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To design a business model, the Business Model Canvas tool can be used to consider all necessary building blocks for creating, capturing, and delivering value. The canvas helps visualize how the business could operate and experiment with different components. The Triple Layered Business Model Canvas considers economic, environmental, and social aspects of a business idea. It is not necessary to complete all layers if it doesn't help in understanding the business model. The economic layer focuses on financial return, with customer segments being a useful starting point.