Rajat Negi

Importance of Business Model

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Importance of Business Model refers to the following question?

Is it worth the time?

Why should we learn a new course for our startup?

I believe you have read the introduction of the Business Model. If not then you can read by clicking on this link

Till now you have understood what is the business model? 

Now, In this article, we will go through the importance of the business model.

For this, we will do a small brain exercise.

Plot to understand the Importance of Business Model

Let’s say your younger brother is throwing his birthday party and he wants you to blow up some balloons. 

So, now you have two options.

  • Use the balloons machine to blow up
  • Use your mouth to blow up balloons

Probably, you are going to select option 1  as it requires less effort but the second option is also great as it is a cheap and frugal way of blowing the balloons.

Since 95 % of people are going to select option 1 and for today’s scenario, we need to go with option 1. 

Have you ever noticed your mom in the kitchen when she was cooking food?

First, she always takes oil in the pan. Why So?

What if she put the oil in the pan at last?

you are not going to eat that sabzi. 

So she puts the oil in the pan just because for each and everything we have certain procedures and steps.

Similarly, In Startups or businesses, we need instructions and guidance for growth.

If I have to summarize this then, I will say that you need 

  • Intro of all situation which is given to you.

You have understood all options which are given to you.

  • Guidance 

Just like a mentor,

  • Technique 
  • Practice

You have to practice the same thing.

Here comes the word “ENTREPRENEUR”  which will

  • Change the view to look at things and situations.
  • Ace of your business.
  • Scalability and Disruption 
Let’s say you want to do a Motel Business, so for this, you need to understand what are the real estate options you have?

 

and so on.

By understanding all the above points you can easily draw the business canvas model for your business.

I hope, I have thoroughly explained the importance of the business canvas model to you. If you still have queries related to the importance of the business canvas model you can leave a comment. I will surely respond to it. DO SHARE THIS ARTICLE with your friends or family who are engaged in any startup or business. 

To your Success

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Rajat Negi

Compound Investor (Who loves to talk to stock)
Digital Marketer (Who loves to make brands)

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