Business Model Canvas and Business Planning – Part I: Entrepreneurship

Sophy Ramírez  | 30 de noviembre de 2018  | Vistas: 80

Stephan Wittkowsky begins the seminar with some motivational words for the public and future entrepreneurs encouraging them to be committed, have passion and business skills so they could carry forward their ideas, in companion of the professionals Morris Wallack and Stephen Fairchild, who later will continue with the seminar.

Wittkowsky highlights the limitations that Guatemala has when a person wants to start a company and mentions the importance for the entrepreneur to know the problems and necessities of the customer so they can succeed with the phases of a business and everything it involves.

I’m sure you’ve heard of many cases of people that come here, that have a wonderful idea, but if you’re not committed it’s not going to happen, it takes time, money, it involves being focused” - Stephan Wittkowsky

After this, Stephen Fairchild introduces an exercise, where the public will have to answer questions for a given case, and they could apply it later on their businesses.

• What is the idea this business is pursuing?
• What is the business opportunity?

Then, Morris Wallack remarks some ideas for beginning an enterprise, pointing out the importance of the three Ts: time, talent and technology.

This you are the brand idea becomes very relevant when you are asking for money, how enthusiastic are you, how much passion do you have for your own business, and does that catch other people and make them excited about investing in you” - Morris Wallack

He explains the Business Model Canvas by using a mobile phone accessory as an example to demonstrate it. In addition to this, they divided the canvas in two so they could explain it; in the first part Wallack describe:

1. Problem(s) or unmet need(s) and existing alternatives
2. Solution(s) features and advantages
3. Customer segments, early adopters and influencers
4. Value propositions and unique value proposition

Wallack shares some experiences that had taught him how the market works, explains the functions, divisions, and parts of the blocks. He refers to the business model canvas as an important tool for the entrepreneur.

The canvas is the way or the method to force the entrepreneur to stop thinking internally, focus externally and not just think about a good idea but all the things it takes to make money.” - Morris Wallack

He concludes with summarizing that the viewed parts of the canvas are the desirability, solving an irrelevant problem and emphasizes the importance of the interest of the customer.