Asharqia Chamber holds a virtual meeting about the business model
Asharqia Chamber, represented by the Business Women Center, held a virtual meeting in the Entrepreneurial Series on the business model, with the aim of helping business owners from the Eastern region in developing plans for their projects on the ground, and in a practical way that can be understood and applied to business, and each of Mr. Bandar Al-Junaidi, a consultant and certified trainer for entrepreneurship, a member of the American Association of Certified Consultants (AASBC), and a trainer in the field of projects, Ms. Manal Al-Shammari.
During the meeting, which was held on Sunday 9 August 2020, the attendees were introduced to the business model diagram with the nine-building elements, which is one of the most recently invented business models.
Al-Junaidi said that the commercial business model aims to assist business owners in developing realistic plans for their projects, in a practical way that can be understood and applied, pointing to the simplicity of the model as it is presented in one page that provides a comprehensive view of all the tasks that it performs, and how it is done. This facilitates proper planning to start a new project or to reorganize an existing project.
Al-Junaidi stressed the importance of the business model scheme, as it is a common language between initiators, entrepreneurs, investors, advisors, and trainers, as well as specialists in financing emerging projects, which creates a healthy and beneficial discussion between the team members and those who help them in the feasibility of their project idea before actually starting to develop the product or provide a service.
He pointed out that the business model diagram is a quick tool to set up, and he was able to write many examples of your project idea, and each copy takes between 5 to 30 minutes, and enables you to check with quick looks and discuss with the team, mentor or any related person, pointing out that the elements of the scheme are interconnected. The business model makes it easy for you to talk about your model to others as if it is a story, and by planning the business model, we can easily and quickly write successful corporate business models and then explain them to others and learn from them to apply them in either upcoming or current projects.
During the meeting, Al-Junaidi reviewed all the nine building blocks of the business model diagram, starting with how to define the value proposition, customer segments, through customer relations, channels, revenue sources, key activities and resources, key companies, and ending with the cost structure component, and he also explained how to prepare the executive summary. For your business model, and give some advice on how to prepare the proposal for promoting the project to investors and financing.