When considering key partners, you must consider the following questions:
- Who are your key partners and who are your suppliers?
- Which key resources are you acquiring from key partners and suppliers?
- What key activities do your key partners and suppliers perform?
Once you have made a hypothesis regarding your customer segment and value proposition, you need to gather insight to validate your hypothesis by designing questions or experiments to take to potential customers. If you are designing questions, it is important to avoid questions that will influence the customer’s response. In other words, avoid leading questions […]
Ignore the status quo and don’t build a better mousetrap. Stop focusing on what your competitors do. Instead, challenge orthodoxies. To do so, start with any of the nine business model building blocks and build outwards. While we typically start with customer segments to build a customer-driven business model, there are four common starting points. […]
To apply the Blue Ocean Strategy, you start with a Business Model Canvas that describes your industry and then look at your the business model canvas from three different perspectives: the cost perspective, value proposition, and the customer segment.
The world of the entrepreneur has been blown wide open by 3D technology. If you have an object you need to reproduce, you can use a 3D scanner to replicate it. Don’t have one? No problem! Go to your public library or another location, such as a Makers Space. Don’t want to leave the house? […]
As a company grows, things that worked when you were a startup might very well trigger your downfall. For example, what works in parenting a 2-year old will not work when they are a teenager. Moreover, what I say as a soccer coach to motivate my players during practice does not work during a game. […]
The first environmental forces block is related to the market forces of the customer segments in your Business Model Canvas. The purpose of the “Market Forces” block is to verify that your model is in line with the evolving needs of your chosen customer segment. When you are looking at market forces, you should start […]
Entrepreneurs by their nature are risk takers. With increased risk comes greater reward potential. However, society, in general, is moving towards less risk and less reward. As a society, we are willing to trade security in the form of Social Security in our old age and Affordable Health Care in exchange for the freedom to […]
A few weeks ago my wife handed me a simple battery operated candle that had stopped working in spite of the fact that she had replaced the batteries. Although the candle was designed as a sealed unit I managed to remove some of the wax coatings and dismantled it, only to discover that the wire […]
Increases in the cost of living affect low income households much more than higher income households. Therefore, the effects of our government’s monetary policies to control the cost of living are most visible at locations where low income households shop, such as McDonald’s. If low-income households have the less discretionary income to buy a burger […]