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Business Model Canvas (BMC) is a strategic management tool used by entrepreneurs and startups to visualize, design, and describe their business model. It provides a structured way to understand the key aspects of a business and helps in identifying potential areas for improvement.

The BMC consists of nine essential building blocks which include key partners, key activities, key resources, value proposition, customer relationships, channels, customer segments, cost structure, and revenue streams. By filling out each block, entrepreneurs can easily identify the core components of their business and make strategic decisions to improve their business model.

One of the main advantages of using BMC is that it encourages entrepreneurs to focus on the essential components of their business and helps them to create a clear and concise plan for their startup. It also enables them to quickly adapt to changing market conditions and innovate their business model to stay competitive.

In conclusion, BMC is a valuable tool for entrepreneurs and startups to create a successful business model and achieve their business goals.#36#