So, you got an idea for starting your own business? GOOD. Made plans on how to execute it? BETTER. Ready to compete in a world having multiple challengers with the same idea and unending technological advancements? PAUSE. And that’s where we, as budding entrepreneurs get stuck with. No doubt, the ideas that run in our minds and the plans we think of on how to execute them might be awesome in our perspective, but it’s just a one sided view. And that’s not enough in today’s world where a new idea comes up every second which could make an idea, or perhaps your idea, OBSOLETE. So, the question that arises is, how to tackle it? How to make your Business Idea last in this competitive world? And that’s where we need to innovate a Business Model.
In simpler terms, the need for Innovating a Business Model is to understand the possibilities of creating your business in that zone, targeting a specific set of customers, turning them into permanent customers, managing your finances and also expanding the business venture. All these things might seem like a big task for an entrepreneur in the initial stages, but these are the necessary criteria that every business must have in order to survive in this competitive world. Leave any of these points out of your business idea, and there might be back draws that would eventually make your company thirsty and hungry for survival.
What basics of business model must one develop to survive in the market?
Well, this depends of the type of business one wants to start. In the Technological Sector (where there is always something new coming up in the market) one needs to identify the issue first. Developing a new piece of tech or coming up with an idea to solve the issue is one of the biggest needs today. As we go with the saying ‘The Early Bird gets the Worm First’, similarly in this Tech-Savvy world, the first person who solves a problem or innovates something new gets a major chunk of the market in the initial days. And that is exactly what one needs; an opportunity to showcase themselves to the world. Rest all follows.
Similarly in today’s Marketing World, having a Business Model is a must. A Marketer must be able to predict the market way ahead before the demand of a service is created. This gives one enough time to prepare themselves, make a plan of how to execute their idea, manage their finances, and place it in front of the world before others catch up to the trend.
In the Financial Sector, where everything is Unpredictable, a business must plan out in advance all the issues that it could face in the near
future. It must consider all opportunities, whether they might exist or not in the future, for when the winter hits hard, it’s better to store all the grains and survive the season rather than be helpless and fade as a memory.
For an Entrepreneurship, it is important that he/she carves out a small market for their business first. This ensures the survival of the business and also gives an opportunity to flourish. Once the roots of the business are strong enough, then it is must that the entrepreneur must take risks to venture out in a much stronger and competitive market. One must remember, that no business can be successful, if it does not take the risk to venture in the deep seas to find the treasure!