Lean Canvas
Nubian Queens is a startup aimed at the production and sales of high-quality bonnets and hair covers.
Problem:
Most Ladies get friction and splits between their hairs while sleeping and this causes damages and shrinkage to the hair. Furthermore, there has been a lack of efforts in creating high-quality bonnets and many of the ones in the market currently do not last.
Solution:
NubianQueens is producing high-quality bonnets and various hair covers that are comfortable for women with various hairstyles. As shown in the Lean canvas above, The company is focusing on creating products with a higher quality and lesser cost than the ones currently in the market.
Critical Analysis of the Lean Canvas Model
The lean canvas is a popular remodelled
one-page business model that gives a direct investigation of business look by
showcasing the 'problem-solution.' This method helps understand the customers'
needs and identify the problems and solutions at the core of the business.
Furthermore, it focuses on the actionable
metrics to transform an idea into a product or business.
I have highlighted below the lean canvas
model's strengths and limitations after critical analysis.
The strength and limitations are from my
research journey and lectures in class. The critical analysis of the model
focuses on comparison with alternative business model tools.
Strengths:
Potential Profitability:
The Lean Canvas simplifies evaluating a
business opportunity, thereby giving easy ways to brainstorm on an idea and
determine how to make profits in a particular industry.
Therefore, it helps Startups, as they do not have to spend so much time and money creating a lengthy business plan to determine if their idea will yield profits.
Problem Solving Focused:
The Lean canvas model focuses on solving a problem, unlike the business model canvas that focuses on selling products. The Lean business model gives a direct overview of the initial issues and solutions and the existing alternatives, and this helps enormously in competitor analysis. Therefore this is a significant edge above the other models as the first step to delivering high value to customers is to solve their problems (James A. DeSena, 2020).
Startups Minded.
The lean canvas model enables startups to
frame their ideas into business plans easily. Unlike the business model canvas,
the lean canvas model accommodates businesses in their earliest development
stages and gives a strategy to get the businesses' goals, which is the solution
derived for the problems identified at the inception of the business.
Limitations:
Possible Future Directions:
The Lean canvas model focuses more on starting a business and putting less focus on the business's future. This model gives limitations to strategic thinking as it doesn't help the business owner think of the directions the business can take in the future (Ethan Mollick, 2019).
Conclusion:
Overall, the Lean canvas model is a better
way for emerging businesses to visualize the realism of their ideas in actual
reality.
Furthermore, during my research journey, I
compared the lean canvas model to other business model canvas such as
Osterwalder's value proposition designer, Kraaijenbrink's value model canvas,
King's advanced business model. It is evident from the advantages highlighted
above that, the Lean canvas model is still a better way to project an idea into
a business.
References:
1.) Stanislav, S., 2019. Lean Canvas Examples Of Multi-Billion Startups. [online] Blog by Railsware. Available at: <https://railsware.com/blog/5-lean-canvas-examples/> [Accessed 9 January 2021].
2.) Skowron, M., 2020. Lean Canvas Vs Business Model Canvas: Which Should You Choose?. [online] UIG Studio. Available at: <https://uigstudio.com/insights/lean-canvas-vs-business-model-canvas-which-should-you-choose> [Accessed 9 January 2021].
3.) DeSena, J., 2020. Solving Your Customers' Problems. [online] Business Know-How. Available at: <https://www.businessknowhow.com/marketing/solveprob.htm> [Accessed 9 January 2021].
4.) Mollick, E., 2019. What The Lean Startup Method Gets Right And Wrong. [online] Harvard Business Review. Available at: <https://hbr.org/2019/10/what-the-lean-startup-method-gets-right-and-wrong> [Accessed 9 January 2021].
5.) Jantsch, J., 2019. How To Understand And Solve Your Customers' Problems. [online] Duct Tape Marketing. Available at: <https://ducttapemarketing.com/understand-solve-problems/> [Accessed 9 January 2021].
6.) https://miro.com/. 2021. Lean Canvas Template & Example | Free Lean Canvas Online. [online] Available at: <https://miro.com/templates/lean-canvas/> [Accessed 9 January 2021].
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