Entrepreneurship Archives

5 Different Types of Business Models to Consider

What makes a successful business model? What are the different types of business models? A successful business model is one that creates, and over time, builds upon a competitive advantage. In their book Business Model Generation, authors Osterwalder and Pigneur discuss five different types of business models: 1) unbundled, 2) long tail, 3) multi-sided platform, 4) free, and 5) open. We’ll take a look at the key elements of each of these formulas below.

Product Planning: Story Mapping & Customer Discovery

What is story mapping in reference to product planning? How does the customer discovery process help you find reference customers? There are two techniques you should use during the planning stage in product development: story mapping and customer discovery. Story mapping helps companies plan how to build products and customer discovery helps you find your loyal customers. Read about each technique below.

Reasons Why New Products Fail (and How to Succeed)

What are the main reasons why new products fail? Does it mean that it’s a bad product? What could the creators have done differently? In his book Inspired: How to Create Tech Products Customers Love, Marty Cagan says that many new products tend to fail when they’re introduced in the market. However, this is often due to the product development process and not because of the product itself. Here are the top reasons why new products fail and how to avoid the common pitfalls.

Building a Product Development Team: The 3 Roles

Who are the most important players on a product development team? What are each person’s roles and responsibilities? Product development teams are made up of three key positions: the product manager, the UX designer, and the engineers. Without these three key roles, a product is doomed to fail no matter how good the concept is. Continue reading to learn about each key role, plus the five additional roles.

How to Build a Tribe: Connect and Communicate

Do you know how to build a tribe? What does it require to start one and keep it going? A tribe is a group of people with a shared vision and the drive to achieve it. You can build a tribe from scratch, or you can infuse a stagnating group with new vision and energy. To keep your tribe going strong, focus on improvement and communication. Keep reading for more on how to build a tribe.

Business Model Generation by Osterwalder & Pigneur

What is Osterwalder and Pigneur’s Business Model Generation about? What are the nine elements that make up a business model? Business Model Generation by innovation experts Alexander Osterwalder and Yves Pigneur is a contemporary guide to systematic business innovation. The authors provide a template for brainstorming and visualizing the overarching elements that make up a successful, holistic business model. In addition, they provide techniques you can use to generate your own innovative business models, as well as strategies you can incorporate to regularly analyze and optimize your existing business models. Below is a brief overview of the key points.

Startup Competition: Why You Should Ignore It

Do you feel like you’re always on the defense, trying to improve your product to overthrow your competition? How can you stop getting bogged down by what your competitors are doing? Investigating what your competitors are doing can be time-consuming and distracting. According to David Hansson and Jason Fried, the founders of software company 37signals, you will be better off ignoring your competition altogether, especially in the startup phase. In this article, we’ll explore the importance of ignoring startup competition.

Understanding the Multi-Sided Platform Business Model

What is the multi-sided platform business model? How do companies that run on an MSP business model create value for their customers? A multi-sided platform business model (MSP) is where a platform connects several distinct groups of customers with mutual interests. This business model is not a new development—it has existed for centuries. However, it started gaining prominence only in the last decade or so thanks to the advancement of the internet. Keep reading to learn about the concept of the multi-sided platform business model and its key characteristics.

Business Model Canvas: The 9 Elements Explained

What are the nine elements of the Business Model Canvas? How are the elements related? There are nine elements in the Business Model Canvas: 1) customer groups, 2) customer touchpoints, 3) customer interactions, 4) value proposition, 5) key resources, 6) network, 7) key activities, 8) revenue streams, 9) expenses. These elements are interdependent components that impact the effectiveness of the other elements. So, changes to one element can reduce or amplify the effects of other elements. In this article, we’ll first briefly define what the Business Model Canvas is. Next, we’ll explore each of the nine overarching elements that you

Rework: Book Overview (J. Fried & D. H. Heinemeier)

What is Jason Fried and David H. Hansson’s Rework about? What is the main premise of their business philosophy? Co-founders Jason Fried and David H. Hansson of 37signals, a company that creates online management tools, believe that anyone can start and operate a business with fewer resources than they think. In their book Rework, they present a less-is-more philosophy of entrepreneurship, deconstructing the conventional business wisdom and rewriting it according to today’s Internet-based paradigm. Below is a brief overview of the key points.