Business Model Canvas
A Workshop on BMC was conducted at Adarsh Institute of Management and Information Technology(AIMIT) on 16th May, 2023 under the aegis of Institution’s Innovation Council. The students of I semester MBA and faculty members participated in this workshop.
The objective of this workshop:
- To enable early stage entrepreneurs to understand and visualize the building blocks of their business including customers, route to market, financial outlay and value proposition.
- To give an idea on different templates for developing new business models.
The workshop started with a welcome address by Keerthana and followed by introduction of Resource Person, Dr. L R S Mani, by Pooja of I semester MBA. Mani Sir, who is an alumnus of FMS Delhi explained in detail about the business model canvas proposed by Alexander Osterwald, and its 9 components. He stared the session with an explanation of the importance of entrepreneurship and ignited the minds of MBA students towards taking up entrepreneurial ventures to serve the unmet needs of the society.
He gave several examples of several entrepreneurs from Bengaluru like Meena Ganesh, Nithi Kamath, Sachin Bansal and Raju Ravindranan and many more. He also explained about difference between the business and entrepreneurship. He emphasized that Bengaluru being the startup capital of India, it is an opportune time for MBA students to start their own venture, given the government support in ease of doing business, single window policy and the availability of funding sources, especially for women
The presentation was followed by the activity where all the students were divided into 6-member groups with a total of 20 groups, working on their own business ideas and mapping it on a business model canvas.
Finally, the following Three teams presented their business idea through business model canvas:
- Organic Compost, Bio Enzyme and Organic Farming by Nanjunda Prasad And Team
- Kalpatur Organic Milk by Mahesh and Team
- Sustainable Interiordesigns by Nayana and Team
It was notable that many teams had considered Sustainability while conceptualizing their business idea. There were several questions asked by Principal, resource person and faculty members and other students.
The workshop concluded with a vote of thanks by Harshita.
The event was coordinated by Dr. Uma Ananth (Vice President Of Institute Innovation Council).
The key takeaways for the students were:
- A good understanding of how a tool like BMC brings clarity to business idea and the business model in terms of identifying the customers, cost structure, the revenue streams and so on
- Deciphering the business model helps in bringing about improvement in the existing business model either of their own enterprise or in the jobs that they would pursue.