The second step in creating your Business Model Canvas is to identify your value proposition. What is a value proposition? Simply put, a value proposition is a collection of products and services a business offers to meet the needs of its customers that helps to differentiate it from its competitors. For example, several manufacturers offer […]
Value Propositions and Your Business Model Read More »
“For whom are you creating value?” Sometimes that answer may be a bit complicated.
Customer Segment and Your Business Model Read More »
The Business Model Canvas is a strategic management and lean start-up template that a business can use when developing new or documenting existing business models. Basically, it is a visual representation that describes the nine critical elements of a firm’s product or service offerings.
The Business Model Canvas Series Read More »
In thick markets, you have a lot of competition and limited differentiation while in thin markets you have limited or no completion based on product or service differentiation.
Thick Market vs. Thin Market – What You Need To Know Read More »
There are four questions that every product or service company needs to ask before it embarks on a new business or product line. 1. Do customers recognize they have a problem?2. If there was a solution to their problem, would they buy it?3. Would they buy it from us?4. Can we build it? When I
Four Questions Before You Start Something New Read More »
A fellow mentor who is an expert in retail once shared with me that opening a shoe store is one of the riskiest businesses to start and operate because there are so many bad assumptions you can make. In a typical main street brick-and-mortar shoe store, you have to select and stock the proper proportions
How to Learn Demand: Zappos Story Read More »
Leap of faith assumptions needs to be identified and tested early on so that the company can make better decisions instead of incurring significant expenses by going down the wrong path. Unfortunately, our government does not subscribe to testing assumptions before spending billions of dollars of taxpayer money. For example, take the main assumption that
Sometimes managers get too comfortable with their jobs and build internal walls to control knowledge in the hopes of making them indispensable to the company. The result is the company begins to stagnate. To combat this thinking and spur innovation, Jorma Ollila, CEO of Nokia, implemented a job swap program. Nokia adopted an everyone-out-of-your-comfort-zone management
Never Get Too Comfortable Read More »
Business Management Is Often Not Focused On The Right Elements Of Success. Sometimes You Have To Suspend Your Belief Systems To Reevaluate Your Business
Is Your Business Focused on the Right Things? Read More »
New business owners often ask me how they can learn more about back-office functions and business costs. The answer I always give them is the same: trade associations. Trade associations exist to share best practices and industry-specific knowledge with their members. Because memberships in a trade association cost money, many startups defer joining them. In
Trade Associations Read More »
