Now more than ever, leaders are looking for ways to succeed and they’re looking at business models for guidance. However, many leaders mistakenly believe business models are meant to serve as a one-size-fits-all template. Based on my professional experience, I know that a business model is nothing more than a fancier way of saying “business strategy.”
There are hundreds of different business model approaches and strategies. A successful business model will often include a detailed description of the audiences you are targeting; what goods, services or products you are offering; and the cost of production of those goods and services.
The following factors are important to consider when developing an appropriate business model and strategy.
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