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Sunday, August 14, 2011

Business Models

Business Models: "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.

Have you ever seen one of those movies where two businessmen agree to do a multi-million dollar deal based on a sketch drawn on the back of an envelope? If you haven't, you have probably read about such an event in a business magazine or newspaper article. Such stories are the stuff of business lore. Despite their ubiquity, the idea goes directly against what most of us are taught which is that writing a business plan is the mandatory--and unavoidable--first step in creating a business."

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