Concepts

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▶ First there are a few enthusiasts who buy your ▶ First there are a few enthusiasts who buy your new product. If they like it, you'll be able to target some early adopters. This is where it gets critical. Can you rebuild, adapt, and expand your product so well at this point that the positive reviews and word of mouth marketing of the early adopters will get you to the early main stream customers?
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🏃 "Crossing the Chasm", a book by Geoffrey Moore, deals with this very problem. A must read for any innovative entrepreneur who plans for a serious high growth business. Business consultants, coaches, and teachers should definitely this book too.
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📙 Learn more about early adopters in my blog article on "Who will buy your innovative product?" at businessmodelscholar.com (link also in bio @businessmodelscholar).
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▶ It's time for everyone to start measuring thei ▶ It's time for everyone to start measuring their performance by the three P's; PEOPLE, PLANET, and PROFIT. Individuals should use this framework too.
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#triplebottomline #socialperformance #environmentalperformance #financialperformance #corporatesocialresponsibility #socialimpact #sustainabledevelopment #sustainablelifestyle #businessownertips #startuptips #businessstudies #businessstudent #mbastudent #businessmodelscholar #learnfastwithbms #bmsbusinessconcepts
▶ Suggested by consultant Joseph Juran and named ▶ Suggested by consultant Joseph Juran and named after economist Vilfredo Pareto, the principle was first referred to the fact that 80% of the Italian land was owned by 20% of the population. It has become a popular statement in many disciplines. In management it usually means that 80% of sales come from 20% of clients or products.
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📣 WHAT YOU CAN DO with this piece of information is:
1) find out which of your clients and products bring the 80% of your sales,
2) make these your priorities or "flagships",
3) create products and services that complement the top 80% and see your sales grow.
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#pareto #paretoprinciple #8020rule #basiceconomics #businessanalysis #dataanalysis #growthhacks #growthstrategy #startuptips #startuptools #businesstools #businesstips #flagship #businessstudies #businessstudent #mbastudent #businessownerlife #businessmodelscholar #learnfastwithbms #bmsbusinessconcepts
▶ The global coronavirus outbreak IS NOT a black ▶ The global coronavirus outbreak IS NOT a black swan.
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🤓 The black swan theory was developed by statistician Nassim Nicholas Taleb. He first discussed black swan events in his book Fooled By Randomness in 2001 and later on in The Black Swan in 2007. To count as a black swan event, an event must 1) be an outlier and hence not predictable, 2) carry a major impact, and 3) be understandable and retrospectively predictable. Examples of black swans are 9/11, the rise of the Internet, and World War l.
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❌ The current pandemic was predictable (in fact, it was predicted by many epidemiologists and for example Bill Gates) and hence not a black swan, but more like a "portent of a more fragile global system", as Taleb puts it in a recent interview with The New Yorker.
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▶ The term was developed in the 1950s by an Engl ▶ The term was developed in the 1950s by an English educator and literacy critic I. A. Richards. It is only slowly becoming more popular in the management field. A great book "The Feedback Fix" written by Joe Hirsch provides an insightful discussion about the practices of feedback and feedforward. Extremely useful for leaders and teachers! 🤓
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🚀 Follow @businessmodelscholar for more great insights.
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#feedforward #feedback #concept #constructivecriticism #careerdevelopment #selfdevelopment #leadershipskills #leader #pedagogy #teacher #startuplife #founder #businessowner #entrepreneur #bmsbusinessconcepts
▶ As opposed to "scaremongering", which means th ▶ As opposed to "scaremongering", which means the spreading of frightening reports and rumours, caremongering is a new term used to describe people helping and being kind to each other. It is supposed to spread the opposite of panic in people and create positive feelings. The concept has developed into a movement in Canada where the term was first used. Dozens of local groups have been established to help vulnerable people. Thanks for this great initiative Valentina Harper and Mita Hans! 👏
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🚀 Follow @businessmodelscholar for more great insights.
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#caremongering #kindness #solidarity #helpingothers #pandemic #coronavirus #bmsbusinessconcepts
▶ The PWYW pricing is most commonly used in rest ▶ The PWYW pricing is most commonly used in restaurants, cafés, museums, philanthropy or in other sectors for experimenting. One recent example includes Panera Care, a casual dining business that used this pricing model for 8 years in selected locations before closing the last of them in 2019. There are many more successful and not so successful examples of PWYW pricing. Overall, this strategy is very risky, but if used in a smart way (for example offering one product as a PWYW to lure customers to buy other products) it can turn out to be very effective. Learn more about pricing strategies on businessmodelscholar.com.
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🚀 Follow @businessmodelscholar for more great insights.
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#businessmodelscholar #businessmodel #business #businessmodeldesign #revenuemodel #price #pricing #pricingstrategy #pwyw #innovation #innovators #money #strategy #entrepreneur #entrepreneurship #startup #founder #manager #businessowner #riskybusiness #businessstudent #mbastudent #learnfastwithbms #bmsbusinessconcepts
Value proposition is the core of a company's busin Value proposition is the core of a company's business model. It describes what the company offers, or what value it promises to deliver to the customers when they buy from the company. Sometimes value proposition includes a statement about why the company's solution is better than that of the competitors. Here's an example of a value proposition (Airbnb): "Airbnb exists to create a world where anyone can belong anywhere, providing healthy travel that is local, authentic, diverse, inclusive and sustainable." This sounds quite abstract, and it is mainly because Airbnb has two types of customers as its platform user groups, namely the travellers and the accommodation providers, each for which Airbnb has an own additional value proposition.
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#businessmodelscholar #businessmodel #selling #valueproposition #airbnb #entrepreneurship #entrepreneur #strategy #startup #learnfastwithbms #bmsbusinessconcepts

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