Hello. In this first module, Introduction to Business Modeling, we're going to walk you through the basics of what a business model is, and how you apply it to your new venture. Just recall that a new venture is not a permanent organization. It's not a small business. A new venture is a temporary organization that's searching for a business model. When it finds the business model, it ceases to be a new venture, and it becomes a mature, if small, organization that needs its own plan. So, the business model is a specific adaptation to a very early stage venture, something that's just starting out. What a business model tells you is the key stuff you need to run your business. How are you going to find and win new customers? How are you going to sell them on your product or service? How are you going to deliver it to them? How are you going to actually physically get it to them? How are you going to acquaint them with it? And finally, how are you going to manage the organization that's going to do all these things? Because as you start out as a new venture, you don't have that organization. You have to build it. The heart of a business model, the core of it, is really some particular set of customers, and a value proposition that you are offering to them. So, a customer segment, as we call it, is a group of customers who share a common business model. And a value proposition is some customer need that that group of customers has, that you can satisfy, or some customer problem that your business can solve. If you get a situation where you have a customer segment and a value preposition that meets their needs, you get into a situation that we call Product-Market Fit, which is what you want. Product-market fit is when you have a value proposition that the customer segment must have. If you have product-market fit, your customers start to ask you questions like when can I get one? That's the sign that you have a product-market fit. But there's more to the business model. In fact, there are nine panels in the business model. Panel number one here, and it's number one because it's key, is the value proposition. It's what you're doing for your potential customers. Panel number two here is the customer segment. It's what you're doing with them. So, the value proposition and the customer segment are related to each other. In between them are the relationships, your customer relationships, which we're going to talk about, which are how you get to your customers, and the channels, which are the physical mechanism, the partners, the people that you team with to actually deliver the goods and to deliver customer service and to accept returns. At the bottom of it all is what's your revenue model, how are you going to make money? Who are you going to charge, how much are you going to charge them? All that kind of good stuff. And then, over on the left hand side, which we'll talk about later, are the internal aspects of your business. How do you manage your costs? Which things do you try to do yourself, and which things do you try to outsource? And when you have a handle on all nine of these things, you probably have a pretty good idea of what your business model is going to be. Thank you.