The differences between the business plan and lean canvas Essay

The differences between the business plan and lean canvas - Essay Example The lean canvas application, on the other hand, is a simple problem and solution approach that enables the entrepreneur to develop or advance on a step-by-step basis. Although both offer analytical approaches that are vital to the prosperity and success of the business, both have varied criticisms. The business plan fails to take into account the business model management and performance measurement both of which are vital in allowing the continued business success. On the other hand, the lean canvas fails to offer an expected approach in a situation where the solution that is given to the initial problem becomes difficult or unrealistic to attain on the ground. When and why an entrepreneur should use the business plan or lean canvas The lean canvas is a helpful tool that helps the entrepreneur's design businesses. It is an ideal tool since it enables the entrepreneur to define quickly a business without necessarily having to outline a full business plan. The lean canvas utilizes a o ne-page business model that facilitates and helps the early stage startup that will enable the entrepreneur to identify quickly and overcome challenges. It identifies a target market, defines a unique business value proposition, tests the assumptions put forward by the entrepreneur and ultimately arrives at their first iteration. The lean canvas is vital in helping the entrepreneurs to gain clarity about their business ideas that will translate into an approach that is well defined to their markets and potential end users and investors.