course could be useful to a Franchise Owner by helping them to understand the different components of a business model and how they fit together. This knowledge could help them to make better decisions about their business.

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Sales Manager

A Sales Manager is responsible for leading and managing a team of salespeople. The Business Model Canvas course can help someone planning to go into this field to understand the different components of a business model and how they fit together. This knowledge can help Sales Managers to make better decisions about how to allocate resources and manage their sales teams.

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Consultant

A Consultant is an expert in their field with specialized knowledge that they use to solve problems and help create value for clients. Because Consultants do not exclusively work for one company, it may be beneficial for someone in this field to understand the business processes and strategies of a range of different businesses. The Business Model Canvas course fits this need by teaching learners the components and language of a business model, and helping them to understand how businesses create, deliver, and capture value.

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Strategy Consultant

A Strategy Consultant helps organizations develop and implement strategies to achieve their business goals. The Business Model Canvas course may be useful to someone planning to go into this field by providing them with a framework for understanding and evaluating business models. This knowledge can help Strategy Consultants to make better recommendations to their clients.

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Financial Analyst

A Financial Analyst collects data and conducts research to make recommendations for the investment of funds. The Business Model Canvas course teaches students how to evaluate and compare business models, which may be helpful for someone in this field.

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Systems Analyst

A Systems Analyst studies and analyzes existing systems to find ways to improve their efficiency and effectiveness. The Business Model Canvas course may be useful to someone planning to go into this field by providing them with a framework for understanding and evaluating business models. This knowledge can help Systems Analysts to make better recommendations to their clients.

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Analyst

An Analyst is a broad category that can span many fields and industries. An Analyst researches, examines, and interprets data in order to solve problems for their clients. The Business Model Canvas course can help someone planning to go into this field to understand how businesses are built and function. Therefore, it could be useful to someone wanting to become an Analyst.

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