The term business model has gained incredible popularity in the last decade as one of the most important ways of approaching business innovation and business strategy.
Before 2004, entrepreneurs suffered from prolonged and cumbersome business plans. Alexander Osterwalder facilitated the creation of a business model by introducing the Business Model Canvas (BMC).
The Cost Structure is the last – but not least – component of a Business Model. It gathers the most important costs involved in the whole operation from the outset. This is the final block, precisely because we need to have all the previous components already defined so we can estimate the costs of each […]
The penultimate component – Key Partners – deals with the network of partners that put the Business Model into operation. A partnership is when two business entities form a kind of relationship.
If the immediately preceding component of the Business Model Canvas is the Key Resources, which provide the most important inputs to bring your business to life, the Key Activities include the actions that are imperative for a business to work.