Useful pointers from a meeting on 27 March with Penny Hele, Project Support Officer for Inspiring Futures within the Futures Entrepreneurship Centre at Plymouth Business School. Continue reading “Local enterprise links”
In his post on 15 May, Alexander Osterwalder comments on a visual about corporate innovation (produced by Innovation Leader in collaboration with XPLANE). He highlights three aspects of the illustration which he says “resonate with what I’m seeing in the field“. These are: Continue reading “The Corporate Innovation Ecosystem”
Carland & Carland (1997) noted three categories of entrepreneur:
|Macro-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.|
|Micro-entrepreneur||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.|
|Entrepreneur||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”
“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
Eight Models of Business Models, & Why They’re Important
a blog posting by Tim Kastelle
“After several years “on the market” there are now multiple Business Model Canvas adaptations floating around. People sometimes ask me about them. This blogpost provides an answer by explaining the Canvas through the analogy of a Theater (watch the video). It shows why we got it right and why most adaptations are broken.” Alexander Osterwalder, January 2013