I have always had the deepest respect for entrepreneurs that stems from an ignorance surrounding the process of starting a company. From an outsider’s perspective, it seems that so many minute details must be attended to, with each detail perfectly working to fulfill the overarching goals of the organization. Even in my past few years at Sauder, which were spent learning about finance, marketing, and information systems- the building blocks to creating a business, I was still at a loss on how one person could potentially be able to combine all these vastly different aspects to create a functional business model.
Maybe there's some useful information in here
When I signed up for the Sauder D-Studio, I had no idea what to expect. I chose to take the class based on recommendations from former students, whose explanations of the course content was varied and confusing enough that the only solid impression I formed of the course was “awesome”. Whatever I expected from the course on that first day, it was not to walk into the room and see CEOs from Vancouver-based startups waiting to talk to us and let us delve into their business strategy and all the triumphs and struggles that come with managing an up-and-coming organization.
Given my distinct lack of knowledge about starting your own business, the opportunity to talk to Paul Lambert of Matygo was an exciting one. I was looking forward to the one-on-one meeting, where we could present our findings from the business canvas and hear about the steps he takes while running his business.
When I first received the business canvas poster in all its massive glory, I was unsure of the efficacy of that style of business mapping. It seemed as though something as complex as a business could not be simplified into nine different segments with findings recorded on sticky notes. However, after putting our initial findings on the canvas, the value it adds to business planning was apparent. As Tim Brown discusses in his article “Design Thinking,” brainstorming and prototyping are one of the essential parts of starting a business. Since a business must be constantly manipulated as it ages and gains more insights on the target market and the value offered by the product, the business canvas provides the perfect forum to visualize where changes must be made to conform to the ever-changing business strategy. When talking to Paul, the versatility required in the start-up phase of a company was obvious. Several times, he reiterated the fact that what Matygo is doing now may be entirely different than what the company will be doing in five months. The business canvas seems well suited to use for constant brainstorming sessions around improving the business.
The business canvas-large and in charge
Although the business canvas is extremely useful for mapping out a business, I found that it did not completely fulfill my needs for business planning. Specifically, I noticed that all parts of the business are inter-connected in one way or another. Although the canvas is obviously designed to reflect that all parts work together, I wish that there was a way to map out how specific parts in one section tie into a part of another, and the effect that the union of those ideas would have on the business. To demonstrate this during our final presentation, Sophia, my partner, and I chose to attach all the sections to a circle to create a mobile-like demonstration of our findings. We thought the circle was a better representation of the synergy between the different sections of the canvas than the simple square poster board.
Our final presentation- doubling as your future child's mobile!
I believe that the business canvas is a fantastic tool for mapping out businesses and finding gaps in the model or rearranging the plan to accommodate new information. However, I would also agree with what Lockwood and Walton discussed in “Building Design Strategy”: Creating a business requires a vast amount of innovation and creativity, and having a canvas with pre-decided “fill in the blanks” might detract from reaching the full potential of brainstorming and creativity. I believe that tying the business canvas in with some other unique forms of business design and innovation would create an effective, organized, and unique business model.
Hi Megan, it was awesome working with you. I agree that the business canvas was a good starting point. I think that’s how I also look at business school. There is only so much you can learn from the courses we take and the textbooks we read. Out in the “real world” things may be different. I really shouldn’t say may-be–they are. I’m sure of it. But having the background that we share can perhaps be useful in our future endeavors.