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Business Models For Dummies by Jim Muehlhausen, JD

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Chapter 17

Figuring Out Where to Begin the Innovation Process

In This Chapter

arrow Avoiding the mistake of simply adjusting your existing model

arrow Using the crystal ball exercise

arrow Getting past the fear of being wrong

arrow Understanding the beauty of a cheap fast failure with upside

arrow Learning to version your business model

How do you fix a business model? You innovate. Done right, innovation not only repairs a broken business model, but also makes it better than it was before. The innovation process for a business model is similar to any other innovation process. Innovation takes a dash of creativity, a dash of guts, some futurism, and a bunch of business experience put together to create a beautiful new model.

Many businesspeople understand the importance of fine-tuning the business model through innovation, but they don’t know where to begin. This chapter discusses the process to start improving your business model through innovation. I demonstrate why tweaking your old model rarely works, how ...

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