The World's Best Book Summaries
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.
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.
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.
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.
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.
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
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.
Do you have a business idea in mind? What are the key business aspects you need to consider when building a business model? Starting a business requires a business model which defines how the different elements of your business will function together to make a profit. If you are a beginner entrepreneur, you’re likely at a loss: Where do you even start? Fortunately, there is a simple framework designed specifically for building a coherent business model from scratch. In this article, you’ll learn how to build a business model from scratch using the Business Model Canvas framework by Osterwalder and
What is Jason Fried and David Hansson’s entrepreneurship philosophy? What is the benefit of keeping a company small and lean? In their book Rework, Jason Fried and David H. Hansson champion a simpler, cheaper, less labor-intensive way to manage any company. In brief, you don’t need an MBA, outside investors, strategic plans, or a board of directors to launch a business. You don’t even need an office. Instead, you need to reject old-school myths, embrace simplicity, and run your company like a smart, frugal, well-oiled machine. The Rework philosophy is 6-fold.
What exactly is a value proposition? Why is it important to provide unique value to your customers? As the name suggests, your business’s value proposition is the value you provide to your customers in the form of products or services. When defining your value proposition, consider the nature of your product/service and how it is different from your competitors’ products/services. If you’re servicing the same customers, with the same needs, at the same price, you are not providing unique value. Here are some things to consider as you define how you intend to offer value to your customers.