Business Model Development
My goal for this course was to understand how to implement a business model for Love Every Lyric Records. I wasn’t completely sure of the difference between a business plan and a business model. I learned a business plan provides all the information about how you're going to establish your venture. It’s something you would want to show your investors and partners, and most likely isn’t going to change. On the other hand, the business model is more customer-focused. The business model changes depending upon the intelligence received from Its’ customers. The “model describes how your company creates, delivers, and captures value. It’s best understood as the diagram that shows all the flows between different parts of your company.” (Blank, 2010). Including how our product gets distributed to our customers and how revenue is brought back into the company. I learned my minimum viable product wasn’t clear on how I would solve my target market problem. Business Model Development helped me narrow down my problem, which enabled me to come up with a better MVP. That’s when I came up with the idea for the LEL Music App, directed towards customers (music listeners), and our clients (music creators). Personally, I plan to use this course when convincing my family to do things like taking road trips. For example, my mother is afraid to fly stopping her from attending my graduation in Florida, (If we're not still on virtual graduation). If I come up with a business model on how we would get there, and what we would do before getting back on the plane, I may be able to convince her to go. Professionally, this class helped me understand how to approach customers and clients with my future business ventures. The big venture is Love Every Lyric Records but before reaching that goal I plan to run a few smaller businesses on the way. Right now, I’m a customer of TLC (Total Life Changes) it is a weight loss/ detox product, as well as a vitamin wellness product. As I take pictures and video blogs of my weight loss journey, I plan to transition from just the customer to customer/entrepreneur. This course helped me see how I can make multiple businesses come alive.
Resources:
S, Blank. (2010, April 8).No Plan Survives First Contact With Customers – Business Plans versus Business Models. Retrieved from https://steveblank.com/2010/04/08/no-plan-survives-first-contact-with-customers-%E2%80%93-business-plans-versus-business-models/















