5/21/2019
ODU believes that entrepreneurship is for everyone. Described best in the module, “Anyone from any profession, experience, or background can turn ideas into an enterprise”. This module mainly focuses on how to get started on turning an idea to an enterprise, and more specifically, the business model creation. There are four phases, or processes, that one must follow to do so:
- Business Model Creation
- Start-Up and Funding Planning
- Funding
- Execution
Business Model
A business model describes that rationale of how an organization creates, delivers, and captures value, and a business will fail if it does not have a viable and repeatable process to pursue, service, and satisfy customers
https://www.blackboard.odu.edu/ultra/courses/_338935_1/cl/outline
The 9 key elements needed in a Business Model are:
- Customer Segments
- Value Proposition
- Channels
- Customer Relationships
- Cost Structure
- Key Resources
- Key Activities
- Key Partnerships
- Revenue Streams
Canvas-Business-ModelREV