The first thing expected of a budding entrepreneur is about ones clarity in understanding how the value is created, delivered and captured by the business. Since a business comprises a set of inter-related subsystems, it is essential that entrepreneurs have a good visualization of the flow of value and therefore, the flow of money. It is quite possible to sketch the logic of value flow in a business and model it in a form, that can be called Business Model. Business Model is a visual framework that allows the entrepreneur as well as his team to have a common understanding of the rationale of business and works as a tool to innovate the business. Having a grip on business model, goes a long way in improving odds in the planning and operational stage of the startups. Actually, a succinct description of business model is central to elevator pitch during presentation to investors as well as during participation in a business plan competition as well as moving onto execution stage.
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