Key resources

Lesson Details:

Video Transcription: The next section we're going to examine in our business model canvas is the key resources that you have to secure and that are important for your business and again this is not going to be too complex so let's get right into it so the strategic assets that are needed are very often the talents in place to produce the product or deliver the service that is core and of course you need to have expertise and processes built in or sometimes intellectual property that you have created in-house to stand out and to have that unique secret sauce to your business and prevent competitors from encroaching on your business sometimes it's also supplies tools inventory or infrastructure that you need to secure often people struggle to start a business if they don't have supplies or tools or even Tory to begin so that that sometimes an issue when starting up also sometimes customer and partner relationships are the exact strategic assets that are needed and very often it's actually the funding that pays for the whole thing if you don't have the funding talent leaves you can't get the tools inventory you can do a lot of stuff we can develop intellectual property now today in the online business world there's a lot you can do with minimal funding but for many kinds of businesses it is important to understand what assets you will need and when for example many people mistake starting some kinds of businesses for example like new dating site well for something like that you really need funding because it's such a difficult business to start and there's development needed and there's marketing dollars that have to be spent so if you're starting this business without any funding that's gonna be a real challenge because your competitors have a lot of money so it's important to understand what you will need and how to secure that and if it's possible to secure that because sometimes it is easy to start a company with no money but if you want to start a restaurant or open a gym or something like that then it really becomes really hard without specific resources and so that's part of your business planning is to understand hey like for my ability to get assets or funding can I do that for a certain business and if you cannot you it might behoove you to change strategy earlier rather than later so that you can start a business that in fact you can pull off and that you can secure the strategic assets that are needed because that's gonna make an impact very soon down the road.