The objective of this study is to highlight the importance of the use of BMC to the entrepreneurs and the academic world. In pursuing this objective, the authors want to discuss the BMC problems and criticism and show its variations in order to help entrepreneurs use these models in the right way ‚and successfully plan their businesses. The shortcomings and weaknesses of the model will then be compared with experiences made in the class ‘Entrepreneurship II’ offered in a undergrad course of Business at a Brazilian university in the state of São Paulo. The experience with them highlighted the importance of the use of BMC and it was helpful in developing their business plans. The contribution of this study to the body of knowledge is to fill the vacuum that exists in terms of academic study concerning the use of Business Model Canvas by the entrepreneurs when developing their business plan as well as to advance research in the areas of small and medium enterprises.