Forget the Business Model

I know you want to figure out the perfect business model for what you do, whether you have a business already up and running or you’re just thinking about it in preparation for leaving your job.

But as a first step, I want you to put aside the question of how you’re going to make money. 

The problem with putting the money first is that it kills your creativity; it forces you to think in terms of “how many units at what price,” right from the start.  And once you pull out the spreadsheet, you’re locked inside the realm of “what’s possible based on my past experience.”

So instead, spend time (a lot of time) on three things:

1. What am I really good at?
2. What do I love to do?
3. What does somebody else need?

Get clear on that and then look for the business model.

In the meantime, here are some people whose businesses are so unconventional -– and based on their own interests/skills --  that if they had put the business model first, I doubt they’d have ever made it past that first spreadsheet:

Phil Fraley Productions (dinosaur exhibits); Deborah Henson-Conant (musical theatre + story telling + electric harp); Joel Goldes (dialect coach for actors).

Comments

[Stephen H. Lahey]

Great food for thought - especially for artists and solo entrepreneurs. Thanks, Michael!

[michael katz]

My pleasure Steve. Thanks for joining the conversation! - Michael