Small Business
Starting Small?–How to Build
the Perfect Business Model
Business Model
By Bede Nesbitt
[email protected]
The first step in setting up a business should be to put
one’s ideas down on paper in a format that can be easily
understood by just about anyone with some basic business
smarts. Once this idea has been documented, it can now
be referred to as a “business model”, which simply put is
a description of how one intends to make money. A good
business model will include elements of economics, finance,
strategy, operations and marketing but must be able to answer
two key questions:
Converting Innovation to Economic Value
Growth
Strategies
Competitive
Strategy
Innovation
Revenue
Model
42 | THINK BUSINESS • NOVEMBER 2017
Value
Proposition
Value
Proposition
Value chain
Structure