This week we focus on the Channels of the Lean Business Model Canvas
It was a deep dive into various business models and the process of creating new ones based on market opportunities.

One key takeaway for me was Ranjit’s advice against complacency. When I shared my existing business model and mentioned its static nature, Ranjit cautioned me to stay vigilant about changes in my market, lest it becomes too late.
Another intriguing topic was the discussion on the two entrepreneurial New Business Model (NBM) stances–Causation and Effectuation. My experience suggests that most business models are a hybrid of both or lean more towards Effectuation. Very few are purely Causation. This has prompted me to want to research this topic in more depth.

During the lecture, I had some confusion about my business model and offerings. Thankfully, Ranjit clarified these after a few queries, providing me with a clearer understanding.

The idea of community building for my company was another inspiring aspect. Although we already have a community, I am motivated to strengthen it by offering more workshops and seminars.

The concept of the value linkage model is something I plan to focus more on. It’s crucial for me to keep the customer perspective in mind and align it with my business model.

Finally, Ranjit shared an inspiring NBM story. The New York Times described it as “a store with media in mind,” and Rachel Shechtman, Story’s owner, summarized it as, “A magazine tells stories between pictures and written words, and we do it through merchandising and events. And our version of publishing is sponsorship.” This story left a lasting impression on me.

As for my business model, I plan to stick to my customary model by conceptualizing a new offering (a new art form) and securing funding from the government.