Module 4 The Market: From Idea to Business
Profit in business comes from repeat customers; customers that boast about your product and service, and that bring friends with them. – W. Edwards Deming
Short Description
In Module 3 you learned how to further analyse your existing (social) business ideas in your community by asking the right questions. You have also learned how to come up with community-based entrepreneurial ideas in a creative way by combining your passions and interests with community needs and issues that need solutions.
In Module 4 we will look at how to develop a business model and think of your idea in relation to key components of the market. You will learn how to create a value proposition for your own community-based entrepreneurial idea, how to develop a business model around it and how to focus on what value potential customers get through your product or service using a business model canvas.
The LEAN startup model will also be introduced and you will learn how to look for the necessary resources for your entrepreneurial ideas such as startup funding, investors or partners. Establishing a communications and marketing strategy and developing effective promotional and sales tools, as well as a network of partners in the community, will also be part of Module 4. Furthermore, we will cover the importance of finances and how to make and manage a budget for your community-based entrepreneurial idea.
Learning Objectives
- Introduction to the Business Model Canvas (BMC)
- Understand how to deliver products, services and experiences to create value in the eyes of the customer
- Learn about the LEAN startup method and its feedback cycle
- Be able to establish marketing and communications strategies
- Understand and demonstrate effective promotional tactics and sales techniques
- Learn about the importance of finances and how to make a budget
- Know how to acquire the necessary resources for your entrepreneurial idea/project
- Understand how to set up partnerships and develop your network
Course Features
- Lectures 33
- Quizzes 1
- Language English
- Students 5
- Assessments Yes
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PART 1
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PART 2
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PART 3
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PART 4
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PART 5
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PART 6
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Jessica Bardsnes
Co-ordinator and trainer in Kristinestad
Out of the ideas that we had from module 3 we chose one idea to work on further. The Business Model Canvas was a great tool to use for making the idea action.
6 Comments
Trainer from Finland: The Business Canvas Model was easy for everybody to fill in and was a good tool to work with when we created our business idea. The exercise to create partners did not go so well, because the young people with migration backgrounds do not have strong connections to businesses. However, since we live in a small community, we were nevertheless able to implement our idea in cooperation with the municipality. As a result, we aim to be able to reach out to the whole community.
Trainer from Sweden: I would have to say that this module was difficult for us. Because of the circumstances we were in, we had to do it all in one day. Besides that, the participants found the exercises engaging and educational.
Trainer from Germany: The exercises worked well. I just had to make sure that they were explained in depth and that the participants could practice. When embodied, this module can be a great mind changer.
Trainer from Turin, Italy: In this module, we interviewed the project manager of the Migrantour project (a tour of Porta Palazzo, the biggest market in Turin). This was a great addition, since it motivated the young people. It was also interesting to see how two businesses work with people from migration backgrounds. The young people also wanted a more dense program for this module, including the introduction of more concepts.
Trainer from Albenga, Italy: The Business Model Canvas worked well, but the Test the Idea activity could be improved since the creation of an evaluation system was not simple. A lot of the participants were motivated throughout the module, since they really wanted to start an enterprise. I am pretty happy with this module, and would not change anything.
Trainer from Portugal: Our group found the Cash Flow activity difficult since the projects that were developed could not be related to it. Most of them were really happy about the methods but it was hard for them to explore and put in practice some of the content. Also, most of them were not willing to work alone and preferred to be in groups. I would say that this module taught them about the customer segments, which allowed them to better understand the value propositions and define their project goals and results.