10 Questions
What is the primary objective of a business model?
To describe the rationale of how an organisation creates, delivers and captures value
How many components make up the building blocks of the Business Model Canvas?
9
What is the primary focus of the customer segment component of the Business Model Canvas?
Defining the group of individuals or organisations that the business aims to reach and serve
What is the outcome of not having customers for a business?
The business will not be able to operate
Which of the following is NOT a component of the Business Model Canvas?
Market trends
What is the primary focus of the value proposition component of the Business Model Canvas?
Defining the products or services offered by the business
Which component of the Business Model Canvas deals with the strategy for developing and nurturing customer relationships?
Customer relationships
What is the primary focus of the revenue streams component of the Business Model Canvas?
Identifying the revenue streams for the business
Which component of the Business Model Canvas deals with the arrangement of key resources necessary for the business?
Key resources
What is the primary focus of the key activities component of the Business Model Canvas?
Identifying the key activities necessary for the business
Study Notes
Business and Entrepreneurship Curriculum
- The new curriculum developed by the Department of Curriculum and Professional Development (DCPD) aims to enable learners to develop foundational knowledge and competencies in generating and pitching business ideas, developing business proposals, and mobilizing finance to pursue entrepreneurship as a career.
Innovation and Entrepreneurship
- Imagination refers to envisioning new ideas, images, or concepts that were not perceived or explored before.
- Creativity refers to the ability to develop new ideas or discover new ways of looking at problems and opportunities.
Business Opportunity Identification and Selection
- SWOT Analysis:
- Strengths: within the control of the entrepreneur, occur at present moment, must be capitalized and harnessed to render weaknesses insignificant.
- Weaknesses: within the control of the entrepreneur, occur at present moment, must be eliminated as far as possible.
- Opportunities: favorable factors in the external environment, beyond the control of the entrepreneur, must be taken advantage of.
- Threats: unfavorable factors in the external environment, beyond the control of the entrepreneur, must be countered.
Development of Business Model
- Business Model Canvas (BMC) components:
- Customer Segment: defines the group of individuals or organizations that the business aims to reach and serve.
- Value Propositions: plans the value intended to be offered.
- Channels: plans the channels through which information and products are delivered.
- Customer Relationships: strategizes how customer relationships will be developed and nurtured.
- Revenue Streams: identifies and plans the revenue streams for the business.
- Key Resources: identifies and plans the arrangement of key resources.
- Key Activities: strategizes the key activities the business must undertake.
- Key Partnerships: strategizes how to develop key partnerships.
- Cost Structure: estimates the cost and cost structure for the business.
Quiz on the curriculum developed by DCPD to enable learners to develop foundational knowledge and competencies in business and entrepreneurship.
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