Refine your idea

Refine your idea

Once you are certain you’re cut out for running your business, it’s time to review and refine your business idea. A great way to do this without diving directly into a lengthy and detailed business plan is to use a tool such as the Business Model Canvas. This gives you a single page snapshot of the key elements of your business and how they work together. You can find a free download here.

The Business Model Canvas ensures that you start thinking about your mission and value proposition from the very beginning. You will need to think about and make notes about the following key areas:

Customer segments:
Who are your customers?

Value proposition:
What are your products or services? What problems are you solving for your customers?

Revenue streams:
Where does your income come from?

How do you communicate with your customers? How do you deliver your goods or services? Do you think digital?

Key Activities:
What do you do every day to run your business?

Key Resources:
Who are the people, the skills, the tools and the finances you need to run your business?

Key partners:
Who are your key partners in running your business?

Cost Structure:
What are your main costs?

More information about Business Model Canvas can be found here.

For Business Model Canvas described through Khmer video providing by BTV News Cambodia, please watch here.