In the event that you find yourself stranded on a tropical deserted island, it’s critical for your survival to find key resources that will keep you alive. Just like surviving on a deserted island, your Business Model Canvas (BMC) needs key resources to support your value proposition, maintain your channels, maintain healthy relationships with your customer segments, and generate revenue. We will now begin our shift from the right side to the left side of the BMC.
Key Resources: Key resources are going to be assets (or things) that are going to support your business moving forward. Remember you don’t need to do this alone. Resources are available to keep our business alive, just like being stranded on an island. The types of key resources depends on what type of business you are creating. For example, if you are a technology business key resources might be software developers, web developers, or IT manager to name a few. If you are building an ice cream business you may need a booth and equipment, ingredients for your product, web developer to build your web page, and staff to scoop the ice cream, Other types of resources may include infrastructure, financial, human capital, or intellectual property like licenses, copyrights, patents, brands, or data.
Questions to ask yourself about the key resources you use for your business:
- Key Resources for your Value Propositions?
- What key resources to maintain your Customer Segments?
- How about your Customer Relationships, do they need key resources?
- Will your channels need any key resources?
- What key resources for your Revenue Streams?
One of the features I appreciate the most about the BMC is the ability to modify it as it grows. Most likely as you begin to think about your key resources you will come up with new ones and possibly throw out existing ones. Keep it simple, by linking it all back to the previous boxes and most importantly to your value proposition.
We have hit the halfway point with the BMC. The following video will show what to expect next and how we will not focus on earning money, we will focus on our costs.
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