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At the beginning of this episode, I talk a bit about linear and non-linear mindsets. It is important for you to know which type of thinker you are!
Bonus story at the end – Why a Vivendi/Universal deal failed from the beginning.
The key concept in this episode – make sure your business choices match your actual business model.
A business model must include these elements.
- A customer value proposition
- A profit formula
- Key resources
- Key processes
The vast majority of entrepreneurs will fall into a dynamic capabilities model. This is very important to understand from the beginning because it is your strength
So many businesses fail simply because they try to play the game outside of their available resources. That’s why tapping into the dynamic power structure of what you can and can’t do is so critical to future success and ongoing pivots.
We always here that most businesses fail because they are underfunded. I’ll challenge that thinking a bit – because quite a few business fail that have tons of cash.
The truth is so many people undervalue what they have to offer. This is why in the beginning they will price themselves in a non-profitable manner. That’s okay. It is a lesson we all learn and grow from. I’ll cover pricing in a future epiosde.
For now just realize the fact that you don’t have access to massive amounts of capital and resources is your firm strategic advantage at this point.
This forces us to be creative in our solutions to problems. It also sets us up to make a commitment to building our business with or without a known outcome. That mindset is critical to short and long term success.
Remember, don’t confuse strengths and weaknesses as resources. Hubris will kill more businesses than lack of funding.
My nothing to something business is the way my mind works. Given my background of being a comedy writer with an MBA Finance – that is rare. It is unique to have someone that understands multiple angles of any business. Nobody can replicate my mind – or yours.
You can find out more about Resource-Based View (RBV) business structures by starting here.
Looking for an understanding of Dynamic Capability get started here.
What is your something to nothing business? I’d love to see it in the comments.