The way companies create, deliver, and capture value continues to evolve. Today’s businesses rely on the union of cultures and transcendence of geographical barriers. The advent of technology has transformed local business into one giant global village. Seemingly, there are no limits as to how much you can achieve and how wide-spread the scope of your small business ventures could be.
Several years ago the concept of a “global village” (i.e. the Internet) was coined by Marshall McLuhan, the educator, philosopher, and scholar who also coined the famous advertising adage “the medium is the message.” Blessed with a fascinating futuristic mindset, McLuhan – the famous media mogul – was first to foresee the impact technology could have on modern business.
Can we make grande speculations now? In today’s economy, the proposition of a new-age model could prove to be a daunting task. However, a comprehensive business model for today’s entrepreneurs could be utopian.
Yesterday Defines Today’s Entrepreneur
Marshall McLuhan predicted the World Wide Web approximately thirty-years ago before it was invented. He envisioned the internet as a network that would bring the entire world together. McLuhan emphasized the impact it would have on business processes. He advocated the relevance of networking and the role of technical innovations.
However, in 1967 McLuhan was classified a “lunatic,” as is the case with every great thinker of their time. Fast forward years later and he is revered as the great media mogul of the 20th and 21st centuries. His predictions were in fact accurate – today’s business processes are virtually inseparable from the World Wide Web. No one can afford to underplay the Internet’s importance in business communication, process, and transactions.
A Value-Centric Business Model for Today’s Entrepreneur
In its basic form, a business model indicates how a business makes money. While you consider the tangible things like value proposition, targeting, processes, competition, costs and revenue streams, you should also consider unconventional ideas. Like McLuhan, if I were to predict an improved business model of the future it would be framed by the convergence of ideas. A business model based upon McLuhan’s concepts coupled with my understanding of today’s business processes would require entrepreneurs to:
1. Take yourself more seriously. If you aren’t serious about your ideas, how can you convince others?
2. Value your self-wisdom; conviction is essential.
3. Established your business in such a way that as it matures, it shapes you and not vice-versa.
4. Incorporate technology based social networking across all business processes to gain effective customer feedback, which would result in more synergistic business processes.
Ultimately, my business model would seek to evolve today’s business processes and rely on the Internet as a primary tool combined with social networking as the central communication hub. The core of this idea resides with my belief that any deviation from processes tied to today’s digital age will ultimately lead to complete failure in the future.
Is it plausible? I believe so.
How does your small business create, deliver, and capture value? Does your business model give you an edge-up on the competition? If not, take McLuhan’s approach and forge pathways for innovative ideas in your industry and build a better tomorrow for entrepreneurs, today.
Photo Credit: Britannica
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