Title: Identify the steps involved in starting a new business, using the Business Model Canvas (BMC).
Course: Sports, Entertainment, and Event Management > Section: Exploring Entrepreneurship in Sports, Entertainment, and Event Management

Identification should include the following:

- Value proposition—What value is being delivered to the customer? Which customer pain points are being addressed?
- Customer segments—For whom is value being created? What products and services are being offered to each customer segment?
- Customer relationships—What type of relationship is being maintained with each customer segment? What are the expectations of customers? How are they established?
- Channels—Which channels are to be focused on to reach the desired customer segments? How are those channels integrated? Which ones are the most cost-effective?
- Key partners—Who are the key partners? Key suppliers? Which key resources are being acquired from them? Which key activities do the partners perform?
- Key activities—What key activities do the value propositions require (e.g., product distribution, research and development strategy)?
- Key resources—What key resources do the value propositions require (e.g., office, hosting requirements, human resources, financial backing, transportation, electricity)?
- Cost structure—What are the most important cost drivers in the business model? Which key resources and activities are most expensive?
- Revenue streams—How will the business make money? Who are the customers willing to pay, and for what benefit? How would they prefer to pay? How are they currently paying? How does each stream add up to the total revenue?

Teacher Resources:

- Nine Components of Business Model Canvas, Medium
- The Core of a Business – Key Activities and Resources, Crash Course Entrepreneurship
- How to Seek Help and Find Key Partners, Crash Course Entrepreneurship
- How to Build Customer Relationships, Crash Course Entrepreneurship
- Revenue Streams, Crash Course Entrepreneurship

Process/Skill Questions:

- How can the BMC be used to display the important aspects of a business idea?
- How would the BMC be used with investors?
- Why is it essential to test and validate all aspects of BMC?
- What are the financial requirements for starting a business?
- What are the key steps for setting up the day-to-day operations of a business?
- How can a new business prepare for and/or pivot during unexpected or unpredictable natural, personal, or economic challenges?
- What are the licenses and permits that entrepreneurs must obtain to start a business?