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Welcome to today's lesson on the business model canvas. In this video, we will discuss the nine steps needed to create your first business model and provide examples to illustrate the concepts. Before diving into the canvas, let's define a business model as a plan for the successful operation of a business, including revenue sources, target customers, products, and financing details. Essentially, a business model shows how the key components of a business work together. Capturing all this information in a document would require multiple pages, and understanding and manipulating it in your mind can be challenging.
