Business Models

Business Models: "talks about business models these days but only a minority truly understands what they are. Even the academics disagree and contradict one another when it comes to formulating a definition. Anyone can have a grand strategy for taking over the world but if they can't explain in a plausible manner how they will accomplish their goal, no one is going to take them seriously.

When asked, I explain it this way. Your strategy explains what your business will do. Your business model explains how it will do it. The former is the what part; the latter is the how part."