Law 2 – Build an effective and sustainable business model
Having a well-defined problem statement that you address is great. Having a defined target market with demographics and details of their needs and wants is great. Having a well thought out and designed product offering that addresses the needs of your target market and that addresses the defined problem is great. But, unless these all come together with an effective and sustainable business model, not so great.
Your business model needs to become the catalyst for all elements of your business, it defines how things work, who does what, how and when. It defines the three key process flows with this a business activity and measures and manages sustainability.