Applying the Business Model Canvas: An Aspiring Entrepreneur's Journey to Learn from Failure

When a friend approached me and asked me to join his team and apply to the Edson Student Entrepreneur Initiative, a student business plan competition at Arizona State University, I accepted. Not only did I find his idea interesting, but I also believed that applying to the Edson program would give me a first glimpse into being an entrepreneur. The business, called Social Artworking, proposed to create an online platform to connect businesses, who need art, with artists through a unique bidding process. Through Social Artworking, businesses indicate the maximum amount they are able to pay while artists bid what they are willing to do the job for. Then a business or individual is able to pick the best artist that can meet his quality and price needs. In addition to the exchange platform, Social Artworking would jointly launch a social networking site and an online portfolio service for artists. Social Artworking was trying to address the problem of small businesses having a hard time finding affordable and high quality artist and designers while at the same time helping students gain paid experience to increase their portfolio before graduation. In the months leading up to the Edson application, I had a hard time catching up to my partner's knowledge of the business idea and the art, web and crowdsourcing industries. On many occasions, I felt like I was depending on him as an expert to write the application. After two months of working on the application, we submitted the proposal to Edson. The idea did not advance to the final round.