What to Expect During We Rise: Business Model Development
Creating innovative and competitive business models is not an easy process. Businesses that maintain a competitive edge usually have two things in common: they constantly pay close attention to the consumers’ changing needs and adapt their business models to ensure their products and services keep up with market trends.
We Rise’s business model development curriculum features two modules that helps participants attain these skills: introduction to business model development and understanding your value proposition and target customer. By the end of both modules, participants have refined their respective business models to ensure maximum product-market fit, in collaboration with their mentors, instructors and fellow entrepreneurs.
Introduction to Business Model Development
During this module, entrepreneurs learn how to use the business model canvas to visualize, assess, and improve their business models to maximize efficiency, effectiveness, and impact. The session is participatory and interactive and provides entrepreneurs an opportunity to think through and present on all the nine aspects of their business model: customer segments, customer relationships, channels, value propositions, key activities, key resources, key partners, cost structure, and revenue stream. It’s an opportunity to receive feedback from their peers and coaching from facilitators on ways they can fine-tune their business models.
Understanding Your Value Proposition and Target Customer
An in-depth understanding of the target customer not only allows a business owner to tailor their products and services, but it also helps them understand the right channels to deliver their products and services, as well as the types of relationships that make sense for their business models. In this module, entrepreneurs learn how to use the value proposition canvas to understand their target customers’ needs, their frustrations, and the benefits that their products and services can provide to help address the needs of their customers.
“I see myself using my business model canvas to share about my business with potential investors, clients, and partners for various opportunities.”
Like all the modules in the We Rise program, the business development modules are designed to be practical and help entrepreneurs apply the knowledge and skills they gain to improve their businesses. By the end of these modules, entrepreneurs have working drafts of both the business model and value proposition canvases that they can continue to edit as their business models evolve.