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Life’s too short to build something nobody wants. You are the first investor in your business idea. You invest time, which is more valuable than money. The first and most important stakeholder in the business is you, and your scarcest resource is time. Every minute spent on a business that is doomed to fail is a waste, and so it’s critical for you to be able to identify—quickly, early, and accurately—whether a business idea is worth pursuing. Establishing a single measure of progress around traction is key to reconciling the dichotomy of multiple progress stories.
“A business model is a story about how an organization creates, delivers, and captures value.”
SAUL KAPLAN, THE BUSINESS MODEL INNOVATION FACTORY
Here are a few aspects of what your startup could make it successful.
This is the value equation that drives your business model’s unique value proposition (UVP).
You need to deliver more value to the customer than they return to you. If your customers don’t get more of what they paid for your product or service, they will have no motivation to use it. It’s very important to do testing in the early stages and processes of the business model to make sure you can monetize to turn your investment and efforts into an income and a working business model.
There is no business in your business model without revenue. Traction is the rate at which a business model captures monetizable value from its users.
Understandably not all business is entertainment, so it is important that the value added is worthwhile to your customer. Customer throughput is the rate at which nonpaying users are processed into paying customers. The universal goal of every business is to increase throughput while minimizing inventory and operating expenses provided doing that doesn’t degrade throughput.
Your business model, NOT your solution, is the product. Customers care about their problems, not your solution. At the earliest stages, entrepreneurs need deceleration, not acceleration.
“We built it and we didn’t expect it to be a company, we were just building this because we thought it was awesome.”
The development of a startup is a journey. There are different methodologies you can apply for success. We created our 6-step agenda in which identifying the needs of our clients and easily mapping the processes. You can easily and also quickly get your proposal by contacting us through the form to identify where to start and lead the change.
by the team of