{"id":2168,"date":"2022-04-19T14:53:22","date_gmt":"2022-04-19T07:53:22","guid":{"rendered":"https:\/\/itifund.com\/?p=2168"},"modified":"2022-04-19T15:01:38","modified_gmt":"2022-04-19T08:01:38","slug":"what-startup-should-know-about-business-model","status":"publish","type":"post","link":"https:\/\/itifund.com\/en\/what-startup-should-know-about-business-model\/","title":{"rendered":"WHAT STARTUP SHOULD KNOW ABOUT BUSINESS MODEL?"},"content":{"rendered":"<h2 style=\"text-align: justify;\"><strong>DEFINITION OF BUSINESS MODEL<\/strong><\/h2>\n<p style=\"text-align: justify;\">Business Models began being interested in the 1990s.<\/p>\n<p style=\"text-align: justify;\">Adam J.Bock and Gerard George defined Business Model as an organizational blueprint to create value. The more complex products, the more critical the Business Model.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2149\" src=\"http:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_AIRBNB-300x156.png\" alt=\"ITI FUND_ BUSINESS MODEL_AIRBNB\" width=\"612\" height=\"318\" srcset=\"https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_AIRBNB-300x156.png 300w, https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_AIRBNB.png 512w\" sizes=\"(max-width: 612px) 100vw, 612px\" \/><span style=\"font-size: 14px;\"><i><span style=\"font-weight: 400;\">M\u00f4 h\u00ecnh kinh doanh c\u1ee7a Airbnb<\/span><\/i><\/span><\/p>\n<p style=\"text-align: justify;\">Understanding the business model will help founders comprehend businesses&#8217; products, customers, fields,&#8230;<\/p>\n<h2 style=\"text-align: justify;\"><strong>THE ROLE OF BUSINESS MODEL<\/strong><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\">Investors can realize the potentials and feasibility of projects, thereby making the right decisions to invest in startups.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Founders can determine their startup&#8217;s position against competitors in the market and comprehend what they should do to get there.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Business Models can expand startups&#8217; views from the outside to understand customers&#8217; essentials and how to provide fundamental values.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Startups have the foundation to build business strategy, thereby exploiting and expanding their resources.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Business Models can effectively create value for startups and partners without waste.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: justify;\"><strong>LEAN CANVAS BUSINESS MODEL<\/strong><\/h2>\n<p style=\"text-align: justify;\">Lean Canvas (Lean Business Model), which looks like Business Model Canvas, focuses on the execution and feasibility of the idea, making it incredibly relevant for startups.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2147\" src=\"http:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL-300x212.png\" alt=\"ITI FUND_ BUSINESS MODEL\" width=\"558\" height=\"394\" srcset=\"https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL-300x212.png 300w, https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL.png 512w\" sizes=\"(max-width: 558px) 100vw, 558px\" \/><span style=\"font-size: 14px;\"><i><span style=\"font-weight: 400;\">M\u00f4 h\u00ecnh Lean Canvas<\/span><\/i><\/span><\/p>\n<p style=\"text-align: justify;\">Lean Canvas Model consists of 9 elements:<\/p>\n<ul>\n<li style=\"text-align: justify;\"><b>Problem: <\/b><span style=\"font-weight: 400;\">Explaining three fundamental issues that startups attempt to solve for customers<\/span><\/li>\n<li style=\"text-align: justify;\"><b>Customer Segments: <\/b><span style=\"font-weight: 400;\">Defining the primary customer segment startup wants to serve.<\/span><\/li>\n<li style=\"text-align: justify;\"><b>Unique Value Proposition: <\/b><span style=\"font-weight: 400;\">Expressing typical values with explicit and straightforward criteria.<\/span><\/li>\n<li style=\"text-align: justify;\"><b>Solution<\/b><span style=\"font-weight: 400;\">: Identifying three solutions that match the value statement.<\/span><\/li>\n<li style=\"text-align: justify;\"><b>Key Metrics:<\/b><span style=\"font-weight: 400;\"> Digitizing key user activities that generate revenue for customers to continue using, and even recommend to others.<\/span><\/li>\n<li style=\"text-align: justify;\"><b>Channels: <\/b><span style=\"font-weight: 400;\">Listing all communication and distribution channels for products\/services, including free and paid.<\/span><\/li>\n<li style=\"text-align: justify;\"><b>Cost structure:<\/b><span style=\"font-weight: 400;\"> Indexing all things that cost the company money.<\/span><\/li>\n<li style=\"text-align: justify;\"><b>Revenue Stream<\/b><span style=\"font-weight: 400;\">: Determining startup&#8217;s income source, making calculations and forecasting profit, break-even point,&#8230;<\/span><\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: justify;\"><strong>SOME EXAMPLES ABOUT LEAN CANVAS FOR STARTUPS<\/strong><\/h2>\n<h3><strong>1. Google<\/strong><\/h3>\n<p style=\"text-align: justify;\">Google has become the technology &#8220;giant&#8221; with software products, cloud computing services, online advertising,&#8230;<\/p>\n<p style=\"text-align: justify;\">Sergey Brin and Larry Page &#8211; two co-founders of Google &#8211; noticed missing features in Excite and Yahoo. After failing to sell their solutions to competitors, they developed the project into a lean startup.<\/p>\n<p style=\"text-align: justify;\">At that time, Andy Bechtolsheim from Sun Microsystems realized its potential and poured 100.000 USD. In 2018, nearly 20 years later, Google&#8217;s market value reached 700 billion USD.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2157\" src=\"http:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_BUSINESS-MODEL_GOOGLE-265x300.png\" alt=\"ITI FUND_BUSINESS MODEL_GOOGLE\" width=\"548\" height=\"620\" srcset=\"https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_BUSINESS-MODEL_GOOGLE-265x300.png 265w, https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_BUSINESS-MODEL_GOOGLE.png 452w\" sizes=\"(max-width: 548px) 100vw, 548px\" \/><span style=\"font-size: 14px;\"><i>Google and Lean Canvas model (Source: Babuki)<br \/>\n<\/i><\/span><\/p>\n<h3><strong>2. Facebook<\/strong><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Facebook was established after the dot.com bubble burst, with the first product being Facemash, a website which ranks students&#8217; images.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Facebook, which received its first investment from Peter Thiel for US$500,000, was incorporated into a new company, and Sean Parker (an early employee of Napster) became its president.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Facebook has become the most popular social network with 1.84 daily active users and earned 28.07 billion ($) in 2020, up 33% year-over-year.<br \/>\n<\/span><\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2153 aligncenter\" src=\"http:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_FACEBOOK-266x300.png\" alt=\"ITI FUND_ BUSINESS MODEL_FACEBOOK\" width=\"541\" height=\"610\" srcset=\"https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_FACEBOOK-266x300.png 266w, https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_FACEBOOK.png 454w\" sizes=\"(max-width: 541px) 100vw, 541px\" \/><span style=\"font-size: 14px;\"><i><span style=\"font-weight: 400;\">Facebook and the Lean Canvas model (Source: Babuki)<br \/>\n<\/span><\/i><\/span><\/p>\n<h3><strong>3. Youtube<\/strong><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">YouTube was founded by three talented engineers who were core employees at PayPal: Chad Hurley, Steve Chen, and Jawed Karim.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Sequoia Capital was the first investor with $ 3.5 million after ten months of launching the domain name (youtube.com).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In 2006, Google acquired Youtube for up to 1.65 billion USD.<br \/>\n<\/span><\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2155 aligncenter\" src=\"http:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_YOUTUBE-263x300.png\" alt=\"ITI FUND_BUSINESS MODEL_YOUTUBE\" width=\"533\" height=\"608\" srcset=\"https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_YOUTUBE-263x300.png 263w, https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_YOUTUBE.png 448w\" sizes=\"(max-width: 533px) 100vw, 533px\" \/><span style=\"font-size: 14px;\"><i><span style=\"font-weight: 400;\">Youtube and Lean Canvas model (Source: Babuki)<br \/>\n<\/span><\/i><\/span><\/p>\n<h3><strong>4. Amazon<\/strong><\/h3>\n<p style=\"text-align: justify;\">Amazon is considered one of the big four technology giants globally, including Google, Apple, and Facebook. It was a platform that sold books but then expanded to various goods and digital media.<\/p>\n<p style=\"text-align: justify;\">In addition, Amazon also produces useful and familiar electronic devices such as Kindle ebook reader, Kindle Fire, Echo, Fire TV,&#8230;<\/p>\n<p style=\"text-align: justify;\">In 2020, the Covid-19 pandemic forced people to stay at home and shop online more. Amazon said it delivered more than 1 billion products to customers globally in the year-end shopping season.<\/p>\n<p style=\"text-align: justify;\">By 2020, Amazon&#8217;s net revenue reached nearly 390 billion USD, up 38%. In addition, net profit reached 21.3 billion USD, up almost 84% compared to 2019.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2151 aligncenter\" src=\"http:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_AMAZON-260x300.png\" alt=\"ITI FUND_ BUSINESS MODEL_AMAZON\" width=\"502\" height=\"579\" srcset=\"https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_AMAZON-260x300.png 260w, https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/220419-ITI-FUND_WEBSITE-CONTENT_-BUSINESS-MODEL_AMAZON.png 443w\" sizes=\"(max-width: 502px) 100vw, 502px\" \/><span style=\"font-size: 14px;\"><i><span style=\"font-weight: 400;\">Amazon and the Lean Canvas model (Source: Babuki)<br \/>\n<\/span><\/i><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In the early stages, startups need to continuously adjust their business model based on data collected from company operations or customer responses, thereby finding the most suitable model and developing operating plans and financial forecasts.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">For more information about Lean Canvas and its applicability, please read the next section.<br \/>\n<\/span><\/p>\n<p style=\"text-align: right;\"><span style=\"font-size: 14px;\"><em>Source: Collection<\/em><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2173 aligncenter\" src=\"http:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/Eng@3x-300x207.png\" alt=\"ITI Fund_Information\" width=\"607\" height=\"419\" srcset=\"https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/Eng@3x-300x207.png 300w, https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/Eng@3x-1024x708.png 1024w, https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/Eng@3x-768x531.png 768w, https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/Eng@3x-1536x1061.png 1536w, https:\/\/itifund.com\/wp-content\/uploads\/2022\/04\/Eng@3x-2048x1415.png 2048w\" sizes=\"(max-width: 607px) 100vw, 607px\" \/><\/p>\n<h4 style=\"text-align: justify;\"><span style=\"font-size: 21px;\">Contact:<\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400; text-align: justify;\" aria-level=\"1\"><span style=\"font-size: 20px;\"><span style=\"font-weight: 400;\">\ud83c\udf0f<\/span><a href=\"https:\/\/itifund.com\"> <span style=\"font-weight: 400;\">itifund.com<\/span><\/a><\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\" aria-level=\"1\"><span style=\"font-weight: 400; font-size: 20px;\">\ud83d\udcde (+84)90 998 3699<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\" aria-level=\"1\"><span style=\"font-weight: 400; font-size: 20px;\">\ud83d\udce9 info@itifund.com<\/span><\/li>\n<li style=\"font-weight: 400; text-align: justify;\" aria-level=\"1\"><span style=\"font-size: 20px;\"><span style=\"font-weight: 400;\">\ud83d\udd14<\/span><a href=\"http:\/\/fb.me\/ITIFund\"> <span style=\"font-weight: 400;\">fb.me\/ITIFund<\/span><\/a><\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>DEFINITION OF BUSINESS MODEL Business Models began being interested in the 1990s. Adam J.Bock and Gerard George defined Business Model as an organizational blueprint to create value. The more complex products, the more critical the Business Model. M\u00f4 h\u00ecnh kinh doanh c\u1ee7a Airbnb Understanding the business model will help founders comprehend businesses&#8217; products, customers, fields,&#8230; &#8230; <a title=\"WHAT STARTUP SHOULD KNOW ABOUT BUSINESS MODEL?\" class=\"read-more\" href=\"https:\/\/itifund.com\/en\/what-startup-should-know-about-business-model\/\" aria-label=\"More on WHAT STARTUP SHOULD KNOW ABOUT BUSINESS MODEL?\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":2166,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WHAT STARTUP SHOULD KNOW ABOUT BUSINESS MODEL?<\/title>\n<meta name=\"description\" content=\"Understanding the business model will help founders comprehend businesses&#039; products, customers, fields,...\" \/>\n<meta name=\"robots\" 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