1. Avoid copying the model of others.
It is all creativity. If you want to succeed in the world of business and you are not creative then that would be very hard. You shouldn’t copy other people’s business model as their models are designed for business. You should come up with ways to generate innovative business ideas that will push your business forward.
2. Expect change at all times.
The worst mistake you can do is to think that things will always stay the same. No, it wouldn’t. Expecting changes will make you alert and proactive, responding to the changes in positive ways that will impact your business. Always improve on your business model.
3. Figure out the right epicenters for your business, and start from there.
Depending on your business and how you plan to run it. It is very important to figure out the right epicenter for your business and start building from there. Your four epicenters you should focus on are resource-driven, offer-driven, customer-driven, and finance-driven. Ensure that decision taken is thoroughly researched as what happens in one aspect of the business affects all the other areas.
4. Test the efficiency.
Even if your business model is perfect, you will have to test it before finally rolling out. According to your business, there are ways that you can do that. Immediately rolling out a new and untested business model can be very dangerous as it can backfire and lead you to lose tons of money. Testing will also help you get feedback and you will know how to proceed from there.
5. Include your customer’s opinion.
This is very crucial. The opinion of your customer is the key to everything. Conduct research with your customers and know what their feedback will be concerning your proposed business model.
6. Use the emotions.
Nobody says that you can’t do that. People buy with emotions and try to justify it with logic. Design a business model and a product or service that will address the pain points of the customers. Go after what they need and you will be successful.
7. Draft the model with two approaches in mind -- agility & lean startup.
The transition between the business model and product development shouldn’t be that far from each other. As soon as that is done, testing the designed model with the customers should come next, changing the product or service to what the market demands should be done after that.
So many people fail at entrepreneurship because they have so much believed in their ideas that they didn’t take time to try it out. The best way is to start small, use an approach that has been tested and proven, then design your own business model after that.
Apart from that: Educate, educate, educate … Isaac Asimov once said:
“Self-education is, I firmly believe, the only kind of education there is.”
We suggest to enroll in one of the official IBQMI certifications: