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This is great practice for distilling the essence of your business.
Like lego blocks, the canvas also invites an element of play and creativity which is healthy for achieving breakthrough innovation.
But most importantly, the lightweight nature of the canvas is ideally suited for the innovator’s journey which is best characterized more as a search than execution of a working business model.
In some cases, though a business plan might also work for that purpose, especially the one-page business plan.
A business plan is a tool that is most suited to shot external stakeholders where your business is headed and why they should finance or invest in its future.
This requires a multi-faceted plan of attack (to avoid ending up on a local maxima) and an agile mindsight that can quickly adapt and evolve with on-the-ground learning.
How many people keep their business models updated?
Compared to business plans, creating a 1-page business model is: Fast Instead of taking weeks or months, you can outline multiple business models in an afternoon.
Concise Because your business model has to fit on a single page, you have to pick your words carefully and get to the point.
The business model instead is a framework that helps you assess how your business works from several angles and the kind of actions you can take in the now.
When you’re getting ready to start your small business, you want to create as solid a foundation as you can – and that involves education and planning.