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In this lesson, we explore the business model canvas, focusing on the nine steps required to create your first business model and providing examples to clarify the concepts. A business model is defined as a plan for successfully operating a business, which includes identifying revenue sources, target customer demographics, products, and financing details. Essentially, it illustrates how the key components of a business interconnect. Documenting this information traditionally requires multiple pages, making it challenging to comprehend and manipulate mentally. The canvas simplifies this complexity, facilitating easier visualization and understanding of a business's structure.