Business Models For Dummies
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When designing a business model, you have a lot to remember. Refer to this handy list of business-model reminders to make sure you stay on track:

  • Different is always better than better. The better mousetrap plan rarely works.

  • No margin, no mission. Great business models have great margins.

  • If it's not easy to sell, it's not worth doing.

  • A surfer doesn't see the wave, and then catch it; she has to guess where the wave will be and paddle in front of it. Many times, getting lucky means guessing early. Wayne Gretzky called this "skating to where the puck is going to be."

  • Only the market decides which ideas are good.

  • Most great ideas aren't appreciated by the mainstream until they work. Don't worry about what everyone thinks about your ideas.

  • Think about your exit strategy as you're building your business model. There's no point building a job.

About This Article

This article is from the book:

About the book author:

Jim Muehlhausen is the founder and President of the Business Model Institute as well as consultant and speaker to businesses large and small. He is the author of The 51 Fatal Business Errors and How to Avoid Them and a frequent contributor to Entrepreneur, Businessweek, and dozens of other publications.

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