Using the Business Model Canvas to Guide Doctor of Pharmacy Students in Building Business Plans

Abstract

Objective. To review the use of the business model canvas, a one-page visual description of a business initiative, as a tool for teaching pharmacy students about entrepreneurship and business planning in pharmacy practice settings.Findings. Students often struggle to develop the mindset, skillset, and toolset to effectively apply business modeling and planning processes to pharmacy practice settings. Over years of experimentation and various iterations in a pharmacy practice management class, a new business model canvas was developed and refined. The canvas contains 13 sections which emphasize key terms, concepts, and ideas crucial for achieving entrepreneurial competencies. Using the zone of proximal development as a framework, the course structure offered a range of supportive activities that guided students to independent competence. The business model canvas formed a framework around which assigned course readings, exercises, and group assignments helped pharmacy students build confidence and competence in completing a capstone business plan assignment.Summary. This paper provides recommendations and examples of how to structure a course in the Doctor of Pharmacy curricula using an entrepreneurial tool, the business model canvas, to help students master business competencies. Recommendations and lessons-learned are provided.