The Business Model
A business model refers to a company's plan for making a profit.
- It identifies the product or service
- The target market
- Anticipated expenses
A business model helps developing companies to attract investment, recruit talent, and motivate management and staff. Established businesses should regularly update their business plans to help anticipate trends and challenges ahead.
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Understanding Business Models
- The primary component of the business model is the value proposition. A value proposition is a description of the goods or services a company offers and why they are desirable to customers or clients.
- A new enterprise's business model also covers p...
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