Ms. Shipra Shrivastava – Program Convener & Assistant Professor Asian Business School, have conducted an instructive and practical workshop centered around the Business Model Canvas (BMC) on October 28, 2023. The Business Model Canvas, popularized by Alexander Osterwalder and Yves Pigneur, is a visual framework that allows businesses to comprehensively plan and design their strategies. During the workshop, Ms. Shipra utilized her extensive expertise to guide students through the different stages of creating a robust business model using the Business Model Canvas. This framework typically involves breaking down various components that are crucial for a business’s success. These components include customer segments, value propositions, revenue streams, key resources, channels, customer relationships, key activities, partnerships, and cost structure. By exploring these components, participants have gained insights into the importance of identifying and understanding each element within the Business Model Canvas. Understanding customer segments helps in targeting the right audience, while value propositions outline what the business offers to solve customers’ problems or fulfil their needs. Revenue streams are essential for understanding how the business will generate income. Moreover, the discussion on the format for creating business plans would likely have further enriched the students’ understanding. A well-structured business plan is crucial for guiding the strategic direction and operational aspects of a business. Understanding how to translate the elements identified in the Business Model Canvas into a comprehensive business plan can be pivotal for entrepreneurs and business professionals.
Ms. Shipra Shrivastava’s guidance through these crucial elements of the Business Model Canvas and the subsequent discussion on business plan formats would have provided the students with practical and valuable insights into business strategy and planning. This knowledge is fundamental for aspiring entrepreneurs and professionals aiming to develop successful and compelling business models. Overall, this workshop provided students with practical tools and knowledge to help them develop effective business models and plans for their entrepreneurial and business endeavors.
