So I’m a little late to the party, but for years something known as the Business Model Canvas has been floating around. It’s a great framework for thinking about your business, creating a business model, and testing it to make sure it really works. A lot of entrepreneurship training is missing the key concept of “searching” for the right business model. As brilliant and insightful as we like to think we are, at best, all our theories of what consumers will want and will do are simply guesses.
The video below is a full talk that Alexander Osterwalder gave regarding the Business Model Canvas and its well worth the watch (53 mins). A special highlight is the cameo by Steve Blank.
Products are becoming a commodity. It’s the combination between a great product and a great business model that will keep you ahead of the competition. – Alexander Osterwalder, Business Model Generation