An interesting thought, if you were asked to put down nine important metrics to describe your business could you do it in 20 minutes? The metrics in question:
- The problem we are trying to solve
- Target customers and users
- Our unique value proposition
- Our solution
- Revenue streams
- Cost structure
- Key metrics
- Our unfair advantage (something that can’t be easily copied or bought)
I really like this concept: spending weeks putting together hundred page document with random financial assumptions. The concept is simple:
Maurya emphasizes the need to develop a testable business model quickly. Maurya (who wrote “Running Lean”) instead has developed a lean business model canvas (free to join) that allows you to put the key elements of your business model on a single sheet of paper in 20 minutes. Sounds extensive, right? You might be thinking: It’s not possible to get all that down on paper in 20 minutes.
Unsure about your business model? Try this and validate or move on.