Business Models Defined
In This Chapter
Defining a business model
Harnessing your business model to execute your business plan
Considering how competitive advantage fits into your business model
If you ask 100 people to define the term business model, you’ll hear 100 different answers. That’s because the concept behind business models is complex, and the process of creating a comprehensive, effective business model is more than just having a great idea. A business model takes the great idea and transforms it into a profitable enterprise.
In this chapter I flesh out the concept of a business model and distinguish business models from other popular business concepts. I show you how to harness the power of your business model to effectively execute your business plan by creating a business model plan. And I demonstrate the power of a superior business model to help your business outperform others inside and outside your industry.