So the next section is the business model canvas are the key resources. And this is pretty much as it says, what are the results is that you need for your business to make it a business model work. Yeah. What do you physically or intellectually need for the business to get things off the ground. And broadly you can divide the resources that you need into two or three different categories. So the four categories these are physical, financial, human and intellectual.

We'll start off with physical so they the physical resources are Think back to the Victorian era and big factories steam engines, physically physical delivery fleet, the lorries, the trucks, the shapes the oil Right, the mines, the cars, computers, the point of sale equipment, anything that's physical that you need to buy, that's going to have a space and it's going to contribute towards the the generation of the value proposition or the collection of revenue from it. Then there are the financial resources now, we all need cash to, to start up. Many businesses will really need a large amount of cash to support inventory or to support that cash this cash cycle. I was talking to a guy the other day, his business makes finding equipment and he purchases the products or has the made in China, and then it takes three to four months before he's able to get them to do the customer has to be sold.

And so he then needs a large amount of cash To generate to sustain his operations through that period, other companies may need credit line trading companies will will be creditor, a housing developer borrows money from the bank to build the houses. As he sells off the houses. He then pays off of the bank. So there's a lots of reasons for for the cash. And generally when we talk about financial resources at this point in the in the business model, we think where do we need specific financial resources for this particular type of business model rather than just cash to sustain normal operations yet what what types of cash are different approaches businesses is normal and those are what you need to capture. The next aspect is intellectual capital.

And this covers a vast range of range of of things. So a lot of 80s called IP, intellectual property. And that can include trademarks, copy copyright, proprietary information, secret recipes, think of KFC and Coca Cola, and that their respective secret recipes for the fried chicken and coke. They're also through the the software, the software, the code, the source code. For a lot of things, think about how Intel what it knows about chip design, some of this may be process information is not so much this is the product, but this is how we make the product or service. Think of companies like McKinsey or Bain where they have a particular style of going out and understanding problems and then solving and they use an intellectual framework to do that.

And then Finally there's there's ultimately all the intellectual resources in the form of customer databases. What do you know about your consumers, your your your users, Google knows a vast amount about people. And that is a key part of its competitive advantage customer database, who is in the market who's not in the market. This is all critical information that can be considered as a key resource for you. And then finally, we're looking at human resources. So are there any particular people that you need to have in your organization for it to succeed?

Are there any Is there a level of domain knowledge or experience that you need? So for example, you can't be a lawyer or have a mobile phone without having lawyers who have passed button bar exams. Similarly, with doctors, so that particular things, you can't really have a research and development organization with a lot of very, very clever scientists and the human capital involved in that. And so there are, broadly speaking, three approaches to getting all these key resources, right, you can own them. Yeah. Start with a lot of small small startups will own the human resources that they need.

So you'll come into you start your own business, and you've had 25 years designing that source code of telecom circuitry, and then you're selling that knowledge on as a consultant. So that's an example of where you have the knowledge that you need. Alternatively, if you if you're running a marketing firm, yeah, you may be good at sales. But you might decide right Can't get at least the designers and the branding experts, and they will come in and work for me on an ad hoc basis. So I'm leasing that that knowledge or or that their resources. And you can lease intellectual sorry, you can lease, intellectual or physical capital just as well as you can do those.

And then finally, you might have a joint venture where you're both contributing something so I've been involved in in joint ventures where people have contributed capital and inventory and I've contributed a custom customer base and market knowledge and together with that and use that to to create a profitable business. So this is, these are these resources now don't don't overthink this. Normally, when we're looking at key results I look at 3234 and what are the biggest resources that are going to make an impact for you what is absolutely critical. Now, sometimes it might be one or the resources that are going to give you an unfair advantage over the competition. You can think of it in that way. And this is one of those parts that over time will change.

As somebody said to me the other day, experience is critical in my industry. When I got five years experience, I really wasn't stressing how important experience was in delivering a great solution. Now, I've been doing it for 20 years, I stress it to all the time. And so what you consider to be a key resource will change as your as your business grows and flourishes.