11/05/2025
Entrepreneurship Cont….
As you embark on the journey of entrepreneurship,
You have to carefully note the following points:-
1. Identifying the business problem
2. Designing the business model
3. Designing implementation strategy
As an entrepreneur the first thing you have to do is to identify the business problem in the society that is needed to be addressed by you. Here there is no problem whether you are a history major student or not in high school. Because you do not need sophisticated or complex mathematics to solve your problem and your problem may not need mathematics to be solved and some intuition may be enough to solve your problem. After identifying the business problem, as previously said you have to carefully study it and find a solution for it. After finding a solution you have to design a business model.
A business model as Alexander Osterwalder 2010 says is, all about value proposition, value creation, value delivery and value capturing or a business model describes the rationale of how an organization creates, delivers, and captures value. Here you design your business model to do as said. To design your business model there are tools or materials you need to use. Out of these tools or materials, one is a business model canvas developed by Alexander Osterwalder 2010. Leaving the details in the book for you, let us discuss the basics.
A business model has nine building blocks and they are Customer Segment, Value Proposition, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Activities, Key Partnerships and Cost Structures. As a business model is built on these nine building blocks there are things that precede the development of a business model. That is you need to create a business organization whether it is a sole proprietorship, private limited partnership or public limited partnership company, you need to create an organization in which you carry out your business. You have to know that there is no business unless there are organizations, employees and customers. Therefor it is a must for you to create some form of an organization before you start to develop your business model and identify a business problem.
After developing your organization and business model in it, you have to develop a strategy to implement your business. What is business strategy and what are the details of business model I will come back with the details. Thank you for reading!!