Creating Startup Success - Business Model Design and Entrepreneurial Leadership
Prof Simon Lam summarized the entrepreneurial journey at the beginning of today’s workshop. The crucial point is that an entrepreneur must be able to develop his/her own business model in order to bring an opportunity into real business. A good business model means how a company creates value of itself while delivering products or services for customers. There are 9 key components of a business model; Value Propositions, Customer Segments, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Partners, Key Activities and Cost Structure. Prof Lam emphasized that we should use this “Business Model Canvas” to understand and analyze what attributed to the success of a particular business. For example, while people may think that the Revenue Stream of McDonald’s is the sales of hamburgers and French fries, Franchise income are the “real” revenue of McDonald’s. Prof. Lam also shared with us the business models of Polo Ralph Lauren, Gucci, The Body Shop and Starbucks Coffee. We can recognize that all these successful companies are not merely selling the products itself, but more importantly a vision behind. Prof. Lam had also demonstrated to the audience about the seven sources for innovation opportunities. Entrepreneur needs to look for a new technology and see how this innovation can tackle a particular problem. The workshop was concluded by the “A to Z” of Entrepreneurial Leadership. “J – Just Sleep”, entrepreneurs still need to take rest despite that there are numerous tasks in his/her own agenda.