Your job as a manufacturer is about discovering what your customer needs and delivering it to them versus executing on what you think you already know about them. But before you even get there, you need to put on paper the key elements of your new product or business first. The business model canvas can help you define your business and in turn help you discover your customers’ wants and needs.
This is part one of a four-part series where I will be walking you through two startup methodologies: the startup process methodology and the lean startup methodology. In this first part, I’ll also be talking all about the business canvas model.
Now back to the two startup methodologies, you can use the lean startup methodology to increase and enhance your existing businesses, introduce new products, and help you rethink your business as a manufacturer. While these tools were developed for startup businesses, they can also be used for existing businesses launching new products and services.
We’ll dive deeper into these concepts:
Summary of the Business Model Canvas
Summary of the Lean Startup
It’s about discovering your business model, not executing a business model - custom vs standard
Create a hypothesis and experiment
What’s your Minimum Viable Product - MVP
Preparing to Pivot
Business Model You - How to look at your career from the perspective of the Business Model Canvas
I challenge you to take a look at the business model canvas and apply it to your manufacturing business now or in the near future. Next week, in part two, I’ll help you explore and decide on your value proposition.
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I thank you so much for being here and I’ll see ya next time on Leading the Factory Forward.