WARNING: Execution is the most important step of Business Model
I am very excited and passionate about business model canvas procedure and how business innovation can change a whole industry fundamentally. This passion drives me to read, search and update my skills about business innovation on a daily basis. Besides my main degree which is chemical engineer, business innovation is regenerated for me because I can understand the fundamental rules of innovation. After a big research I have developed (with my team) the step by step process of creating a business model canvas and ways of being even more innovative.
The most significant first step is the value proposition canvas. You have to fill the value proposition canvas in a way to understand your customers. You have to understand their needs and their problems. You have to find the exact characteristic of your product that fits their life and makes it easier (in a way of spending less money and time). Conducting a thorough research for the value proposition of your product, allows you to be original and innovative.
Filling two of the blocks, value proposition and customer segment we can continue. The next step is to fill the other 7 blocks of the business model canvas. I know that it is difficult to start filling block by block, but if you start then you can say your story. To fill all the block, you have to make a number of assumptions which will either prove it or not. I suggest to start from the block with the least amount of assumptions, therefore makes you feel more comfortable and then continue to fill all the block. Remember, it is very important that each block is connected to the next one or the one before.
The next step is to see the big picture of our canvas and understand the story. The canvas must tell a story and each block has to be a paragraph of that story. Doing it this way, you can see the small gaps on your canvas and correct them or fill them (remember for each assumption you put as information in canvas block you have to prove it or not with research online or asking potential customers or partners).
The last step of this whole procedure is to present your canvas to friends, family or potential investors in order to get feedback. Then you can continue with the procedure. The feedback step is highly important for the business model canvas because it provides you with the view from the point of potential customer or potential investors and can also give you the push to continue until the end of your vision.
Remember that by using the business model canvas, you can develop a platform of product according to your vision. The business model canvas is just a map road for your vision of how you can do it and what it actually takes to do it.
This is the procedure that I have develop with my team. I would really appreciate your feedback and any suggestions you might have.