Providing a project with a business plan designed according to a particular model is essential before implementing any ideas or concepts related to it. Even small businesses require planning, although entrepreneurs tend to see it as a tedious, irksome process. The description of the future project should be written concisely to prevent any ambiguities: the essence of the business and the way of organizing it are to be stated clearly (Burns-Millyard, n.d.). For my business, the plan is crucial since I aim to move from small scale to global.
First of all, the convenience aspect should be considered when choosing a suitable business model. For example, a Traditional Business Plan demands substantial efforts from an entrepreneur: the paper is frequently of enormous size since many details are required (Module 7: Module Notes: What’s Your Business Model, n.d.). Meanwhile, more novel models favor the clarity and representativeness along with the plainness of formulation. Business Model Canvas could be written on a desk, on paper, or even in the Android app (Greenwald, 2012). Thus, new methods of designing a model are more beneficial than old ones, as far as they are less time-consuming and more demonstrative.
The other point of valuable comparison is a model’s direction. The Traditional Business Plan is advantageous if one aims at receiving funds from investors. The detailed description seems more attractive for a sponsor yet misleading (Module 7: Module Notes: What’s Your Business Model, n.d.). On the other hand, models such as Lean Start-up emphasize the importance of customers’ feedback. My project is client-oriented since I want to provide quality products for each distinctive demand. Therefore, the choice of a model depends on the customer-or-investor appeal so that the beneficial sides of different models fit in specific contexts.
Next, the structures of the Business Canvas Model and Lean Canvas Model resemble each other and yet are different. Both methods stress the evaluation of possibilities of an entrepreneur in the industry he or she has chosen. Such a strategy is advantageous, as it allows to delve into the market with less uncertainty. Nevertheless, the Lean Canvas is distinct from its predecessor in marking problem-solving as the most critical feature (Maurya, 2012). In brief, the two approaches are relevant for exploring the industry, but the Lean Canvas is more decisive than descriptive.
Finally, the Lean Start-Up Model has its advantages as well. Among the other models, it is the most sensitive to consumers’ opinions. The approach of constant reference to the customers’ needs and revision of the plan has produced positive results in business in recent years (Blank, 2013). However, the model implementation is still linked to significant risk because of underestimating the barriers to industries entering (Maurya, 2012). Thereby, the method is beneficial for formulating a plan according to the market’s current needs but imperfect in the industry evaluation.
Regardless of the disadvantages of the model above, I prefer to realize my plan with the help of design based on this approach. The selling of digital art in my project relies on clients’ demands entirely. It would not be reasonable to invent a plan that is not sustained with the needs of the targeted population segment. Therefore, the possibilities of collecting as much feedback as possible are vital to my business and define the choice of the Lean Start-up Model for design.
I have created my business plan according to the Lean Start-Up Model. Namely, I used a one-page template offered by Weller, since its design is the most appropriate for my project (n.d.). While filling and rendering the model, I applied the information given by Boitnott (2019), as it is insightful in the matters of planning and structuring the business model properly.
References
Blank, S. (2013). Why the Lean Start-Up changes everything. Harvard Business Review. Web.
Boitnott, J. (2019). How to write a Lean Startup Business plan. LinkedIn. Web.
Burns-Millyard, K. (n.d.). What is the importance & purpose of a business plan? Houston Chronicle. Web.
Greenwald, T. (2012). Business model canvas: A simple tool for designing innovative business models. Forbes. Web.
Maurya, A. (2012). Why Lean Canvas vs Business Model Canvas? Love the Problem. Web.
Module 7: Module notes: What’s your business model. (n.d.). Excelsior. Web.
Weller, J. (n.d.). Free Startup Business Plan templates and examples. Smartsheet. Web.