Write a response for this discussion post, consider their answers. Do you agree? Why or why not?:

For this Discussion Board we were asked to select one of the Business Model Canvas examples we used to help refine our initial draft and create new ideas for our business venture. The Business Model Canvas is a design tool that can be used to create a business model (FastTrac, 2020), and the examples provided were of three different types of ventures. Although none of the examples completely aligned with my ideas for my venture, I was able to use the second example to help refine my draft. In this example, an entrepreneur launched a start-up for her own branded line of natural skin care products. This venture is listed as the Retail Store.

A Retail Store is not the vision I have for my business venture. I did not change my venture to align with her vision of having a retail store. However, since there were some commonalities namely, we both planned to sell a physical product, I used aspects of this example to gain additional insights and create new ideas for my venture. In this example, the Distribution Channel was a network of physical retail stores. Starting with a small kiosk was her minimum viable product and it worked to her advantage. After considering the benefits, I think I could also look for a similar set-up in a location that would help test the viability of my product. Providing samples from a kiosk helped launch her start-up and build a great customer base and it was not costly.

The Distribution Channels I listed in my draft did include physical retail stores but for the purpose of multi-level direct sales. The intent was for the retail stores to sell my products as opposed to opening my own store. I also added web-sales, since web-based sales are a strong possibility for me, based on the research I conducted. The features and benefits of my product can be viewed easily on-line which may not be the case for natural skin care. I believe that the convenience of on-line sales is benefit for my customer and a good distribution channel for my venture.

The Target Market in this example also assisted me in refining my initial draft. Specifically, in this example the target market is, individuals with sensitive skin, looking for natural soaps, shampoos and bathing products. She also listed majority adopters. Since my product is unique and designed for a niche market, I added majority adopters because this groups also seems to fit with my target market. Lastly, I added innovator and early majority, which the Retail Store example did not.

In terms of revenue streams, this entrepreneur had selected two. Specifically, product sales and fees for consultations were the two revenue streams. Since product sales also fits with my venture, it was included in my draft. Fees for consultations was not something that I thought would fit with my product. As a result, I instead selected web-site advertising as a second revenue stream. I believe that web-site advertising could be a possible revenue stream for my venture because of the high-volume of web-based sales, which I anticipate with continue to increase.

Lastly, after reviewing the Customer Relationship section of the Retail Store example, I understood how an advisory relationship was a key factor in how she built her business and developed such a strong customer base. The second relationship she added was an emotional relationship which I initially questioned. I was not sure how emotions could be created by a retail store however, after re-reading the description not only did I gain a better understanding, but I also added emotional relationship to my Plan. I also included customer promoter, functional and customer adviser. What I found most interestingly was that despite customers being her best referrals (as stated in the Retail Store summary) customer promoters were not listed under Customer Relationships. I do not completely understand why they would not be, but I left them in my Plan.

In sum, I thought the Business Model Canvas was an excellent tool to help organize all the elements that need to be considered for a new venture. The fact that it is a collaborated effort from so many experts makes it a very valuable resource to have.