Business model canvas versus the business plan

Description
In this video, I talk about the business model canvas methodology and compare this to the traditional business plan. In the video, I argue that the traditional business plan is time consuming to create, offers limited value, and in the minds of many entrepreneurs, is considered obsolete. I show the next generation of the business plan by focusing viewers on the business model canvas. I talk about how the business model canvas has become increasingly accepted by investors and financial institutions. I talk about how the business model canvas can be created in a fraction of the time and show how the entire business model canvas can fit on one page. In addition to this, building on my importance of entrepreneurial failure video, I talk about how, by using the business model canvas, entrepreneurs can minimize the instances of failure. I show how by completing the nine elements of the business model canvas, entrepreneurs are exposed to essential research that can help them and their business to succeed. In the video, I present each of the nine elements of the business model canvas, namely: customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and, finally, the cost structure.