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hello and welcome to todays lesson where were looking at the business model canvas now in this video well examine the nine steps needed to create your first business model and well look at some examples to bring the theory to life but Before we jump in and look at the canvas lets just take a brief moment to define what we mean when we use the phrase business model so a business model is defined as a plan for the successful operation of a business identifying sources of revenue the target customer base products and details of any financing now essentially it tells us how the key drivers of a business fit together now if you think about writing all this down in a document such as a word document then its obviously going to require multiple pages to capture all of that information now if you think about trying to get all that information youve just captured into your brain and playing with this in your brain then its a really complicated and confusing task and its really easy to