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
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