Avoid falling in love with your first idea, and learn how to prototype multiple business model options.

Ep 3 – Prototyping

• Make a Story how your business will create, deliver, capture value
  • Start with value Proposition
  • Decide Who do you sell it to
  • How do you get it to them
  • How this will generate  revenue
  • Key resources you need to offer your product/service
• Summary
  • Focus on your Business Model not your product or technology
  • Don’t fall in love with your first Business Model -> Predictable Business Model can work but rarely give you a competitive advantage. Think harder, explore alternatives. Find a disruptive Business Model e.g. Nespresso, Skype -> freemium model. Look at other places for ideas in other industries.
  • Iterate rapidly & test your model rapidly!

Watch the whole series here : What is your Business model