Once upon a time, my sister teased me alot, in between our conversations,she often said , “Na wa o,you can think for Nigeria” (it was her way of saying i overthink issues). A friend of mine once called me a conspiracy theorist; in all fairness to them,i am one to analyze any and everything that happens.I never take situations at face value, with me ,nothing just happens.
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In a bid to be a better entrepreneur,i am constantly acquiring information on business .In the past, I applied knowledge acquired into my business but never got results.
At this point,i began to admit to overthinking issues. Fortunately for me,it was then i stumbled on the business model canvas.
The business model canvas was designed by Alex Osterwalder,it gives the structure of a business plan without being as cumbersome .
It helped me use (or acquire) information to focus and structure my business along a definite path,i developed the ability to choose and channel information appropriately within my business.
The business model canvas simply gave me clarity in business.
Before i discovered the business model canvas ,here are ways i used information for business
– overdose on it ,assume it would work for my business and apply it.
-over process it and never take action.
After creating my first business model ,i made it a duty to review it every 6 months,this basically lets me identify deficiencies within the model and tweak it to be better.
For fresh/fairly new businesses that are self funded,i recommend THE BOOTSTRAP MODEL ; for more effective result combine your mental model (i.e what you set out to do with the business) with the bootstrap model to achieve a working model,It is better suited and allows new businesses settle into the business world better organised. Learn more about the bootstrap model here.
The appropriate time to adopt a business model is when your business has reached a point of stability, i.e when your business revenue is predictable over time and able to sufficiently sustain business operations .
F.O (The Entrepreneur)