Question

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In a brief essay (approximately one page or 250-300 words), provide your selected business venture and share how the use of the BMC can help your new business succeed. Be sure to properly cite any resources used in APA format.

Answer 1

The Business Canvass Model identifies and organizes different elements of the business model. The entire canvas is divided into nine sectors and each is responsible for the most important business elements of every organization. This tool has been tested by many entrepreneurs and has been developed after ten years of research and development.

Development of a business plan is vital for any organization. It takes time, effort, financial resources and engagement of top consultancies. Some start ups in the initial years cannot afford to spend on this. Considering the case of technological start ups, BMC helps them develop a canvas that us easy to write, edit and comprehend. In such technological starts ups, BMC becomes a tool for business alignment. It also helps in quickly developing and testing propositions. It helps in introduction of new concepts on the go. The most advantageous feature of BMC is engagement of the whole team instead of having private office where only top management engages in decision making.