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In this session, we will study

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the business modeling with lemonade stand

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I want to give you some time

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to practice business model

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with lemonade stand example

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And also, we are going to talk about

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the very useful tool
called business model canvas

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You all know that lemonade stand

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where kids as young as
9 years old or 10 years old

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set it up in front of their house

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and sell it to their neighbors who walk by

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Then, are there any
different business model?

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What do you think?

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Please think about it for a moment

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What else could it be?

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I actually practiced in a class at university

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At first, the students are
unfamiliar with this task

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so they cannot think very well

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But when they get used to
do it a little bit

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then they come up with endless ideas

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I'm pretty sure that you do too

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Lemonade, two kids, in front of house

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and just target to the neighbors

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who stop by or walk by

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Is there any different business model?

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What kind of business model we have learned?

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What kind of business model?

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Please remind of many
different types of business model

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Let's make a business model together

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So what about this?

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Why do we sell lemonade in front of my house?

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Right, because not too many people walk by

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So, we can just simply
move to the crowded area

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Busy places or event venue and so on

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Then we can get more money

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This is from a business model point of view

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Actually, this is still sales model

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not differentiated from
original sales model of

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lemonade in front of the house

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We just simply change our locations

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Is there anything else?

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What do you think?

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Why is it only targeting people
who are passing by?

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You can provide the delivery service

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to the people who are far away
from your lemonade stand

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Then you can take order by the phone

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It's going to be very famous

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It's because of word of mouth

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But then think about
the business model point of view

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Although you add up
delivery service for the consumer

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this business model is
still sales business model

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Let's think beyond the sales business model

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What about it?

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How about subscription?

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A couple of lemonade every morning
only $15 a month

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Maybe we must target the neighbors

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who came to work every morning

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and then they are commuter
and then they are going to drive to work

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So, we hope you get

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a place close to the street

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Then you can meet 
the commuters every morning

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This is kind of monthly charge
subscription business model

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Subscription business model is

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way beyond just a simple
sales business model

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I think it's a great business model

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Every morning, one cup of lemonade

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What about the other business model

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that can be applied to this lemonade stand?

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What about bait and hook business model?

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Let's think about the bait and hook business model

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How can we apply
these types of business model

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into the lemonade stand?

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Look at this picture

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You are giving people free samples

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and if people like it,

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then you can sell a bottle of lemonade

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that you already prepared

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It is like kind of
a testing corner at a grocery store

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It is not just a simple sales business model

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It is a little bit different

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Your sample of the lemonade
is kind of a bait

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and the bottle of lemonade
is kind of a hook

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It is a good example of
the bait and hook business model

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What other business model?

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Yes, how about this?

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Lemonade is free or very cheap

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Instead, consumers have to sit in your chair

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And later they pay for the chair

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How much?

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It is $10 an hour

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$10 for an hour

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So, the lemonade is free,

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but the consumer should pay
the usage of the chair

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So, in this case
you are not selling lemonade

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You are selling the hour of chair

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So, the lemonade itself is
kind of a bait,

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and chair is a hook

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Do you understand that?

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Isn't it simple, right?

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What about other
bait and hook business model?

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It can be applied to the variety of ways

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So in this case,
you are not selling lemonade

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You are not selling the hour of chair

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You are making and selling

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entire lemonade stand

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So you are a furniture company

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If people like lemonade a lot,

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then many of them want to
sell lemonade at a lemonade stand

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What do they need?

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Yes, of course

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They need entire lemonade stand furniture,

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and they need some needed materials

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Like a bucket

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Like lemons

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Like devices to make lemonade

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Or like a cup

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Even cup, right?

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So, our business model is not

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sales business model
of the cup of the lemonade

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Our business model is kind of

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a manufacturing business model
of entire lemonade stand

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You look like I care for the lemonade

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This is a bait and hook business model

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Your lemonade is kind of bait,

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and manufacturing and selling

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entire lemonade stand
as a furniture is a real hook

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Let's move on to
another type of business model,

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which is a freemium business model

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What about it?

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Lemonade is sold free of charge,

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but we have a premium lemonade,

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which is iced lemonade

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Think about it

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It is very expensive to sell
on a hot summer day, right?

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And you are putting a couple of
ices on the lemonade,

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and you make an iced lemonade

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Basically, you charge the money on the ice

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It is a kind of a good application of

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freemium business model
to your lemonade stand

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Think about hot summer day

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Most people need iced lemonade

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Who want to drink hot lemonade
on a summer day?

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So, probably, they are willing to pay

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your premium iced lemonade for sure

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And what about advertising business model?

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In this case

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you are not actually
doing lemonade sales business

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You are the one
who organize and run event

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Think about this

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We planned the busking event,
and we gather people around

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We kind of give them free lemonade

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and we can get a lot of people

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Let's say, for example,

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we guarantee 100 people
because of your free lemonade

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And then, you offer your
10 people guarantee to the busking

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to the music band
who need the busking event

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And we invite the music band

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to come and play in our busking event

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Then, we can get the money from

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music band, not from the consumers

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These guys, consumers,
have free lemonade from us

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Why?

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Because our business model
is advertising business model

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We advertise music band,

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and we charge the money
to the music band

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So, it's kind of a Google for the lemonade

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or Facebook for the lemonade,

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or Pokemon Go for the lemonade

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What about two-sided platform?

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You are not selling lemonade,
but you are a platform

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What kind of platform?

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Let's say you organized
a blind date platform

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You arrange a blind date,

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and you get paid from both sides
Man and woman

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You got the waiting list,

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and then you invite each of them,

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and then you prepare for table and chair

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And the blind date venue is

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our the lemonade stand

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Then, you will give free lemonade

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to the participant in this blind date

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And, of course, both two people

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pay for the service for you

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This is a simple example of

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the two-sided platform business model

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that applies to the lemonade stand example

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Did it help you understand
the business model?

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Let's move on to the most common tool

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that you actually use
in your business modeling

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It is called as the business model canvas

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I prepared the short video,

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and let's take a look at
the video for yourself

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And, it could be a two-minute video,

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and you will understand right away

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Let's watch it together

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How is it?

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Easy to understand, isn't it?

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There are a total of nine building blocks

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And on the right side of
this picture on your screen,

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it is about the consumer section

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On the other hand,
on the left side of this picture,

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it's about a resource section
or your company section

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So, you can understand it this way

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Half of them are consumer side,

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half of them are
your resources or your companies

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What about in the middle?

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In the middle, there is a value proposition

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The value proposition is not about

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your content of your service or product

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It's about what consumers feel

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and the value they feel
through your businesses

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Isn't it the same?

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No, it is a little bit different

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I will show you

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For example

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Do you remember the subscription model

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that gave people a cup of lemon

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for every day in the morning,
about $15 a month?

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What is the value proposition
of these businesses?

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What is that?

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Is it just lemonade?

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Yes, everyday lemonade

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Everyday early morning lemonade

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Lemonade itself is a product

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Early morning lemonade

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is a combination of the product and service

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On the business model canvas,

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we don't write about
your product and service

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We should write down the value

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that the consumer perceived
from your product and service

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Value proposition in this subscription,

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the business model
of the lemonade stand

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What about it?

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Maybe the commuter every morning,

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feel that they can get the energy

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from the early morning lemonade

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It's kind of energy in the morning

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Energy in the morning from the lemonade

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That could be a value proposition

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I need energy early in the morning,

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so that's why I stop by your lemonade,

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especially for the kids who want the lemonade

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Wow, how is it cute?

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Wow, how is it cute?

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So I have a kid,
and I want to cheer them up

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This is kind of a desire to
cheer the children in my neighborhood

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That could be commuter
in your neighborhood

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The value proposition

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And also, another value proposition would be

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the pride of seeing
young kids work every morning

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I'm really proud of you guys

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This is kind of value proposition

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And also, what about feeling happy?

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Every morning when I stop by
your lemonade stand,

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I feel happy about it

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Because I'm watching you
work very well and very diligent,

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so this phenomena gave me
some kind of happiness

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So, the value proposition from

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every morning lemonade has many values

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Energy, happiness, cheer up, pride

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Something like that

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So we need to think this way

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But, I already knew that

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it is not easy to figure out
your value proposition

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You should get out of
your product and service

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So, look at the channel

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Channel, there is a truck

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So many people are
confused about what channel is

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The right meaning of the channel is

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thinking about how consumer

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get to know your company or your service

272
00:16:12.700 --> 00:16:13.650
For example

273
00:16:13.650 --> 00:16:16.450
If your company is a mobile application,

274
00:16:16.450 --> 00:16:21.000
then the channel will be like an Apple Store

275
00:16:21.000 --> 00:16:25.450
Because you will upload
your mobile application on Apple Store

276
00:16:26.000 --> 00:16:29.300
Or if your business is a restaurant business,

277
00:16:29.300 --> 00:16:36.000
then, a local sign would be your channel

278
00:16:36.000 --> 00:16:39.650
And what about delivery applications?

279
00:16:39.650 --> 00:16:41.750
Food delivery application will be

280
00:16:41.750 --> 00:16:45.000
good channel for consumer,
for your businesses

281
00:16:45.000 --> 00:16:49.150
Because they get to know you from

282
00:16:50.450 --> 00:16:53.200
on-demand food delivery applications

283
00:16:54.700 --> 00:16:56.550
This is channel

284
00:16:56.550 --> 00:17:01.400
And how did you learn about
the Hanyang University online class?

285
00:17:01.400 --> 00:17:03.050
Yes, of course

286
00:17:04.600 --> 00:17:09.400
That place you reach out
Hanyang University online lecture

287
00:17:09.400 --> 00:17:11.500
is Hanyang University channel

288
00:17:12.400 --> 00:17:14.400
So, now you understand what is channel

289
00:17:14.400 --> 00:17:17.450
What about the consumer relationship?

290
00:17:17.450 --> 00:17:20.500
So, the consumer relationship refers to

291
00:17:20.500 --> 00:17:25.000
how your company
interacts with the consumers

292
00:17:25.450 --> 00:17:26.600
For example

293
00:17:26.600 --> 00:17:29.450
You can visit them in person

294
00:17:29.450 --> 00:17:32.150
or respond by phone

295
00:17:32.600 --> 00:17:34.650
If your company is a mobile application,

296
00:17:34.650 --> 00:17:38.750
then it's likely to operate
the consumer relationship

297
00:17:38.750 --> 00:17:42.000
through the 24-hour, 7-day self-service

298
00:17:42.400 --> 00:17:45.700
In this case,
you don't talk to your consumer directly

299
00:17:45.700 --> 00:17:49.100
Instead, you have automated system

300
00:17:49.100 --> 00:17:50.850
to deal with the consumer feedback

301
00:17:50.850 --> 00:17:54.400
and to increase the consumer satisfaction

302
00:17:54.400 --> 00:17:57.050
If you are a B2B company,

303
00:17:57.050 --> 00:18:00.450
then probably you should send out
your salesperson directly

304
00:18:00.450 --> 00:18:02.500
to your consumer site

305
00:18:02.550 --> 00:18:04.800
So, in this case,

306
00:18:04.800 --> 00:18:08.000
your consumer relationship occur in person

307
00:18:08.500 --> 00:18:12.150
So, it depends on what business you are in

308
00:18:13.850 --> 00:18:17.450
What about key activities on the left side?

309
00:18:17.450 --> 00:18:21.350
Key activities means
your daily work for your businesses

310
00:18:21.350 --> 00:18:22.300
For example

311
00:18:22.300 --> 00:18:26.200
If your business is a cafeteria,

312
00:18:26.200 --> 00:18:29.250
then you need to serve coffee and tea,

313
00:18:29.250 --> 00:18:33.400
and also you clean up the floor every day

314
00:18:33.400 --> 00:18:37.800
So, serving tea or coffee

315
00:18:37.800 --> 00:18:40.300
and cleaning your floor

316
00:18:40.300 --> 00:18:41.850
would be your key activities

317
00:18:41.850 --> 00:18:46.500
And also, you manage your part-timers

318
00:18:46.800 --> 00:18:51.750
Those are all your key activities
if your business is a cafeteria

319
00:18:52.350 --> 00:18:54.450
If your business is a mobile application,

320
00:18:54.450 --> 00:18:56.300
then what is your key activities?

321
00:18:56.300 --> 00:18:57.100
Yes, of course

322
00:18:57.100 --> 00:18:59.400
It's management of your mobile application

323
00:18:59.400 --> 00:19:01.550
or scheduling of your mobile application,

324
00:19:01.550 --> 00:19:05.650
maintaining your mobile application
in terms of technology

325
00:19:05.650 --> 00:19:09.250
Those are all key activities
for your businesses

326
00:19:13.050 --> 00:19:16.000
Let's take a real-world example

327
00:19:16.200 --> 00:19:19.250
Have you heard about the name of Zipcar?

328
00:19:19.250 --> 00:19:23.000
Zipcar is not the rent car services

329
00:19:23.000 --> 00:19:27.000
In order to use a Zipcar, 
you should be a member

330
00:19:27.600 --> 00:19:30.700
Zipcar charges
annual membership to you

331
00:19:30.700 --> 00:19:33.050
And also, you download the application,

332
00:19:33.050 --> 00:19:36.000
then you make a reservation from the application,

333
00:19:36.000 --> 00:19:40.350
and then you find out the available time slot,

334
00:19:40.350 --> 00:19:42.000
and you make a reservation

335
00:19:42.000 --> 00:19:44.500
Then, you have a key

336
00:19:44.500 --> 00:19:46.600
because you are a member of the Zipcar

337
00:19:46.600 --> 00:19:48.850
Then, you approach to the car,

338
00:19:48.850 --> 00:19:51.700
parked in the parking side, parking lot,

339
00:19:51.700 --> 00:19:54.900
then you touch your key onto the car,

340
00:19:54.900 --> 00:19:56.550
then you unlock the car

341
00:19:56.800 --> 00:20:01.000
Then, the Zipcar 
allows you to drive this car

342
00:20:01.750 --> 00:20:06.000
for three hours or four hours
whatever you want

343
00:20:06.000 --> 00:20:08.400
And then later, if the time's up,

344
00:20:08.400 --> 00:20:12.000
then you park at the same places,

345
00:20:12.000 --> 00:20:15.650
and you simply return your car

346
00:20:15.650 --> 00:20:17.300
into the same parking spot

347
00:20:17.300 --> 00:20:20.400
This is the business model of the Zipcar

348
00:20:20.400 --> 00:20:22.450
And in Korea, we have Socar

349
00:20:22.450 --> 00:20:27.500
Socar exactly copies
the same concept of the Zipcar

350
00:20:27.500 --> 00:20:31.300
How does Zipcar idea come from?

351
00:20:31.300 --> 00:20:35.250
Zipcar's idea came from the discussion

352
00:20:35.250 --> 00:20:38.000
between these two women

353
00:20:38.550 --> 00:20:43.200
These two women met together
in Boston at the elementary school

354
00:20:43.200 --> 00:20:47.900
Because they have 10 years old

355
00:20:47.900 --> 00:20:50.700
elementary school students as their kids

356
00:20:50.700 --> 00:20:52.650
So, they met together,

357
00:20:52.650 --> 00:20:56.150
and they discussed about traffic jam in Boston

358
00:20:56.150 --> 00:21:01.000
because Boston is well-known for
the horrible traffic jam

359
00:21:01.000 --> 00:21:03.850
And then, Robin Chase at that time,

360
00:21:03.850 --> 00:21:06.000
she was around 44 years old,

361
00:21:06.000 --> 00:21:08.350
and Danielson came from Germany

362
00:21:08.350 --> 00:21:10.300
She was a very similar age

363
00:21:10.300 --> 00:21:16.000
and they recognized the problem
of the traffic jam in Boston,

364
00:21:16.000 --> 00:21:20.950
and they were frustrated about
nobody can solve this problem

365
00:21:20.950 --> 00:21:23.550
And then, Danielson said that

366
00:21:23.800 --> 00:21:27.600
Wait a minute, in Europe,
because she came from Germany,

367
00:21:27.600 --> 00:21:30.450
In Europe, we have such a good solution

368
00:21:30.450 --> 00:21:36.000
which is the core of
the car sharing business concept

369
00:21:36.000 --> 00:21:40.600
Car sharing business concept
is called as car club or car co-ops

370
00:21:40.600 --> 00:21:45.150
This is alternative car ownership

371
00:21:46.350 --> 00:21:47.750
How can we use?

372
00:21:47.900 --> 00:21:50.700
We can use the kind of car

373
00:21:50.700 --> 00:21:56.000
based on our driving time or our mileage

374
00:21:57.300 --> 00:22:01.550
It began in the European countries in 1978,

375
00:22:01.550 --> 00:22:03.000
which is Switzerland

376
00:22:03.200 --> 00:22:08.950
And by 2010,
there were 500,000 members in Europe

377
00:22:09.500 --> 00:22:11.800
Germany, UK, and Switzerland

378
00:22:11.800 --> 00:22:17.400
had 75% of the members
for the car sharing service

379
00:22:17.400 --> 00:22:19.150
Also, in Europe,

380
00:22:19.150 --> 00:22:22.700
there are about
200 car sharing organizations,

381
00:22:22.700 --> 00:22:26.750
and also we have
12,000 cars available to the members

382
00:22:26.750 --> 00:22:29.400
So, this car sharing business is

383
00:22:29.400 --> 00:22:33.000
so popular in European countries already

384
00:22:33.550 --> 00:22:37.400
So, why car sharing business
is so popular in Europe?

385
00:22:37.900 --> 00:22:42.850
Because the consumers
have their own problem,

386
00:22:42.850 --> 00:22:48.000
which is it is very expensive
for us to have a car

387
00:22:49.050 --> 00:22:52.400
And then another problem was

388
00:22:52.400 --> 00:22:55.000
there is a big hole in the market

389
00:22:55.000 --> 00:22:58.950
for kind of short-term basis
car rental businesses

390
00:22:59.550 --> 00:23:02.800
Think about if you go to
the traditional rental car service,

391
00:23:02.800 --> 00:23:05.650
then you rent out the car daily-based

392
00:23:05.650 --> 00:23:08.300
But I need just three-hour driving

393
00:23:08.300 --> 00:23:10.150
because of the grocery shopping

394
00:23:10.150 --> 00:23:12.500
But there is such a solution

395
00:23:13.150 --> 00:23:16.800
So, this is kind of a big hole in the market

396
00:23:17.550 --> 00:23:19.100
And also,

397
00:23:19.100 --> 00:23:22.650
I want to drive the car nearby my house

398
00:23:22.650 --> 00:23:27.350
There is no on-demand
private car access available

399
00:23:27.350 --> 00:23:30.000
These are two big problems

400
00:23:30.000 --> 00:23:32.800
So, that's why the people in Europe

401
00:23:32.800 --> 00:23:36.000
use the car sharing business a lot

402
00:23:37.500 --> 00:23:39.000
What about America?

403
00:23:39.000 --> 00:23:41.350
Although it is growing in Europe

404
00:23:41.350 --> 00:23:46.100
U.S. market is not touched by 1999

405
00:23:46.200 --> 00:23:52.950
In 1999, so many American people
lived in top 20 metropolitan area

406
00:23:54.300 --> 00:23:58.450
Although so many people live in big cities,

407
00:23:59.450 --> 00:24:03.650
there are such a similar concept, similar services

408
00:24:04.100 --> 00:24:10.250
unless only two or three businesses
located in the West Coast

409
00:24:10.250 --> 00:24:12.300
In America, there are only two companies

410
00:24:12.300 --> 00:24:15.450
Car-sharing Inc in Portland,

411
00:24:15.450 --> 00:24:18.000
and Flexcar in Seattle

412
00:24:18.200 --> 00:24:22.000
Those companies are located in the West Coast

413
00:24:22.000 --> 00:24:25.000
But what about Robin Chase and Danielson?

414
00:24:25.000 --> 00:24:28.000
They lived in Boston, which is the East Coast

415
00:24:28.000 --> 00:24:30.000
They are far away

416
00:24:30.000 --> 00:24:32.250
So, that's why

417
00:24:32.250 --> 00:24:35.200
Robin Chase and Danielson decided to

418
00:24:35.200 --> 00:24:38.000
work together to develop the very similar

419
00:24:38.000 --> 00:24:41.000
car sharing business in Boston area

420
00:24:42.300 --> 00:24:45.500
Then they developed value proposition

421
00:24:45.500 --> 00:24:49.300
Again, the value proposition is
not the product or not the service itself

422
00:24:49.300 --> 00:24:52.800
Value proposition is something unique value

423
00:24:52.800 --> 00:24:57.300
that consumer perceive
from your service and your product

424
00:24:57.300 --> 00:25:01.200
So what could be
value proposition for their consumers?

425
00:25:01.200 --> 00:25:03.000
What about easy to use?

426
00:25:03.000 --> 00:25:06.000
Yes, great, easy to use is a great value

427
00:25:06.000 --> 00:25:07.800
And what about freedom to travel?

428
00:25:07.800 --> 00:25:10.000
Freedom to travel

429
00:25:10.000 --> 00:25:11.500
And has free ownership

430
00:25:11.500 --> 00:25:12.450
For whom?

431
00:25:12.450 --> 00:25:16.350
For the people who live in metropolitan area

432
00:25:17.550 --> 00:25:20.500
And then, the founding team of the Zipcar

433
00:25:20.500 --> 00:25:23.150
emphasized on convenience and cost saving

434
00:25:23.150 --> 00:25:24.050
Why convenience?

435
00:25:24.050 --> 00:25:32.150
Because we will provide you
with very great access to our car

436
00:25:32.150 --> 00:25:34.300
Because we will put our car

437
00:25:34.300 --> 00:25:37.550
nearby your house or your workplaces

438
00:25:37.900 --> 00:25:40.000
And what about cost saving?

439
00:25:40.000 --> 00:25:43.000
You don't have to pay daily base rent car

440
00:25:43.900 --> 00:25:46.400
You pay just three-hour driving for us,

441
00:25:46.400 --> 00:25:48.000
or what, four-hour driving

442
00:25:48.500 --> 00:25:50.250
So that's why we can

443
00:25:50.250 --> 00:25:54.450
save the cost if you use our Zipcar service

444
00:25:55.200 --> 00:25:57.050
But the key concern was the technology

445
00:25:57.050 --> 00:25:58.400
Because they don't have technology

446
00:25:58.400 --> 00:26:00.500
They don't know how to unlock the car,

447
00:26:00.500 --> 00:26:01.800
how to lock the car,

448
00:26:01.800 --> 00:26:04.000
and how to make a reservation
through the website,

449
00:26:04.000 --> 00:26:05.500
through the application

450
00:26:05.500 --> 00:26:07.300
They don't have technology

451
00:26:07.300 --> 00:26:11.100
And also, they didn't have price structure

452
00:26:11.100 --> 00:26:14.650
They don't know how much
they charge to the consumer

453
00:26:14.650 --> 00:26:18.800
They don't know how much
they charge to the subscription fee

454
00:26:19.303 --> 00:26:23.553
So they tried to develop
those technologies and prices

455
00:26:23.553 --> 00:26:26.553
This is initial price structure

456
00:26:26.553 --> 00:26:29.953
What about $25 nonrefundable application fee?

457
00:26:29.953 --> 00:26:34.003
$300 fully refundable security deposit?

458
00:26:34.003 --> 00:26:36.603
And $300 annual subscription fee?

459
00:26:36.603 --> 00:26:40.053
This is subscription fee

460
00:26:40.053 --> 00:26:43.853
Then they charge the service for use

461
00:26:43.853 --> 00:26:44.753
For example

462
00:26:44.753 --> 00:26:47.853
What about $1.5 per hour

463
00:26:47.853 --> 00:26:51.803
and $0.4 per mile?

464
00:26:52.307 --> 00:26:56.757
Then later, they evaluated their initial prices

465
00:26:56.757 --> 00:27:01.057
Then they figured out it is not realistic

466
00:27:01.057 --> 00:27:04.657
So they revised their price structure

467
00:27:04.657 --> 00:27:07.857
They decreased annual subscription fee

468
00:27:07.857 --> 00:27:10.907
from $300 to $75

469
00:27:11.207 --> 00:27:13.257
At the same time

470
00:27:13.257 --> 00:27:18.507
they increased service charge for the usage

471
00:27:18.507 --> 00:27:22.207
from $1.5 to $4.5

472
00:27:22.557 --> 00:27:26.407
When I used the Zipcar service
many years ago in America,

473
00:27:26.407 --> 00:27:30.907
I paid just $10 because I lived in NY

474
00:27:30.907 --> 00:27:35.957
I think, these days, probably the price
has also increased again

475
00:27:38.203 --> 00:27:43.253
Then later, they planned
their financial projection

476
00:27:43.864 --> 00:27:47.314
This looks like a great financial projection

477
00:27:47.314 --> 00:27:50.164
When you write down your business plan,

478
00:27:50.164 --> 00:27:53.164
you need to follow this exact step

479
00:27:53.164 --> 00:27:56.864
So, you prepare for
the financial plan at least 5 years

480
00:27:56.864 --> 00:27:59.214
They prepare a 5-year financial plan,

481
00:27:59.214 --> 00:28:03.464
which is revenue, cost,
and also there is asset, equity, and debt

482
00:28:03.464 --> 00:28:07.314
We are going to talk about it
in a little more detail

483
00:28:09.064 --> 00:28:11.164
So, they are ready to set up

484
00:28:11.164 --> 00:28:13.064
So they created a website

485
00:28:13.064 --> 00:28:16.114
This is kind of an early version of
the website of the Zipcar

486
00:28:16.114 --> 00:28:18.864
Right now,
Zipcar developed a mobile application

487
00:28:18.864 --> 00:28:20.864
So many people, Zipcar users,

488
00:28:20.864 --> 00:28:23.864
just open up their mobile application

489
00:28:23.864 --> 00:28:26.064
and they use a mobile application

490
00:28:26.064 --> 00:28:29.514
They never use the website these days

491
00:28:31.564 --> 00:28:35.964
And also, they try to meet the parking space,

492
00:28:35.964 --> 00:28:39.214
so they contract a local parking lot

493
00:28:39.214 --> 00:28:43.314
The left picture is a parking lot

494
00:28:43.314 --> 00:28:49.014
in the area of the commercial area
of Washington, D.C

495
00:28:49.014 --> 00:28:52.664
and the right picture is a parking lot

496
00:28:52.664 --> 00:28:55.614
at Notre Dame University, Indiana

497
00:28:55.614 --> 00:28:58.464
So, how many cars park over there?

498
00:28:58.464 --> 00:29:00.714
You know, around 1, 2, 3, 4, 5

499
00:29:00.714 --> 00:29:06.364
Five cars parked on the campus
of Notre Dame University

500
00:29:06.364 --> 00:29:08.214
So, the Notre Dame University,

501
00:29:08.214 --> 00:29:10.864
the students at Notre Dame University

502
00:29:10.864 --> 00:29:13.764
probably live at the dormitory together

503
00:29:13.764 --> 00:29:16.164
Then not many people have a car

504
00:29:16.164 --> 00:29:18.364
So, sometimes they need a car

505
00:29:18.364 --> 00:29:20.864
because they want to go outside as a date

506
00:29:20.864 --> 00:29:23.414
or they want to go to the grocery shopping,

507
00:29:23.414 --> 00:29:27.414
but they don't want to
rent out the car daily basis

508
00:29:27.414 --> 00:29:30.114
And also,
where are the rental car services located?

509
00:29:30.114 --> 00:29:32.114
Yes, airport

510
00:29:32.614 --> 00:29:33.964
If you go to the airport

511
00:29:33.964 --> 00:29:36.864
from Notre Dame University
to the Indianapolis

512
00:29:36.864 --> 00:29:39.214
then it could be two hours driving

513
00:29:39.214 --> 00:29:40.164
They don't have a car

514
00:29:40.164 --> 00:29:41.414
How do they get to the airport?

515
00:29:41.414 --> 00:29:42.864
So, it is nonsense

516
00:29:42.864 --> 00:29:45.714
So, that's why they need

517
00:29:45.714 --> 00:29:47.914
a Zipcar types of service

518
00:29:48.914 --> 00:29:51.764
Easy to use, hassle-free ownership

519
00:29:51.764 --> 00:29:54.714
and great access to the campus

520
00:29:56.464 --> 00:29:59.864
And then, they created a marketing plan

521
00:29:59.864 --> 00:30:03.164
For example, they made the logo

522
00:30:03.164 --> 00:30:07.614
and they distributed a postcard as a flyer

523
00:30:07.614 --> 00:30:11.414
And then, they tried to
speak to local communities

524
00:30:11.414 --> 00:30:16.614
And they used this green beetle car at first

525
00:30:16.614 --> 00:30:19.014
to attract attention from the public

526
00:30:19.014 --> 00:30:20.864
So, the local newspaper,

527
00:30:20.864 --> 00:30:23.514
they covered this story about the Zipcar

528
00:30:23.514 --> 00:30:27.414
After that, so many people
get to know the Zipcar service

529
00:30:27.414 --> 00:30:29.364
Then, later, they successfully attracted

530
00:30:29.364 --> 00:30:33.564
so many subscribers, so many users

531
00:30:34.864 --> 00:30:39.764
So now, I think you are ready to draw

532
00:30:39.764 --> 00:30:41.864
the business model canvas

533
00:30:42.414 --> 00:30:44.664
Look at this picture

534
00:30:44.664 --> 00:30:47.114
This is a business model canvas

535
00:30:47.114 --> 00:30:50.264
that has nine building blocks,
as you already know

536
00:30:50.864 --> 00:30:54.564
In order to draw the business model,

537
00:30:54.564 --> 00:30:58.264
then you'd better have the 3M Post-it

538
00:30:58.264 --> 00:31:00.064
It can be very useful

539
00:31:00.064 --> 00:31:02.314
Let's apply the Zipcar service

540
00:31:02.314 --> 00:31:04.864
to your business model campus

541
00:31:05.114 --> 00:31:06.464
In the middle, what it is?

542
00:31:06.464 --> 00:31:08.664
That is the value proposition

543
00:31:08.664 --> 00:31:10.364
And we say it is offer

544
00:31:10.364 --> 00:31:12.864
Value proposition, offer, same thing

545
00:31:12.864 --> 00:31:16.714
But it is not your service
and your product itself

546
00:31:17.214 --> 00:31:19.614
This is kind of a real value

547
00:31:19.614 --> 00:31:23.414
that consumer can perceive
from your service and product

548
00:31:23.414 --> 00:31:26.164
What could be a great value for the consumer

549
00:31:26.164 --> 00:31:28.364
if they use your Zipcar service?

550
00:31:28.364 --> 00:31:29.514
What is that?

551
00:31:29.964 --> 00:31:31.114
As you already mentioned that,

552
00:31:31.114 --> 00:31:35.814
it's a cheap and hassle-free car ownership

553
00:31:35.814 --> 00:31:40.464
or easy-to-use car or cost-saving

554
00:31:41.564 --> 00:31:43.364
Or convenient car ownership,

555
00:31:44.964 --> 00:31:49.414
Who is your target consumers?

556
00:31:49.664 --> 00:31:52.814
Who will use your Zipcar service?

557
00:31:53.364 --> 00:31:56.464
Probably the people who drive a car

558
00:31:56.464 --> 00:31:59.214
three hours at best

559
00:31:59.214 --> 00:32:02.814
Because they drive a car for grocery shopping

560
00:32:02.814 --> 00:32:05.414
Or what about the university student

561
00:32:05.414 --> 00:32:09.764
who don't need a car on weekday,

562
00:32:09.764 --> 00:32:13.864
but they need a car a little bit on weekend

563
00:32:14.214 --> 00:32:18.864
So our target consumer would be

564
00:32:19.264 --> 00:32:22.464
the city resident who need a car sometimes

565
00:32:22.464 --> 00:32:25.464
or university student who live in campus

566
00:32:25.664 --> 00:32:27.864
who need a car sometimes

567
00:32:28.664 --> 00:32:31.664
And how does Zipcar make money?

568
00:32:31.664 --> 00:32:33.364
This is a revenue stream

569
00:32:33.364 --> 00:32:35.564
How does Zipcar make money?

570
00:32:35.564 --> 00:32:39.014
Zipcar make money from
the annual subscription fee

571
00:32:39.014 --> 00:32:44.214
And also Zipcar charge 
the service fee for usage

572
00:32:45.314 --> 00:32:47.864
Look at this, channels

573
00:32:48.214 --> 00:32:51.414
How do consumers reach out your service?

574
00:32:51.414 --> 00:32:53.714
They can find out your service

575
00:32:53.714 --> 00:32:57.214
through the online and through the phone

576
00:32:57.214 --> 00:33:01.164
And they can see your Zipcar sign
on the parking spot

577
00:33:01.164 --> 00:33:02.714
And they were curious

578
00:33:02.714 --> 00:33:03.864
What is that?

579
00:33:03.864 --> 00:33:05.164
This is a Zipcar

580
00:33:05.164 --> 00:33:07.664
And they probably ask somebody,

581
00:33:07.664 --> 00:33:08.814
What is a Zipcar?

582
00:33:08.814 --> 00:33:11.264
And then somebody ask if they are members

583
00:33:11.264 --> 00:33:13.264
and they can explain what it is

584
00:33:13.264 --> 00:33:15.514
Zipcar is kind of

585
00:33:15.514 --> 00:33:17.564
cheap and hassle-free car ownership service

586
00:33:18.714 --> 00:33:21.414
What about the consumer relationship?

587
00:33:21.414 --> 00:33:24.164
So, you have website
and mobile application

588
00:33:24.164 --> 00:33:27.864
and you don't have to meet your
regular consumers in person

589
00:33:27.864 --> 00:33:31.514
So, you prepare 24 hours,
7 days consumer service

590
00:33:31.514 --> 00:33:36.514
and also this consumer service
can be done by automatic self-service

591
00:33:37.164 --> 00:33:39.564
So we've done on the right side,

592
00:33:39.564 --> 00:33:41.114
which is a consumer-related side

593
00:33:41.114 --> 00:33:43.564
Let's look at the left side,

594
00:33:43.564 --> 00:33:46.514
which is a resources side
or your company side

595
00:33:47.164 --> 00:33:48.864
And what about your key activities

596
00:33:48.864 --> 00:33:51.214
to manage your businesses as a Zipcar?

597
00:33:51.214 --> 00:33:55.014
Of course, you do the marketing

598
00:33:55.564 --> 00:33:57.164
And what about scheduling?

599
00:33:57.164 --> 00:33:59.864
Because you have a lot of consumers

600
00:33:59.864 --> 00:34:03.314
And you need to make
optimal scheduling each other

601
00:34:03.314 --> 00:34:06.564
And also, you need to analyze who like what,

602
00:34:06.564 --> 00:34:07.864
something like that

603
00:34:07.864 --> 00:34:09.864
And also, you should negotiate with

604
00:34:09.864 --> 00:34:11.864
parking spot owners

605
00:34:11.864 --> 00:34:14.264
So, for example, Notre Dame University,

606
00:34:14.264 --> 00:34:16.164
you may negotiate with the president

607
00:34:16.164 --> 00:34:19.464
of Notre Dame University
to set up your Zipcar sign

608
00:34:19.464 --> 00:34:23.164
on your parking lot at
Notre Dame University, Indiana

609
00:34:23.614 --> 00:34:25.764
What about key resources?

610
00:34:25.764 --> 00:34:29.364
Of course, in order to run your businesses,
you should have car

611
00:34:29.364 --> 00:34:31.614
Without car, you cannot do the businesses

612
00:34:31.614 --> 00:34:32.864
And parking spot

613
00:34:32.864 --> 00:34:36.264
Your car should be parked in a certain place

614
00:34:36.264 --> 00:34:37.314
And what about platform?

615
00:34:37.314 --> 00:34:39.864
Without the platform,
no one can make a reservation

616
00:34:39.864 --> 00:34:41.864
And website application

617
00:34:43.864 --> 00:34:47.864
In order to manage
those resources and key activities,

618
00:34:47.864 --> 00:34:50.314
you should have employees

619
00:34:51.114 --> 00:34:53.864
Then you should pay salary for them

620
00:34:53.864 --> 00:34:57.214
And if we have car,
you need to maintain the cars

621
00:34:57.214 --> 00:35:00.164
And, of course, you put the gas

622
00:35:00.164 --> 00:35:02.864
and you pay the insurance fee

623
00:35:02.864 --> 00:35:06.064
You pay the parking fee

624
00:35:06.064 --> 00:35:10.864
for the university or the other landlord

625
00:35:11.214 --> 00:35:12.664
Who would be your partners?

626
00:35:12.664 --> 00:35:16.764
The last one is partner network

627
00:35:16.914 --> 00:35:19.414
You are investors of your partners

628
00:35:19.414 --> 00:35:22.664
And your local community
could be your partners

629
00:35:22.664 --> 00:35:24.864
And payment company
could be your partners

630
00:35:24.864 --> 00:35:28.864
And parking point owners
could be your partners

631
00:35:30.414 --> 00:35:31.614
What do you think?

632
00:35:32.614 --> 00:35:34.464
It's not difficult

633
00:35:34.464 --> 00:35:37.214
It's not that difficult
than you expected, right?

634
00:35:37.214 --> 00:35:40.614
And then you can draw
your business model canvas

635
00:35:40.614 --> 00:35:42.514
if you have business ideas

636
00:35:42.514 --> 00:35:44.864
So I recommend you guys to

637
00:35:44.864 --> 00:35:48.514
 conduct the business model canvas many times

638
00:35:48.514 --> 00:35:50.814
before you start your real businesses

639
00:35:50.814 --> 00:35:53.264
Because it will be very helpful for you to

640
00:35:53.264 --> 00:35:55.714
revise and refine your businesses

641
00:35:55.714 --> 00:35:57.064
And later,

642
00:35:57.514 --> 00:36:01.014
it will make your business ideas more reliable

643
00:36:02.464 --> 00:36:04.514
What happened to the Zipcar?

644
00:36:04.514 --> 00:36:06.414
In January 2013,

645
00:36:06.414 --> 00:36:08.864
Avis, which is a global rental car service,

646
00:36:08.864 --> 00:36:10.714
purchased a Zipcar for how much?

647
00:36:10.714 --> 00:36:12.664
$491 million

648
00:36:12.664 --> 00:36:14.864
And then two founders
became the billionaire

649
00:36:15.414 --> 00:36:20.164
And Danielson became
the administrative director

650
00:36:20.164 --> 00:36:22.214
at one of the universities

651
00:36:22.214 --> 00:36:25.164
Robin Chase went to France

652
00:36:25.164 --> 00:36:29.064
and she started another kind of
similar business in France

653
00:36:31.064 --> 00:36:32.564
Let me summarize

654
00:36:35.564 --> 00:36:38.664
As we practiced through the lemonade stand,

655
00:36:38.664 --> 00:36:41.964
same business can have
a different business model

656
00:36:43.414 --> 00:36:44.864
So we can apply

657
00:36:44.864 --> 00:36:46.864
the bait-and-hook business model

658
00:36:46.864 --> 00:36:50.214
into our simple lemonade stand businesses

659
00:36:50.214 --> 00:36:53.364
or we can apply some
subscription business model

660
00:36:53.364 --> 00:36:54.864
into our lemonade stand

661
00:36:54.864 --> 00:36:58.514
or we can apply the platform businesses

662
00:36:58.514 --> 00:37:01.464
into our lemonade stand businesses

663
00:37:01.464 --> 00:37:02.464
Secondly,

664
00:37:02.464 --> 00:37:04.864
we talked about the Business Model Canvas

665
00:37:04.864 --> 00:37:07.264
So the Business Model Canvas is a really good

666
00:37:07.264 --> 00:37:09.264
and simple and structural tool

667
00:37:09.264 --> 00:37:10.714
that has nine blocks

668
00:37:10.714 --> 00:37:15.364
It will be very helpful for you to
prepare for the businesses

669
00:37:16.264 --> 00:37:19.564
Thank you for watching this session