Business Model Generation in 9 Steps entrepreneur how earn by blogging blog

Here are all the steps required to define a business model. (From the book: Business Model Generation by Alexander Osterwalder & Yves Pigneur)

 

The full summary of this book is on my Medium: http://ift.tt/2D1W6mJ

 

Here's a picture diagram version of this 9-step breakdown you can print out: http://ift.tt/2APEzIh

1. Define the target Market and customer. (Mass Market, or Niche Market).

2. Define the value proposition. What makes you special, and what exact problem are you solving? (Differentiating factors could be: Exquisite design, Risk reduction, Performance, Utility, etc…)

3. Define the Distribution Channels. (Storefront, Website, Sales People, Wholesaler, etc…)

4. Define the Customer Relationship Strategy. (Communication Tone, Level of Assistance, Level of Personalization, Interaction of Customers amongst themselves, Level of Automation).

5. Define your Revenue Streams. (Transaction fees, subscription fees, usage fees, etc…)

6. Define your Key Resources. (Physical, Human, Intellectual).

7. Define your Key Activities. (Production, Problem Solving, Platform Hosting).

8. Define your Partnerships. (Outsourcing, Risk reduction).

9. Define your Cost Structure. (Cost driven, Value driven).

 

Then create 3 interconnected items:

1. Customer Empathy Map. (Define what customers Think & Feel, See, Hear, Say & Do).

2. Simulated Customer Persona. (Define your ideal customer’s Age, Gender, Marital Status, Location, Income Level, State of Employment, Other demographics, or interests).

3. Write Down many Customer Scenarios. (Common scenarios, and imaginary future scenarios). Do this using points 1 & 2 above. (Empathy Map, and Simulated Persona).

 

Defining all these points diligently will help you understand your business, market, product, and execution in great detail.

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