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

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

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

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

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

Who are your key partners and suppliers?

You're all familiar with the business model canvas.

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

So archetypes really helped us understand our customers, they value prop, the revenue and some of our pricing tactics.

So again you could start either with customer segments or you could start with a product and value prop itself, it really doesn t matter.

And that can't be repeated enough.

And now, as your new royal consort, I have a few slight suggestions.

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

Just as a reminder, what the teams will be starting with in Week 1 is filling out the business model canvas and getting out of the building and testing their hypotheses about the value proposition, customer segments, and channel.

So, if we take a look at the Jersey² team was worrying about, it's what most start ups worry about on day 1, is does my value prop match my customer segment, and do I have product market fit?

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

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?

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

Notice by the way, while they were working on value proposition, they also had some hypothesis about the customer segments.

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

I have a proposition.

And by the way, we're going to ask later for who are you building it and what exactly does it solve for those people?

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.

Suggestions, bug reports

Here's a suggestion.

well, i suggest... ...we adjourn.

What am I gonna do for you?

Instead of pricing based on cost,

Many companies have huge databases of customer information.

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

You cater an event where the cost to you was 200

I have no idea where my husband is.

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's a nice offer. Mrs. Lang.

Excellent idea. No!

Vovka, I have a proposal.

Well, it's Dylan's birthday.

That sounds good.

That's good advice.

So today, while we're talking about value proposition, value proposition works hand in hand with who your customers are, which we'll be talking about in the next lecture.

Because no one, and that was a constant problem...

It's a big idea.

Apple is one of the few, truly cares.

That's your job as the facilitator and coach.

We've got customers.