MAN2002 Family Business Management Session #6 and #7

In the first session, we learned that disruptive business models are trying to satisfy the needs of customers, especially customers using other products in the same market, in other words, users with repressed demands. Moreover, Standard Business Models, Disruptive Business Models, and Most Common Revenue Streams were introduced with apparent examples. The professor then went on to explain the diverse types of disruptors and made a recommendation to use the existing disruptive business models rather than create a new one. Examples of how Google or Facebook earns revenue through ads were also given. 


Professor also gave advice on creating a successful business model, which is the combination of revenue streams: 1. Physical product: they can sell and get immediate cash flow 2. Software service: contract for printer or coffee machine, time-based subscription; recurring revenues especially when paid monthly or even yearly 3. Consumables: a product that consumer would have to use or buy recurrently. 


Incorporated into the Lean Cavas, Prototype - test - learn are extremely important to see different developments. This experiment is crucial for the early developments of products. For the Lean Canvas: Early adopters are those who need it to remain competitive. Description of persona is especially important to understand the real reasons why someone is going to want to purchase your products. 


Lean Canvas is used to mitigate risks when establishing a business plan. When using it, adjust to the facts and not how you wish things were. The Lean Canvas is different from the traditional business model canvas as Key Partners, Key Activities, Key Resources, and Customer Relationships are traded in for Problem, Solution, Key Metrics, and Unfair Advantage. The Lean Canvas is more catered toward start-ups to get to the core of their idea and then move on to the traditional Business Model Canvas.  


During the second session, we divided into groups and created a lean canvas on tiktok, instagram and snapchat. For our team, Joana, Rejdi and I, we compiled this list for our lean canvas on tiktok.  

Problem: There is no fast and fun video creation platform  

Existing Alternatives: youtube, vimeo, facebook watch 

Solution: Online platform for short videos with the possibility to chat, share interests, opinions and other stuff. 

Key metrics: number of views per video, likes, and followers  

Unique Value Proposition: 

User generated content 

High level concept: everyone can become famous 

Unfair advantage:  

Self-ad platform 

Users can promote themselves through a combination of platform algorithms & shared content from other profiles. 

Tiktok users push other platform users to be more active on TikTok/ have a TikTok account   

Channel:  

App Store Purchases  

User references  

Influencer/ platform advertisement  

Customer segment:  

GenZ/ Brands/ Celebrities/ Influencers. 

Early adopters: companies in need of different channels to do marketing and targeting towards different demographics.  

Cost structure:  

Servers & Data maintenance  

Customer Service  

Revenue Streams:  

advertising revenue, gift sale, brand partnerships 

Then, we learned about the value proposition canvas: failure can be avoided by giving customers the design and functionality that they want. There are nine essential components and divided into 2 parts: customer profile and value map. The introduction of the canvas starts with the customer profile (circle) where we must define tasks and expectations the customers are going to fulfill, including the positive and negative experiences associated (end user’s challenges), the value proposition map (square) focuses on features, functionality, and benefits it can offer to not only attract customers but also meet their requirements from the right part. 

What the customers want and what we can provide is the path to success, in other words, it is the alignment between what the customers want and what we can deliver.  

 
Value Proposition Canvas:   

Value Map  

Products & services: create, watch, and share high quality videos, engagement through hashtags   

Gain Creators: anyone can upload content, receive donations, gaining copious amounts of followers, earn money through tik tok creator fund, direct messages to communicate with content creators  

Pain Relievers: elevated levels of engagement, improving user experiences (fixing bugs), providing trigger warnings, and creating a safe environment for content creators  

Customer Profile  

Jobs: gain recognition and support, sharing videos with friends (user-generated contents)   

Gains: reaching a broad range of audience, access to other creator’s content, compliments from followers, followers  

Pains: finding updated content to create, harassment and cyberbullying, fake news  

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