Recently I was asked, “If you were to create an entirely new business model, what would be your take on some of the basic components of structure, purpose, methodology, etc.?” Honestly, I hate this question because it is a fools errand. To be successful in your business or non-profit then you have focus on the fundamentals … if you don’t know them … learn or hire outside help.
“Entirely Different” generally doesn’t work. When most business ventures fail within the first five years…and most of those that survive don’t last past the ten year mark…it means that it doesn’t pay to be too far outside of the box. If you look at the internet boom of a few years ago…there were a lot of companies trying “entirely different” business models. These companies were based on the notion that “the traditional rules of business don’t apply”. When people stop believing the lies then there has to be something of tangible value behind the business. If you want to be “entirely different†then chose a simple business model that has been proven in the past and execute it extremely well! Innovate on the technique not the model. Be creative in how you do something, not why. Even some of the how has to stay standard (i.e. use of corporations, importance of branding, accounting using to GAAP, complying with employment laws, etc) Like movies some of the best businesses are remakes.
