The Change Maker's Playbook by Amy J. Radin

Author:Amy J. Radin
Language: eng
Format: epub
Publisher: City Point Press
Published: 2018-07-11T18:02:11+00:00

Culture:

Cultural attributes for successful business model development include:

➤ Intellectually curious, seeking out insights upon which to base assumptions

➤ Accepts and processes feedback for iterating the business model

➤ Flexible, knowing when it is time to pivot

➤ Collaborative, ensuring different perspectives are voiced

➤ Seeks diversity because different perspectives drive innovation

➤ Empathetic, showing an understanding of others’ feelings

Chapter summary

➤ A concept, however great, cannot become a business without a business model. And a business model cannot enable a concept without vision and purpose.

➤ A business model translates the prototype and the insights upon which it is based into the impacts on every aspect of operating and financial assumptions to launch and scale.

➤ Decisions about who you want to serve, plus the learning generated through in-market testing of the prototype, inform how the business model is refined — including sales and distribution strategy, components of the experience, pricing, talent profile, and organization design.

➤ Leaders who see failure as learning and enforce a culture of experimentation stand a stronger chance of creating viable business models. Don’t blame the culture. Be the culture and lead.

➤ Building a business model that disrupts the incumbent model creates a hard-to-close gap between new and old.

➤ Beware of drifting away from achieving profitability within a reasonable timeframe, under reasonable assumptions.

➤ Investors evaluate the change maker (do they listen, accept feedback, own mistakes, and keep pace with the need to adapt?), execution strength, and ability to attract talent. The change maker must be able to tell their story and sell their product.

➤ After confidence in the change maker and the team, investors weigh heavily the strength and assumptions of the business model. This goes for private investors and senior executives deciding innovation investments inside an existing company.

➤ Bring in outsiders who see opportunities simply because they lack the baggage of being too close to your business or sector. Diversity and collaboration enable the business model to form and evolve.

➤ Convey the business model story as the narrative of vision, how you will deliver, and why people will be better off as a result. Know the audience for the story.

➤ Soft spots in the story may be forming for reasons besides communications. If the story doesn’t feel strong, look back at the work begun in discovery and prototyping to see whether you have gone off course or missed an insight.

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