Entrepreneurship is a word used so widely, and sometimes it means many things to different people. From Wikipedia by definition to entrepreneurship by experience, the word and action sometimes conflict. It could also be a way of thinking, or seeing opportunity, but more importantly, it is a constant learning curve.
Today we won’t discuss the definition or experiences, but an aspect of entrepreneurship that has become an important component to every person aspiring to be an entrepreneur, or they are already in business. While profit might not be the only reason why people get into entrepreneurship, it is interesting to note that the profits are pegged.
How then do we ensure we get into profitable ventures? How do we know how to reach the right clients? How do we know the exact client segment that we are targeting without overlapping? How do we ensure we get the right partners in our ventures to ensure we are not risky of doing everything on our own and exhausting all the resources?
When you first heard about business models, what went to your mind? Maybe the only thing we think of is BMC (Business Model Canva), even though it is a great tool. Do you still find yourself hanging loose and wondering which direction your business is taking? At some point, you have been asked to drop the BMC and focus on LC (Lean Canva) and the whole business world. This gets you wondering what this is about.
Probably you have also heard about B2B,B2C,B2B2C,B2D, and you look at your business and wonder what category it belongs to, and if all this can be applicable to your business or maybe none of this, but how do you tell, especially in a world changing so fast?
In a nutshell, the business model is creating a good plan for making a profit for your business or start-up. It identifies what you intend to sell to your clients, who the clients are, how you will reach them, and any anticipated costs. Business models are important for both new ideas and older businesses.
With the right possible strategies, it is possible to understand how to develop a winning and right business model for business. If you want that clarity, sign up to our upcoming online self-paced business model course, and you will be on your way to making the life of your clients better with your products
This course will help you determine if your idea is viable, and how that can further support you as an entrepreneur to attract the right partners and collaborators while developing a winning business model
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