Business Models for Dummies author interview
What was the setting to scripting this book Business Models for Dummies?
• Saw a lot of smart people struggling
• Not so smart people succeeding and asked why
Business Models for Dummies author interview
You apply the term business structure. What is a business model?
• A business model will be the proprietary method utilized to acquire service and retain customers.
• Profit formula…….how you earn money
o American airlines vs. SW
o NFL vs. minor league baseball
o Movie studios today vs. Fifty years ago
Business Models for Dummies author interview
Why is knowing the concept of the company plan important?
• You can’t outsmart, outhustle, or outmaneuver a poor business design
• Hard work goes unrewarded
• Do you imagine individuals at Kodak, Blackberry, or Blockbuster didn’t work hard……
How's a small business model distinctive from the familiar strategic business plan?
• Ideally, a company model belongs to the business enterprise plan
• Plan says how you will execute the model
How come creating a business structure critical for business success?
• You have one whether it’s planned or not
In case a business person decides to make and set up a business design, how do they begin?
• Business model wheel www.businessmodelwheel.com
• Offering
o Unserved or underserved markets
o How is yours diff
• Monetization
o Various revenue streams
o How make superior margins
• Sustainability
o How deep can be your moat
o How long can it last
o How and just what do you want to innovate
Just how can the company develop a money making business?
• Start with all the wheel
• Unserved or underserved
• Different is always much better than better
• Virtually no one thinks new/unusual ideas are fantastic
Many great plans are in place however they never appear to last. Things alteration of the business enterprise, industry or perhaps the economy, and also the plans head out of the question. How do a small business model be designed to last?
• Usually it can’t. Business models go stale….look at Microsoft
• Innovation of the model is paramount. IBM is a great example
Just how can a company person analyze their business design for grading its success?
• Business model wheel
• BQ
How do a small business person note that their business structure is no longer as effective as before?
• Trying way too hard
• Slow or no growth
• BQ
Exist warning signs that could indicat hidden issues that need adapting to the new conditions?
• Margin erosion (Apple interesting study)
• New technology
• Hot topic now is unrelated competitive pressure (mobile phone camera, iPhones cutting into dining and clothing budgets)
Response is to ALWAYS be innovating
One of the strengths that you describe for the business structure is its power for innovation. Exactly why is the business model so competent for innovation?
• The business structure will be the core of profitability. If you can out-innovate your company model, there is a significant competitive advantage. Take Wal-Mart; in 1980 they sold the identical merchandise as everybody else. What did they've got, an improved business model. Examine Blockbuster; they helped people enjoy movies in the home. The same is true Netflix and Redbox. Blockbuster could have bought Netflix for $60M early on or just crushed them, but they didn't innovate their model.
Just how can the innovation process be started?
• Start using a clean slate. Don’t modify your overall business and try to turn it into a little better. That’s the way you get Blockbustered. If I bought your company for 3 times a lot more than it’s worth and made you start over, what type of business can you create?
One of many well-known concepts today is disruptive innovation. Just how can the company plan work with disruptive innovation?
• Clayton Christensen isn't only certainly one of the best gurus, but his work on disruptive innovation is protected heavily in section 6 of the business model wheel- innovation factor.
• Short fact is Function as disruptor
How do the business model assist with revenue and sales generation?
• It can help a lot
• Look on the airlines. For Thirty years they struggled to profit. By changing the model to one that nickel and dimes everything, they created new profitable revenue streams
• Starbucks and Nike realized these folks were lifestyle brands, not merely coffee and shoe sellers and greatly expanded offerings and revenues
What is the first step a business person should take toward adopting a company model?
• They probably already have one
• If you don’t we have some great tools inside the book
• If you need to do, I have three of the best innovation techniques…..yes, it’s not just guesswork within the book
o Get within the insurance business
o Sales Virtualization
o Embrace crowdsourcing
What is next for Jim Muehlhausen?
• CBMA
• Business model expo
o Pairing business structure experts and business owners to be effective together on innovation
• Saw a lot of smart people struggling
• Not so smart people succeeding and asked why
Business Models for Dummies author interview
You apply the term business structure. What is a business model?
• A business model will be the proprietary method utilized to acquire service and retain customers.
• Profit formula…….how you earn money
o American airlines vs. SW
o NFL vs. minor league baseball
o Movie studios today vs. Fifty years ago
Business Models for Dummies author interview
Why is knowing the concept of the company plan important?
• You can’t outsmart, outhustle, or outmaneuver a poor business design
• Hard work goes unrewarded
• Do you imagine individuals at Kodak, Blackberry, or Blockbuster didn’t work hard……
How's a small business model distinctive from the familiar strategic business plan?
• Ideally, a company model belongs to the business enterprise plan
• Plan says how you will execute the model
How come creating a business structure critical for business success?
• You have one whether it’s planned or not
In case a business person decides to make and set up a business design, how do they begin?
• Business model wheel www.businessmodelwheel.com
• Offering
o Unserved or underserved markets
o How is yours diff
• Monetization
o Various revenue streams
o How make superior margins
• Sustainability
o How deep can be your moat
o How long can it last
o How and just what do you want to innovate
Just how can the company develop a money making business?
• Start with all the wheel
• Unserved or underserved
• Different is always much better than better
• Virtually no one thinks new/unusual ideas are fantastic
Many great plans are in place however they never appear to last. Things alteration of the business enterprise, industry or perhaps the economy, and also the plans head out of the question. How do a small business model be designed to last?
• Usually it can’t. Business models go stale….look at Microsoft
• Innovation of the model is paramount. IBM is a great example
Just how can a company person analyze their business design for grading its success?
• Business model wheel
• BQ
How do a small business person note that their business structure is no longer as effective as before?
• Trying way too hard
• Slow or no growth
• BQ
Exist warning signs that could indicat hidden issues that need adapting to the new conditions?
• Margin erosion (Apple interesting study)
• New technology
• Hot topic now is unrelated competitive pressure (mobile phone camera, iPhones cutting into dining and clothing budgets)
Response is to ALWAYS be innovating
One of the strengths that you describe for the business structure is its power for innovation. Exactly why is the business model so competent for innovation?
• The business structure will be the core of profitability. If you can out-innovate your company model, there is a significant competitive advantage. Take Wal-Mart; in 1980 they sold the identical merchandise as everybody else. What did they've got, an improved business model. Examine Blockbuster; they helped people enjoy movies in the home. The same is true Netflix and Redbox. Blockbuster could have bought Netflix for $60M early on or just crushed them, but they didn't innovate their model.
Just how can the innovation process be started?
• Start using a clean slate. Don’t modify your overall business and try to turn it into a little better. That’s the way you get Blockbustered. If I bought your company for 3 times a lot more than it’s worth and made you start over, what type of business can you create?
One of many well-known concepts today is disruptive innovation. Just how can the company plan work with disruptive innovation?
• Clayton Christensen isn't only certainly one of the best gurus, but his work on disruptive innovation is protected heavily in section 6 of the business model wheel- innovation factor.
• Short fact is Function as disruptor
How do the business model assist with revenue and sales generation?
• It can help a lot
• Look on the airlines. For Thirty years they struggled to profit. By changing the model to one that nickel and dimes everything, they created new profitable revenue streams
• Starbucks and Nike realized these folks were lifestyle brands, not merely coffee and shoe sellers and greatly expanded offerings and revenues
What is the first step a business person should take toward adopting a company model?
• They probably already have one
• If you don’t we have some great tools inside the book
• If you need to do, I have three of the best innovation techniques…..yes, it’s not just guesswork within the book
o Get within the insurance business
o Sales Virtualization
o Embrace crowdsourcing
What is next for Jim Muehlhausen?
• CBMA
• Business model expo
o Pairing business structure experts and business owners to be effective together on innovation