Business Model Generation opens with a bold statement: “You’re holding a handbook for the visionaries, game changers, and challengers striving to defy outmoded business models and design tomorrow’s enterprises.” How can they justify such a big statement? With a ton of research to back it up! This book was 9 years in the making and with 470 co-authors from 45 countries spending 4,000+ hours and using 28,456 Post It notes through its creation, as it turns out their statement is not far from the mark.
The Business Model Generation could be mistaken at first for a 2nd year university marketing textbook and is not the type of book you will get lost in the story or be dying to find out what happens to the protagonist. But as someone who has completed a marketing degree, this is the type of real world and non-fluffy learnings you wished they had taught you back at university. The Business Model Generation provides practical and real business models with proof actually squashing a lot of dated models and business ‘wives tales’ on what ’should be done’. This book genuinely acts as a handbook for a modern day entrepreneur or intrapreneur for 2015 and beyond.
Business Model Generation develops into a thought-provoking read and must-have on your book shelf. Through tried and tested research, the book provides extremely useful frameworks for all stages of a business life cycle. It takes you on the journey from ideation to conception and then how to properly flesh out your concept, test multiple variations, evolve further and even how to best story-tell it to your future employees and those important future investors! It will appeal to all stages – no matter where you are at personally on your journey, you will be able to derive tons of value from this book. It is well thought out and the real, relatable and current business case studies are refreshing. Great for someone who likes to learn in a practical applicable sense.
From someone who has just discovered a problem they would like to commercialise, to an established Fortune 500 company, this is a perfect resource for you to test your business idea, think about alternatives, target different customer segments, innovate with pricing models and even get your teams better bought into the vision. This is far from being a silver bullet to all your business success but as far as best practices to steer you in that direction, referencing the Business Model Generation handbook can’t be far from it.
“If you read this book and apply some literal thinking, you can’t not come out of it with a business idea, way of improving your business or even a method for reinventing an industry…”
The book is based around a key model being the one page business model canvas (below).
I was on the fence previously but now am convinced – throw away lengthy business plans, over-complicated modelling, and hearsay predictions about what may or may not happen in the future. Instead evaluating your business models should be visual, flexible and dynamic and like seeing your doctor, should be done regularly as early detection is key for preventing demise.
As the book says “your business model is not your business” and you will have to continue to act on your intuitions and models can only go so far. But if you want to build your business on solid foundations and give yourself the best chances of success the Business Model Generation is a great place to start. This book will continue to be my trusted desk-side companion.