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Use in the classroom

To introduce students to the nine key features of the BMC, it is suggested that HE teachers ask students a set of business model hypotheses and then place each one of them in the appropriate box of the BMC. Before beginning the implementation of BMC, students may also suggest finding the purpose of ideas with the “Pilot your purpose” tool. Entrepreneurship is not only about creating companies but also about helping yourself by helping others. It can be pointed out that students can use entrepreneurial skills no matter their career.

BMC implementation means that an organisation’s efforts consider profit, people, ideas, and businesses. The primary question is how companies may put BMC into effect, from theory to practice. HE instructors can use the following structure to explain how to use and apply this tool in a classroom setting:

Describe the Purpose/Problem Definition

General Overview

To make the most efficient use of classroom time, students need to watch the introduction videos before the class.

  • Getting from Business Idea to Business Model
  • Visualising Your Business Model
  • 9 Steps to Creating a Successful Business Model

Print enough copies of the AirBNB Business Model Canvas worksheets before the class. If using the Google Docs version for students to complete online, share this link with them.

Classroom Activity

Ask students to individually fill out the AirBnB BMC: Travelers worksheet. Give them the first step to show how it works. Tell them, “The way this works is that you look at the hypotheses beneath the Canvas, and then write them into the Canvas where you think they go. For instance, write ‘Travelers’ in the Customer Segment box”. When they have filled out the AirBNB BMC: Travelers Canvas, have students pair up with someone who is not currently sitting next to them. They will each share their BMC, talking through any differences or any matches they are uncertain about.

Implement the Tool

General Overview

For implementing the tool, HE teachers can demonstrate these slides, as students in the class proceed through their individual Canvases.

Classroom Activity

Once the students have understood the overall working of BMC, they can proceed further one by one through the boxes and ask a pair to share what they got. Students need to proceed in the following order i.e., Customer Segments, Value Proposition, Channels, Customer Relationship, Revenue Streams, Cost Structure, Key Activities, Key Resources, and Key Partners. HE teacher can move around the class and ask a new pair to talk about each successive box of the Canvas until all nine features are discussed. Encourage other groups to discuss any points of disagreement or uncertainty as progressing further. Ask students to fill out all the AirBnB BMC blocks: Hosts canvas in the same way. Take time to explain that many businesses do not have just one business model as a part of their success. Instead, many businesses, like AirBNB, are a multi-sided market. In this business model, the needs of the two parties must be met. HE teacher can highlight the popularity of this business model by pointing out that Uber, Doordash, Amazon all have this multi-sided market where the business has to keep multiple customers happy. At this point, students will have gained enough experience with the BMC and they area to apply in any other example. For homework, assign students to fill in the BMC for a venture they would like to validate, as well as identify the three riskiest hypotheses of their business model.

Collect Data after Tool Implementation

Classroom Activity

HE teachers need to ask their students to fill out the BMC with their ideas. When they have filled out the BMC boxes, pair the students with someone not currently sitting next to them. They will each share their BMC, talking through any differences or matches they are uncertain about. Reconvene the class and ask students to share the assumptions they filled in. Progress around the type, asking for students’ beliefs for the boxes and discussing any discrepancies or disagreements. In this step, students will learn:

  • Why assumption identification, and assumption validation, are critical to creating successful companies.
  • Why iterations and experimentations are the keys to validating their business assumptions.
  • How to communicate their business model validation process

Analyse the Data and Reflect on the Outcome

General Overview

It is critical to teach this vital step for analysing the data as it is one of the significant benefits of teaching the BMC over traditional business plans. Once entrepreneurs have a prioritised list of their riskiest assumptions, they can design experiments to test each of those assumptions in order of their prioritised risk.

Classroom Activity

Ask students to check their validated blocks on their BMC versions. The actual learning from the tool occurs when students test their hypotheses with in-class exercises. These exercises help students deeply consider their initial ideas for the model. The activity also requires students to provide more details for each canvas element, which can be used later in the final business plan. But the goal of the BMC is to offer a plan on how to validate the hypotheses, not that they be perfect. Students may need help conducting their experiments, analysing the results, and making changes to their execution to analyse and understand the outcomes. In this step, HE teachers may guide to compare versions or coach students to their ideas. In this step, students will learn:

  • The pitfalls of business plan.
  • How can an entrepreneurial mindset impact their lives going forward?
  • Reflect on their business model validation process.
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