Summary of A New Approach to Designing Business Models
To heighten chances of success, entrepreneurs should inject flexibility and experimentation into their business-model design process.
When attempting to launch a business, entrepreneurs often formulate business plans that look great on paper but that ultimately flop. According to Alex Osterwalder, author of Business Model Generation, many new enterprises fail because they don’t test their ideas or consider alternatives before launch. He adroitly suggests turning to automakers for inspiration. getAbstract believes Osterwalder’s insightful guidance offers a beacon of light to neophyte entrepreneurs feeling their way in the dark.
In this summary, you will learn
- Why business-model design should more closely resemble the car-design process
- Why entrepreneurs ought to engage in systematic designing and testing of their business models
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