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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Business Model Generation summary
A Handbook for Visionaries, Game Changers, and Challengers
17 mins
Brief summary
'Business Model Generation' by Alexander Osterwalder & Yves Pigneur is a practical guide for entrepreneurs, providing them with a step-by-step process to develop and innovate their business models, using various tools and templates.
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Business Model Generation
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Key idea 1 of 7
A business model starts with your customer groups, value propositions and market channels.
There’s a business for just about everything these days: Nestlé snacks, Nike apparel, the brand of underwear you’ve got on right now. And though these businesses seem very different, they’ve all got one thing in common – they create and deliver value for customers.
It all starts with a business model that defines a market of customers for whom a product creates value. Customers are at the heart of any good business model – after all, a business can’t survive without them.
There are two main categories: mass market and niche market.
With a mass market approach, businesses cater to a very large market of customers with similar needs – say, needs for paper napkins or milk. A niche market approach, on the other hand, is where a business reaches out to a smaller group of customers with specific interests, like a vintage record store, for example.
After identifying which market your business belongs in, what’s next? Well, you need to come up with your value proposition. This outlines the problem that your product solves, or, in other words, the need it fulfills for your customer. Your value proposition should also demonstrate why your product is worth choosing over others.
The value of your product can derive from one of many factors. Stunning design might imbue your product with aesthetic appeal that beats out the competition – just think of Apple products, for example. Or customers might be drawn to the risk reduction that your product offers, which is often the case with IT services. Or perhaps your product’s performance holds all the appeal – a computer that’s faster and more powerful, for instance, offers considerable value to customers.
After setting out your market and your value proposition, your business model needs an outline of the channels that you’ll use to reach out to and engage with your customers. There are a wide range of options. You can establish your own channels, like a storefront, a website or a sales team. Or you can create channels through business partners, like a shop that stocks your product, for example, or a wholesaler.
Now that we’re familiar with the first three elements of the business model, let’s move on to the next three.
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What is Business Model Generation about?
Business Model Generation (2010) is a comprehensive guide to building innovative business models. From empathizing and connecting with customers to finding inspiration for products and learning from some of today’s most game-changing platforms, these blinks will help you kick-start your business thinking.
Business Model Generation Review
Business Model Generation (2010) by Alexander Osterwalder and Yves Pigneur provides a comprehensive toolkit for creating, analyzing, and innovating business models. Here's why this book is worth reading:
- Offering a practical framework and a variety of visual tools, it enables readers to develop and refine their business models effectively.
- With over 470 case studies and real-world examples, the book brings the concepts to life, offering valuable insights and inspiration.
- Its user-friendly design and engaging visuals make the content easily digestible and help readers to grasp complex ideas effortlessly.
Who should read Business Model Generation?
- Aspiring entrepreneurs
- Business people seeking an introduction to business models
- Readers curious about the core elements of businesses
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Business Model Generation FAQs
What is the main message of Business Model Generation?
The main message of Business Model Generation is to create and innovate new business models to succeed in the competitive market.
How long does it take to read Business Model Generation?
The reading time for Business Model Generation varies per reader, but it can take several hours. The Blinkist summary can be read in just 15 minutes.
Is Business Model Generation a good book? Is it worth reading?
Business Model Generation is worth reading for entrepreneurs and business enthusiasts. It offers practical insights and tools to develop successful business models.
Who is the author of Business Model Generation?
The authors of Business Model Generation are Alexander Osterwalder and Yves Pigneur.
What to read after Business Model Generation?
If you're wondering what to read next after Business Model Generation, here are some recommendations we suggest:
- Value Proposition Design by Alexander Osterwalder
- Simple Numbers, Straight Talk, Big Profits! by Greg Crabtree and Beverly Blair Harzog
- Great by Choice by Jim Collins and Morten T. Hansen
- This is Service Design Thinking by Marc Stickdorn and Jakob Schneider
- Business Execution for Results by Stephen Lynch
- The Lean Startup by Eric Ries
- The 80/20 CEO by Bill Canady
- Good Strategy, Bad Strategy by Richard Rumelt
- The Worst Business Model in the World by Danny Schuman
- Your Next Five Moves by Patrick Bet-David
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