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3. Planning your business with a Business Model Canvas

In episode 3, Marion explores how you might start planning your business. She introduces the tool of the Business model Canvas, explaining how it works and why it's important to have one at all stages of your business journey.

3. Planning your business with a Business Model Canvas

In episode 3, Marion explores how you might start planning your business. She introduces the tool of the Business model Canvas, explaining how it works and why it's important to have one at all stages of your business journey.

Business plan - a document setting out a business's future objectives and strategies for achieving them.

Business Model Canvas - a business tool created by Alex Osterwalder used to visualise all the building blocks when you want to start a business, including customers, route to market, value proposition and finance. 

Lean Canvas - an adapted version of the Business Model Canvas created by Ash Maurya that helps you deconstruct your idea into its key assumptions, aimed at Lean Startups.

Lean Startup - a methodology for developing businesses and products that aims to shorten product development cycles and rapidly discover if a proposed business model is viable

Prototype - the first version of something from which other forms are developed.

Market - the place where or audience to which products or services are sold.

Hypothesis - an assumption that your business model or strategy builds upon.

Market research - gathering information about consumers' needs and preferences.

Beneficiaries - people who get advantage from something.

Business model - a plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing.

Refine - to make small changes to perfect something.

Evolve - to develop gradually.

Investment - putting money into something with the expectation of profit or return.

Investor - a person or organisation that puts money into something with the expectation of achieving a profit.

Traction - the extent to which an idea, product, etc. gains popularity or acceptance.

Funding - money provided, especially by an organisation or government, for a particular purpose.

Minimum Viable Product -  a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development. 

Interface - a device or programme enabling a user to communicate with a computer.

Functionality - the usefulness of something, or how well it does the job it's meant to do. 

Compromise - making sacrifices for a broader goal or purpose.

Authenticity - being genuine.

Rapport - a friendly, harmonious relationship.

There are no definitions specified in this episode 🙂