3.

Building Your Business Model and Strategy

If your initial findings and experiments suggest a business opportunity, you’ll want to start to solidify your business model and strategy. Ask yourself the following questions:

1.How will our new business create value for customers?

2.How will it make a profit for us and our investors?

3.How will the business differentiate itself from competitors?

4.How will the business defend its assets and position from competitors?

5.How will the business be discovered?

You should have concise answers for anyone who asks these questions. This chapter’s primer on business models and strategy will help you get started. ...

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