An Entrepreneur's Business Model
An Entrepreneur's Business Model
An Entrepreneur's Business Model
Business Models
An entrepreneur hails from a world of dreams, of insights. It is from this dreamland that new insights are born. This article presents the key business models that should guide every entrepreneur. These include strategic direction, business process model, organizational model, technological model and Physical Configuration model.
Strategic direction
As a business entrepreneur, one needs to come up with a strategic direction in terms of the following:
Mission: Entails the purpose of the business, why it exists and who it serves.
Vision: what will indicate that the business is successful.
Values: Pertains what the enterprise wants the customers to think of the business.
Business Process Model
Business process model is based in the following processes:
Developing Products and Services: A process by which an entrepreneur develops new products. This could be attained by performing a market analysis to determine what the customers want and value. Generate Demand: a process by which the business shows the prospective clients that they need the products and services that the business provides. Fulfill Demand: a process by which the business actually delivers the products and services that the customers demand from the business. Manage the Enterprise: processes by which to run the internal workings of the operation such as hiring, firing, accounting, taxes, ensuring there is a proper insurance coverage, ensuring that the business operations are complying to applicable laws etc.
Organization Model
An entrepreneur should have an organization model which takes into account each person's job descriptions, roles and responsibilities.
Technological Model
In an age characterized by technological development, an entrepreneur need to consider the software and hardware required to run a business.
Physical Configuration Model
An entrepreneur should also make physical considerations for the business. For need for cubicles. Aligning Entrepreneur's Wishes with Business Model
It is not enough for an entrepreneur to sit back and simply dream, have insights and a list of wishes. Today's rapidly changing and complex environment, the business model is becoming equally important and arguably inseparable from the product and operational strategies of an organization in determining how it achieves success. A business model defines how a business creates value for its clients, stakeholders and shareholders. It defines the core functions that an organization will excel in, the structures and competencies that it needs to execute on their mandate and the relationships and strategies it will establish with its partners. A successful business model also defines the competitive advantage that will set it apart from others and make it "best in class." A successful business model also defines the competitive advantage that will set it apart from others and make it "best in class." Getting the business model right is often the difference between surviving or not, between being truly transformational or simply incremental. The business model of Dell and e-bay are typical examples of business models that have put these companies at top:
Dell's Direct model: This model based on the premise that the most efficient path to the consumer is through a direct relationship, with no intermediaries to add complexity and cost.
eBay's Automated online auctioning: This model pioneered in order to innovatively and instantaneously match buyers and sellers.
The aforementioned cases serve as pointers to the path that young and old entrepreneurs, in formal and in informal sector need to follow. As entrepreneurs continue to have dreams, new insights and wishes, it is fundamental that they design business models that are unique and appeal to the market clientele.
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