After deciding on a final project for my entrepreneurial idea I put together a business model canvas using the template in the Business Model Generation book.
It sections off the 9 key building blocks to creating a sustainable business. “They cover the four main areas of a business: customers, offer, infrastructure, and financial viability.” (Business Model Generation book, Page 15).
I began by using post it notes to change and rearrange my idea over and over and to help me visually see the basis of my idea.
My idea is to create a yearly convention for Universities to showcase their creative industries work to the public and to professionals. The event will inspire a future generation to further a career in the creative industries, promote the University’s and hopefully even allow presenting students gain a work placement within their key field.
1. Customer Segments- “The Customer Segments Building Block defines the different groups of people or organisations an enterprise aims to reach and serve”(Business Model Generation book, Page 20).- I have 3 customer fields in mind. The first being current or enrolling students, here these students can look at fellow students work to help inspire their future projects. They will also be able to see what other students from other creative courses do and maybe even work on a collab on future projects. The second being media corporations looking at potential investments and new recruits. The event will hopefully attract the attention of local names such as the BBC, Express and Star, ITV etc and when they attend the event they will see the talent on show and hopefully pick up a few new runners or developers. The third being the creative minded public and potential future creatives. This event is open to the public and I expect a vast amount of the public will be incredibly interested in seeing what the Universities have to offer. If not that it is still a day out! It will also attract other creative minds who either haven’t gone to uni, don’t want to or don’t have to and will allow them to be inspired by the work.
2. Value Proposition- “The Value Propositions Building Block describes the bundle of products and services that create value for a specific Customer Segment” (Business Model Generation book, Page 22). I am helping students get their work seen by a wide audience and potential recruits. In an age where jobs in the media are scarce between i am giving the selected few from each University a chance to show off their work not just through a screen but face to face.
3. Channels- “The Channels Building Block describes how a company communicates with and reaches its Customer Segments to deliver a Value Proposition” (Business Model Generation book, Page 26). I will use social media as my main tool in communication with my audience as most if not all of my ideal target audience will have a social media of some kind and if not them a friend or family member will. Not not limiting myself I will promote the event through flyers and posters around Universities and local bus stops which students use.
4. Customer Relationships- “The Customer Relationships Building Block describes the types of relationships a company establishes with specific Customer Segments” (Business Model Generation book, Page 28). I want my idea to be a co-creation relationship, as I can’t make this idea work without my customers and my target audience joining in on showcasing their work. I will be utilizing social media for a lot of my customer relationships through responding to inbox messages, comments, listening to what they want from this event by their reviews and ideas to help build a better event for them and for myself.
5. Revenue Streams- “The Revenue Streams Building Block represents the cash a company generates from each Customer Segment” (Business Model Generation book, Page 30). I am planning on getting a lot of the money from the Universities funding for their brand to be at the event itself and allowed access to promote and compete against the other Universities. Besides this I will hopefully get money from other stall holders such as Dominos, Pure Gym, Cineworld, places like these who are student friendly and related. I will also be selling tickets to students (preferably half price for existing students) and full price tickets for the general public wanting to join.
6. Key Resources- “The Key Resources Building Block describes the most important assets required to make a business model work” (Business Model Generation book, Page 34). My key assets are going to be the traders and the venue, the people who come to me and want to sell their product, service or work at the event and without a venue I don’t have anywhere to host the event. Without them I won’t have an event! The Universities will be a major part in this as their payments will cover a large chunk of the rent of the space and marketing materials. Special guests are another large concern as I believe if I can secure a few large names in the media industry it will attract the creative audience.
7. Key Activities- “The Key Activities Building Block describes the most important things a company must do to make its business model work” (Business Model Generation book, Page 36). In order to make my idea work I will need to create marketing material to spread across all social media platforms but also work with posters and flyering.
8. Key Partnership- “The Key Partnerships Building Block describes the network of suppliers and partners that make the business model work” (Business Model Generation book, Page 38). In order to make this work I will need the partnership of fellow students and Universities. Also with sponsors such as Dominos, Pure Gym and Cineworld for example. These key assets will be the main funding towards the idea and without substantial money coming in I won’t be able to make the event as big as I hope.
9. Cost Structure- Last but not least “The Cost Structure describes all costs incurred to operate a business model” (Business Model Generation book, Page 40). The main things taking the money out will be the venue hire, marketing materials, special guests, equipment (such as projectors, tables and chairs etc) and man power. I will need people the help run the event on the day, and people helping run the customer services, financial plans and bookings and social media. In order to get the money back and make a profit I will be hiring out the space in my venue to the Universities but also to sponsors who are related to my target audience such as Dominos, Pure Gym and Cineworld. I will also hire out space to local businesses who are in University but maybe their business is not related to their degree or are recent graduates. I will also be selling tickets to the general public to come and visit the event.
- Osterwalder & Pigneur, AO & YP, 2010. Business Model Generation. 1st ed. New Jersey: John Wiley and Sons Ltd.