Or, if you’re a lawyer, maybe there’s a desperate need for more customs and international trade attorneys, but no demand for another general practitioner who does a little bit of everything.
So you may be tempted to fill in the Value Proposition section of your canvas with a sticky note that says the thing your company makes, or the service it provides: “Legal Services,” you might want to write; or, simply, “Pizza.” But your product is not the core of your business. The core of your business is the value your company brings into this world. Examples that are relevant to a law firm or a pizza shop might include “peace of mind,” “convenience,” “quality,” or even “social connection.”
Whatever your value proposition, you’ve got to know for certain that it is indeed creating value for your customers; it can’t be a guess. Guessing about value proposition is, as we just learned, the most common reason businesses fail: a poor product market fit. They guessed wrong and learned the hard way that no one wanted their product.