Sustaining Your Business Model: Innovating and Avoiding Pitfalls
In This Chapter
Knowing your innovation factor
Sidestepping common pitfalls
A complete and well-rounded business model is able to continue its viability for an extended period of time. Beanie Babies were a bonanza for their maker, Ty. When the trend died down, sales suffered but the company lives on. Crocs shoes were a massive trend that put Crocs Inc. on the map. The once red-hot shoes have died off significantly, but the company has successfully moved into other areas and is a profitable public company.
The best method to continue to grow the strength of your business model is through innovation. Innovation in any and all areas will strengthen your model and your ability to compete.
Innovation can take many forms. Your model can be strengthened by changing your target market, your marketing model, what you sell and for how much, the products you sell or their mix, improving the sales model or delivery system, or innovating away a pitfall.
A pitfall is a potential glitch in your business model. Ideally, your business model can avoid pitfalls such as governmental interference, overreliance ...