JWI 575 New Business Ventures & Entrepreneurship, 7/28/13
I gained several pathbreaking insights from this week's learning. All of these are immediately applicable to improve my effectiveness in what I do at work where the business model is being challenged by many new disruptive forces including cloud computing, BIG DATA, mobile computing and social media.
I. Create a compelling value proposition
Jack and Suzy Welch's podcast taught me how to present value propositions - they must change the game and be transformative for the customer. The value proposition should be so compelling that the customer finds it relatively easy to make his or her decision to buy.
II. Create unique value for the customer (JWI 575, W4L1)
I learned the six key steps to create unique value for the customer:
(i) Start with the customer interest, problem and need: understand what the buyer is looking for
(ii) Know sources of value to customer: product or service; market pull or product push
(iii) Craft a unique value proposition
(iv) Understand where the firm sits in the value chain
(v) Identify a repeatable business model to capture significant value
(vi) Price it right based on: cost, demand, value, competion, profit and pricing objectives such as revenue, operations and patronage
III. Win with disruptive technology (JWI 575, W4L2)
I also learned how to look out for disruptive technologies that allow new ways of solving customers' problems and doing business. To win with a disruptive technology, I understand clearly that there are two key elements that matter: First, I need to find a technology that existing firms do not understand or appreciate fully yet. Second, I need to find a sector where the market share is not yet dominated by established firms.
IV. Leverage five elements of a business model (Kaplan & Warren, 2010)
To create a unique business model, I now understand that rigorous business analysis must be done to cover five vital elements: Value proposition, market segment, structure of the value chain, cost structure and profit potential, competitive strategy
The DQs helped us take specific firms and apply the concepts mentioned above to analyze what is special in the business models and what disruptive elements led to the success of firms. It was also wonderful to learn from the experiences of my classmates.
This has been a great learning experience for me.
Dr DP
I gained several pathbreaking insights from this week's learning. All of these are immediately applicable to improve my effectiveness in what I do at work where the business model is being challenged by many new disruptive forces including cloud computing, BIG DATA, mobile computing and social media.
I. Create a compelling value proposition
Jack and Suzy Welch's podcast taught me how to present value propositions - they must change the game and be transformative for the customer. The value proposition should be so compelling that the customer finds it relatively easy to make his or her decision to buy.
II. Create unique value for the customer (JWI 575, W4L1)
I learned the six key steps to create unique value for the customer:
(i) Start with the customer interest, problem and need: understand what the buyer is looking for
(ii) Know sources of value to customer: product or service; market pull or product push
(iii) Craft a unique value proposition
(iv) Understand where the firm sits in the value chain
(v) Identify a repeatable business model to capture significant value
(vi) Price it right based on: cost, demand, value, competion, profit and pricing objectives such as revenue, operations and patronage
III. Win with disruptive technology (JWI 575, W4L2)
I also learned how to look out for disruptive technologies that allow new ways of solving customers' problems and doing business. To win with a disruptive technology, I understand clearly that there are two key elements that matter: First, I need to find a technology that existing firms do not understand or appreciate fully yet. Second, I need to find a sector where the market share is not yet dominated by established firms.
IV. Leverage five elements of a business model (Kaplan & Warren, 2010)
To create a unique business model, I now understand that rigorous business analysis must be done to cover five vital elements: Value proposition, market segment, structure of the value chain, cost structure and profit potential, competitive strategy
The DQs helped us take specific firms and apply the concepts mentioned above to analyze what is special in the business models and what disruptive elements led to the success of firms. It was also wonderful to learn from the experiences of my classmates.
This has been a great learning experience for me.
Dr DP
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