We’re living in a time where people are increasingly realizing the benefits of having their own company rather than working for someone else, especially technical entrepreneurs. However, even though technical entrepreneurs work hard on developing their product, their success in the market hinges on a crucial aspect — having an appropriate business model. A recent article in ISPIM (the International Society for Professional Innovation Management) written by Marty Zwilling explores this in detail. The article states that according to business entrepreneurs, constructing a business model around one’s solution is more critical and difficult than developing the product.
It also emphasizes the importance of ensuring that the price of the product and customer segment is properly validated. The article mentions seven steps that can be followed for establishing the right business model, such as validating the optimal value of the solution through real customers, taking industry experts and investors’ assistance for testing the model, finalizing the marketing strategy and channel, and so on.