‘Study business model thoroughly’

Source: The Hitavada      Date: 05 Feb 2019 09:29:36


 

Business Bureau,

While speaking at the workshop organised by Nagpur Chapter of TiE here on Saturday, Ajay Hiraskar, CEO of Success Alchemists, said that the startups must study their business model thoroughly before taking up the venture. He said that start-up normally face questions like - What should be the business model? Which model would work best and why? How to judge the business idea? and so on. Hiraskar, who is also the Governing Council Member TiE Pune, further said, “Understanding and fulfilling customers expectations are necessary in all businesses. It is equally important to scale up the business.” He said that one must have a clear idea of his business plan.


Hiraskar spoke on elements of business proposition including SWOT analysis, business model canvas, business plan, elevator pitch, and pitch check. While elaborating on business model canvas, he told the participants how to check viability of a business idea. “One can refer books on this subject. ‘The Lean Start-up’ is one such book that will certainly help the entrepreneurs, especially those in early stages,” he said.


Expressing his views on ‘Business Model Canvas’ (BMC), Hiraskar insisted that one should take into account all the nine elements of BMC while implementing the business idea.
On ‘Value Proposition’ he elaborated on values which the entrepreneur delivers to the customer. “Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each customer needs are we satisfying? Key activities, Key Resources, Key Partners, Cost Structure and Revenue Streams are the other important elements which one should keep in mind,” Hiraskar suggested.


At the outset, Milind Chittawar, President of TiE Nagpur, introduced Hiraskar. He also highlighted efforts of Hiraskar for nurturing startups. Also present on the occasion were Siddharth Agrawal, Past President of TiE Rajasthan; Kartik Kale, Charter Member TiE Nagpur; Chalpati Rao, Deepankar and Saroj Panda, all associated members of TiE Nagpur. Nidhi Bawashe, Executive Director; Shradha Salunke and Minal Thawkar worked hard for the event.