Carland & Carland (1997) noted three categories of entrepreneur:
||Risk-taker seeking self-actualization. Innovative and creative, and highly driven despite extreme wealth. More willing to accept debt and equity financing in order to grow their businesses rapidly.
|| Includes the smaller family businesses with only a few employees. These individuals could be described as those who work to live, rather than live to work. They are also typically much more casual about their businesses.
||This group falls in between the other two groups and is less likely to take risks, as their goal was to preserve the business. Would likely include the accidental entrepreneurs, whose businesses developed gradually out of a hobby or a particular interest.
Reference: blog post in Strategyzer in Nov 2014
Nabila Amarsy argues that one should strive to achieve three kinds of fit before executing a business model. These are:
“1. Problem-Solution Fit – when you have evidence that customers care about certain jobs, pains, and gains. At this stage you’ve proved the existence of a problem and have designed a value proposition that addresses your customers’ jobs, pains and gains. Unfortunately you still do not have clear evidence that your customer really care enough about your value proposition enough to buy it.
2. Product-Market Fit – when you have evidence that your value proposition is actually creating value for customers by alleviating their pains and creating the gains they desire. Your product or service is beginning to gain traction in the market and you’ve gone through the long and iterative process of running tests that have validated and invalidated the various assumptions underlying your value proposition.
3. Business Model Fit – when you have evidence that your value proposition is embedded in a profitable and scalable business model. You have done the laborious back and forth between designing a value proposition that creates value for your customers and a business model that creates value for your organization. You have found the right business model that delivers optimal profitability.“
Attitudinal loyalty: the sense of loyalty, engagement and allegiance.
Behavioural loyalty: repeat purchasing, giving recommendations or referrals.
Loyalty antecedents: product or service quality, customer satisfaction, trust.
Brand loyalty: influenced by perceived level of product or service quality, the perception of value for money and customer satisfaction with the purchase.
Customer engagement outside of product or service use has an influence, eg non-transactional activities such as word of mouth, recommendations, customer-to-customer interactions, blogging, and writing reviews. Continue reading “Some snippets about customer loyalty”
Thomas Friedman, talking at Intelligence squared about his latest book Thriving in the Age of Acceleration discussed the question of where the new jobs are going to come from. His answer: for many generations we worked with our hands; in the modern era we began to work with our heads; but in the age of acceleration we are going to work more with our hearts.
The Department for Education has published a new “Competency Framework for Governance”, developed by an expert group led by Sir David Carter, the national schools commissioner.
The Department for Education has updated its technical guidance on primary accountability and school-level progress measures for 2017.
“The Business Model Framework was developed for HackFWD by Tom Hulme – Founder and Board Director of IDEO. The Framework was designed to analyze start-ups and to help provoke creative thought. The tool has been published and used, aiming to focus on other aspects, beyond the value proposition and the customer.
The canvas is divided into nine building blocks. Each building block contains some explanations and prompts with focus on B2C tech businesses.
The tool draws inspiration from different tools, such as the Business Model Canvas, the approach by Gary Hamel and Porter’s 5 Forces. In addition to the Business Model Canvas from Osterwalder & Pigneur, this tool focuses on growth and competitive strategy.”
Long Range Planning “is a leading international journal for the field of strategic management. The journal has forged a strong reputation for publishing original research since 1968. We encourage submission of articles that involve empirical research and theoretical articles, including studies that review and assess the current state of knowledge in important areas of strategy”.
The strategy diamond by Don Hambrick and Jim Fredrickson