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Disclosure & Copyrights: Image material created as part of a free collaboration with Shutterstock. Text originally from: “The after-work startup: starting a risk-free business alongside your job” (2017}, published by Münchener Verlagsgruppe (MVG), reprinted with the kind permission of the publisher.
By Eric Renk (More) • Last updated on October 22.07.2023, XNUMX • First published on 12.10.2020/XNUMX/XNUMX • So far 4106 readers, 2725 social media shares Likes & Reviews (5 / 5) • Read & write comments
Even if you are only a part-time entrepreneur, you should still think carefully about your business concept. Because the way you Money to earn is crucial to your Success.
What can a business concept achieve? This is illustrated by Xerox clear. Xerox invented leasing in 1959 with the 914 printer. The printer weighed a ton and cost $2.000 to make, which was a lot of money at the time. The selling price was a multiple of that.
No one thought of buying this expensive device. Xerox changed the business model and introduced leasing in 1959, with a commitment of $95 a month and 2.000 free copies. From that point on, Xerox increased its market share to 97 percent and turned over one billion dollars. The decisionChanging the business model to monthly leasing and not selling the printers is what made Xerox successful.
As you can see, it can be the same product or the same service. The question of “how” is always crucial: how do you build aStartups and your processes?
The most important question that should be asked right at the beginning of the after-work start-up is: which one Problem do you want to solve? You have probably already found possible starting points ideas forged and brainstormed with friends and acquaintances. Two things to look out for: How has the problem been resolved so far, and how many People are affected by the problem at all?
Do you want Solutions for the mass market and align the business model accordingly, the following can happen: You successfully develop the solution, but it turns out that it is only useful for a few people. The product works, but the business model doesn't, because the offer only pays off if sales increase. With the question “Who has the problem?” you can avoid such mistakes from the outset and better assess the niche.
A good example is the development of laser television. A great idea that should revolutionize the home theater market. The point is that the image is projected from behind onto the back of the screen. So nobody can walk through the picture and produce a shadow.
Since 2009 there has been a solution from Mitsubishi on the American market that never reached the mass market, but was celebrated by some hardcore cineastes. The Sony Aibo, a robot dog that has been in dog robot heaven since 2006, is also a good example of fabulous flops. The price of 2.088 euros was probably a little high, because the robot couldn't do much more than pick up a stick.
Another example of how you can misjudge if you don't ask yourself how the problem has been solved so far and if customers ready to switch to the new solution is a Bic Group invention. The Bic Group is the largest manufacturer of disposable lighters, ballpoint pens and disposable razors.
The gentlemen in the development department thought that disposable panties would be a logical successor product without thinking about the fact that customers are not ready to abandon the current simple solution, namely washing underwear. The same applies to the willingness of customers to switch from a well-known, established provider to a new, unknown one.
For example, it is an enormous hurdle to motivate Apple fans to switch products, since mobile phones, computers and the cloud form a common unit and switching is very stressful for the customer. Hardware, software and service form an integrated System. If you try to integrate another, third-party device into the system, it may not work at all.
The basic question you should always ask yourself: Do you want to be self-employed or an entrepreneur? I know how great the temptation is, especially at the beginning, to exchange time for money, like the self-employed. In the short term, it's easier to make money off of than a working one Concept or to bring a product to market that generates long-term returns.
What's the worst that can happen with the time-for-money approach? You can compare it to a casino visit where you were successful and made a profit of 500 euros from a stake of 1.000 euros. You think you can do the same thing over and over again. If you are good with your self-employment Income earn, Are you fast trapped in a treadmill. It's hard to let go.
I know self-employed people who answer their e-mails on vacation or who have a heart attack when they open their mailbox afterwards. The more sustainable way is to come up with a business concept with a great product behind it. Because that is exactly what you do as an entrepreneur; You are not exchanging time, but rather your know-how for money.
You can Background take on a wide variety of forms and is reflected in the development of your products and in your business concept. In development, the way is this Objective. Over the years I have discovered in myself how my business concepts got better and better.
In the beginning we did not include the customer in our considerations and developed our business concept only for us in our ivory tower. We made the product available to the customer only after it was completely completed. We had to find sobering that we hadn't thought of many things. If we had included the customer from the start, that would not have happened to us. Thus, large amounts of resources have been wasted.
As an entrepreneur, there are various business concepts open to you. An overview:
But how do you come up with your business model? In fact, there are three different ones Business-Methods:
Erik Renk is a serial entrepreneur. He is the founder of the Diamond Academy and from Einfachstartup.de, who started his first company at the age of 19. Since then, he has gained a lot of experience by founding various start-ups as well as his blog for everyone who are planning a start-up, further.-ups and buying and selling companies. He gives this through his company All texts by Erik Renk.
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