Business models are central to any company or organization. A common definition is the following “A business model describes how an organization creates, delivers, and captures value, in economic, social, cultural, or other contexts.” But, what potential does a model like this hold in shaping our life? In this blog, I want to explore:
- What is a “business model” for personal development?
- Adapting the “business model canvas” to the “life innovation canvas”
What is a “business model” for personal development?
A well-known tool to help generate business models in the entrepreneurship world is the Business Model Canvas. It’s a map with nine segments, all exploring different areas of your business such as your customers, resources, or revenue. Here’s a snapshot of the classic business model canvas for organizations by Alexander Osterwalder:
Can we use a similar, adapted model to better understand where we get value and how we create it in our lives? I believe we can. We can create a map of our relationships, and what resources we have available (e.g. money but also energy, emotional wellbeing, or our skills). Or, how we sustain our lives (the costs we have and how we cover them).
Adapting the “business model canvas” to the “life innovation canvas”
With slight adaptations to the nine segments, we can create our “life innovation model” (my adaptations are just one suggestion, the one I use in my life innovation coaching, check out another one here).
By mapping out all nine segments you should get a very compromised but relatively simple overview of your “life model”. The core is really to see where value is created, delivered, and captured. Careful here: value can be defined very differently by each person depending on your beliefs and stage of life. Value could be money (that’s probably a default that comes to our minds so make sure you explore other definitions as well), energy, or fulfillment. Make sure to clearly state what value means to you before you draft your business model canvas. And feel free to create several different ones from various perspectives.
Conclusion: The Potential of the Life Innovation Model
In the realm of personal development, the concept of “business models” may seem unconventional, but it holds the potential to be a transformative tool for shaping our lives. Just as business models are fundamental to the success of organizations, we can adapt a similar framework for our personal growth. By taking cues from the well-known Business Model Canvas, we can create a “Life Innovation Canvas” that delves into the various facets of our lives, including relationships, resources, and sustainability. This canvas acts as a map for understanding where we derive value, how we create it, and where it’s captured in our lives. It’s crucial to remember that the definition of “value” is deeply personal and can encompass more than just financial gains, such as emotional well-being and fulfillment.
So, my suggestion for you today is to think about what value means to you and in your life. Is only financial success of value? Or are energy, fulfillment, and joy even more valuable assets?
Drop your definition of value in the comments of my LinkedIn post to this article and subscribe below for your weekly insights about life innovation.