Improve Your Business Model

June 3, 2013 in Entrepreneurship, Starting up by Camille Khoury

iStock_000006327624Small575x289Last week I attended a workshop about improving a business model; It was very interesting and I learnt a lot concerning building a good, sustainable business model. The workshop was lead by Mr. Shadi Banna, the founder of Dubai-based human capital development organization Potential. It was held at Berytech Technology Pole, in the framework of the Intel Berytech Innovation Challenge (IBIC). Here is what I learnt from this workshop.

Entrepreneurs are often referred to “heroes” because they create jobs and break the walls to get to their goals. Also, entrepreneurship isn’t that easy and the numbers prove this fact: 75% of new businesses fail in the first 5 years (relatively better than previous years). This can be explained by giving up early, burning the investment money too fast or lack of passion. In fact, everyone has ideas, but what differs one person from another is the execution of the idea and making it count.

After having this chat about entrepreneurship, Mr. Banna started to talk about innovation and the business model. Innovation can be done not only in products, but also in services, supply chains and even in business models. When executing a project, the entrepreneur has to know his product’s user needs, then study his capabilities in offering it, so that he can develop it eventually by matching his capabilities to the market’s needs.

In addition, when elaborating good business model, you should study several aspects of the business you’re starting: you should study and identify the market trends, such as today’s market going mobile. Then, you should study the channels, customer relationships and revenue streams of your business.

After finishing these studies, you can elaborate your business model and it would be a good and sustainable one.