A well-designed business model canvas can determine your new venture’s success by Omolulu Consulting

Optimism is a must-have trait for every entrepreneur. With all the challenges you are about to face, optimism definitely comes in handy. But it can only take you as far. That’s why it is vital to learn how to create a business plan that acts as a guide as you go on your new venture.
 
business model canvas
Adebola Omololu, Founder at Omololu Consulting, points this into every entrepreneur he meets. 
 
Debo discusses how he created his own business model canvas in Think Big, Start Small. Here he talks about how he got inspiration from Jeff Bezos’ process when he started Amazon.com back in 1995.
 
He then studied how Jeff established his own business model selling books online. He also talked about how Jeff listened to feedback from others to get his desired outcome.
 
From there, Debo designed his own methods and started his online business ten years after. Unknown to him, his business created a ripple effect in sub-Saharan Africa. He became an instrument for inspired entrepreneurs. He also helped introduce the concept of e-commerce and online business to the region.
 

Here’s a quick excerpt from the article.

Lot’s of people spoke about how our store impacted their lives. As some decided to start a business, some spoke about the positive impact on their jobs, careers, and means of livelihood. I remember during one of our events, we helped a customer to propose to his girlfriend. I’m happy to say they are still married and have 3 lovely kids.
 
According to Mckinsey & Co, the global consulting company, my online adventure gave rise to an e-commerce market with many players that today have a combined net worth of over $3billion.
 
I had to close and exit the store in 2010 as I was unable to get the investment necessary to take things to the next level. I am still very proud of the 5-year ride and still give lots of advice to authors, entrepreneurs, and e-commerce ventures.
 

His best tip:

 
Your most important job is not developing the product. Your most important job as an entrepreneur is finding paying customers. 
 
Many people who plan to start a business talk about developing a product which will revolutionize the market. This is all well and good. If enough people do not buy into your revolutionary product it’s dead in the water. 
 
A personalized business plan will get through the rough phases of your project. It will let you make the right decisions, create added value for your customers and identify exit plans as needed.
 
See how business planning helped Debo reach success. Check out the full article here.
 
Want to learn more about what to put in your business plan? See our previous article on creating a business plan template.

 

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Herlene Somook is a creative entrepreneur and freelance writer based in Manila, Philippines. A graduate of AB Psychology, she was a Kumon Reading teacher for five years before jumping ship to the Business Process Outsourcing Industry, where she gained experience in Inbound Sales, Technical Support, Outbound Services, Lead Generation and Marketing. Today, she spends her time as the Head Writer and Content Strategist for NextStep Hub. She loves reading bedtime stories to her toddler son.