The difficult part about running a start-up is that you have to keep focused on the business model which you are building. At the same time, you also need to be aware that if the model does not work or if you are unable to succeed in it, the company would still have to survive. That is an eventuality for which you must be prepared. Unless, of course, you don’t want to do anything other than the business model you are pursuing.
The constant evolution of a company through various business models is a common phenomenon. Historically, some of today’s biggest companies started out with something and became successful doing something quite different.
Though an entrepreneur’s main focus should be on ensuring that the business model is working, a little thought should also be given to the DNA and the expertise that is being built into the company and to the likelihood that it might not work and, in that case, what else the company could do.
The company should be considered as a separate entity from the business model. The survival and the success of the company should be of significance, regardless of the business model it is operating. This is a thought process to be indulged in only by the entrepreneurs and maybe in consultation with the core team members, but no one else, otherwise, it can become a distraction.
A few other things in that thought process could be to figure out the core expertise of the company; the best skill that the company has; what is happening in the market around this expertise; the possible adjacent business models; and what else the team is passionate about. This is necessary even if your current business model is rocking, because, one day, you might want to think of what else you could do. Learn more about business model only at the University Canada West.