Things to Remember when Designing a Business Model - dummies

Things to Remember when Designing a Business Model

By Jim Muehlhausen

Part of Business Models For Dummies Cheat Sheet

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.