On Saturday, 27th August 2022, BIO Accelerator Phnom Penh Batch 05 held a training on “Understanding Resilient Business Model and Product Development” at Phnom Penh Hotel, led by Mr. Yorn Malimchheng, Senior Budget Officer of Ministry of Economics & Finance.
Objectives:
- To develop an in-depth understanding of how business works to be ready for organization growth
- To understand how business growth can be driven by product development with current business model.
Key Takeaways:
- The factors to be considered before starting new business:
- Do you have essential skills?
- Is it something you are able to do?
- Do you have passion, belief, and desire to overcome obstacles?
- Is it something demanded by community?
- Are there enough needs to realize as a business?
- Canvas Business Model/ The Nine Building Blocks
- Customer segments: List down the top 3 segments that provide the most revenue.
- Value proposition: What is the problem you are solving? What value do you offer to your customers?
- Revenue streams: List down your top 3 revenue streams (plus thing that you do for free for customer too).
- Channels: How do you communicate with your customer? How do you deliver the value proposition?
- Customer relationships: How does this show up and how do you maintain the relationship?
- Key activities: What do you do every day to run your business model?
- Key resources: The people, knowledge, means, and money you need to run your business.
- Key partners: List down the partners that you can’t do business without (not suppliers).
- Cost structure: List down your top costs by looking at activities and resources.