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In this lesson on the business model canvas, we will explore nine steps to create your first business model and examine examples to enhance understanding. A business model is defined as a plan for successfully operating a business, identifying revenue sources, target customer base, products, and financing details. It outlines how the key drivers of a business interconnect. Capturing all this information in a document would require multiple pages, making it complicated to manage mentally. The canvas simplifies this process, allowing for a clearer and more manageable representation of a business model.