Morris Wallack and Stephen Fairchild explain functions of the business model canvas for an upcoming enterprise and the usefulness for the entrepreneur to raise his company in the right and best way possible.
They fill the canvas of the business planning using a mobile phone accessories example to review the problems, alternatives, solutions, features, and advantages, that will synthesize the idea and let you go to the value proposition of your product. After this, they make an exercise including themes discussed in part I.
It’s an idea, you don’t want to make it a book, you want a notepad.” - Morris Wallack
Stephen Fairchild continues the seminar after the results of the exercise, shows a short video to infer in the pitch canvas and the importance on having clear the value proposition that will solve the problems of the customers and bound with them.
Once you have established the relationship continues the present, don’t drop it, just because you made the sale, the customer is not gonna automatic come back to you unless you continue to reinforce what you’ve already delivered to him.” - Stephen Fairchild
He exposes the remaining elements of the business model canvas including channels, revenue streams, key resources, key activities, and the key partners, where they advise to be careful with the people that we select to know our information.
Sometimes if you want to export Guatemalan products to foreign countries and a lot of times you have to set up the kind of alliances with people that have access to that country that is also potential competitors if they like what you are offering.” - Stephen Fairchild
Even though it is risky they encourage the public to make bonds, connections and make the company grow with the help and knowledge of other people, and using the business model canvas, that will help you understand if what you are doing is right, understandable or useful for your customers.
The only way they’re gonna be able to read your mind is to get it out of your head and into the paper.” - Morris Wallack
To conclude, they make a summary of all the themes they discussed during the seminar and advise the public to always check if everything makes sense or is necessary to your entrepreneurship to go on, after filling the canvas.
Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.
Universidad Francisco Marroquín