One of the core skills applied when developing the Business Model Canvas is design thinking.
Now don’t panic at this stage if you’ve not heard of design thinking. It’s something we do everyday. Design thinking is fundamentally a way to problem solve - it’s taking a number of complex factors, and looking for new ways to solve a problem.
Design thinking as a technique has been applied in many jobs over the decades, such as graphic design, fashion and engineering. But it is only more recently (the past 20 years) that design thinking has now entered the business creation space.
There are many reasons why you should want to learn and apply design techniques:
- Evolution - the online business environment is evolving at the same pace of technology, increasing the risk of traditional business models failing
- Longevity - starting a new online business is resource heavy (personal and financial), so launching an innovative business model provides a longer timeframe for operation and recouping some of the costs before it needs to change
- Competition - the online space has become more highly competitive in terms of getting the attention of your customer; having a better and more innovative business model will help make your business stand out.
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