Business model design must proceed as soon as possible but only after sufficient MR and CI are completed. See Entrepreneurs Journey. All these things are iterative as more is learned, and the team is built out further. The better this is done the less likely a pivot will be needed and the better the business can be tuned for minimum capital need, minimum risk and rapid market penetration.
This course reviews the many factor that make business model good. We know differentiation and a niche/target market are the most important things but there are many other factors that can be creatively tuned to maximize any business opportunity.