Guest Blogger: Marilyn Schlake, Extension Educator, University of Nebraska-Lincoln
Every business has a model that they use to generate revenue. According to Alex Osterwalder, founder of the Business Model Canvas, a model is simply how a company creates value for itself while delivering products or services for customers.
Traditionally, when a founder had a business idea, they were first told, write a business plan, get it all down on paper, make sure you do your research, and dot the I’s and cross the T’s! After much time and effort, the founder had one model that maybe, just maybe fits the market. It’s a build it and they will come (or at least you hope they will come) type of process.
But what if the model is not the most profitable or not even viable? Some researchers support the idea that business failures are often a result of the wrong model…
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