By now, you're intimately familiar with the business model canvass.

So in our last lectures we talked about value proposition, customer segments, distribution channels, customer relationships get, keeping and growing customers.

So in the last lecture, you remember the business model canvas, all the 9 components of a startup.

Now we finally come to the last part of the business model canvas.

What are all the pieces? Well let's take a look.

You could charge twice the current rate for what I provide, and your customers would pay it.

Who are your key partners and suppliers?

In fact, every major household name is allowing you to interact with their products on a daily basis all the way from Smart Cars to Prada to Ray Ban, for example.

They run something called the loyalty programs.

And product market fit just simply says what is the match between what you are building and what customers need and want, and who are those customers.

They need to understand the external environment and they need to come in.

The next is channels.

And this start up is on the road to actually building something that customers might want.

More than likely we'll make money from royalties and commercial licensing, etc.

I can't emphasize enough that the business model canvas is just a start.

And in value proposition, the goal of this is to find out that minimum viable product.

They attract customers by offering high quality goods.

Those children are potential customers.

In customer relationships all the get keep grow metrics, some of which we talked about, some of which you'll discover, what were the customer acquistion costs?

So on day one, these were their initial hypothesis coming into the class.

Now if you remember we started here on the left. We didn't earn and paid media.

That is they were beginning with a series of hypothesis about their customer archetype.

Many companies have huge databases of customer information.

Instead of pricing based on cost,

You cater an event where the cost to you was 200

I have no idea where my husband is.

Now, what s interesting is if you remember value proposition describes not only the features but also the pains and gains that they see, that they ve actually craved for the customer and that the goal is to figure out what the MVP is.

Why you're doing all this is to define the minimum viable product, or sometimes called the MVP for short.

They give better service not worse, but better.

You're all familiar with the business model canvas.

In particular, because the idea is that if you analyze the data, that data will tell you something about your customers and then you can better serve your customers and then your profits will go higher.

And that commission, at least historically, has been 7 of the offering.

Apple is one of the few, truly cares.

As was simulated, the value proposition includes all the features of your product but also the pains and gains you're solving for the customer segment and that's where the market goes.

That is what pain are you solving, what gain are you creating, and more importantly, who are your customers?

They could tell you that I want bigger, faster, cheaper status quo.

Next, they got out of the building again.

Here's your client list.

This is what I called the you should be so lucky to have this problem part of the funnel, and that's how you grow the customers you have.

Let's go to month two

Is it going to be direct that is am I going to either offer it on a website AOL or have direct sales people that work for me, or is it to be indirect.

JU That's a good question, and we ask ourselves that every day.

Many of our clients are AfricanAmerican.

We have recently accepted a client who is VampireAmerican.

A tech company's one of my clients.