I was reading a special report on the Business week web site – Business Prophet (http://www.businessweek.com/magazine/content/06_04/b3968089.htm). In this report, what I got to understand is that Dr. Prahalad says that the essence of entrepreneurship is in your business model. I strongly agree with him.
Rather thank looking at the article as one of his research findings, I would want to mention that the “BOP” edge to your business model is quite profitable on the long run. BOP formula will/might not fit all businesses too. I would want to make it clear that, my intention of “BOP” edge to a Business Model is not only for monitory benefits but also for the success of the service which you intend to provide.
For having a strong foundation to your business, one should extensively research if the product/service which you intend to bring out in the market is of any use to the end-user. I am quite sure that every individual entrepreneur would do this, but I wanted to ensure I reminded here in my writing. Twisting and tweaking your end product to suit the requirement of the end-user will enable you to build your brand.
As an example to quote here – Mahindra had an initial idea of building India’s very own SUV. They researched and build the initial version of Scorpio with their ideas of Engineering. They have taken this engineering to people around and surveyed if they would be buying such a car. They noted each individual’s comments and incorporated their comments into their engineering. They went back again and again to the same set of people to check if their taste’s were changing or if they were liking the concept. Only after building the vehicle with all meaningful suggestions incorporated, did they launch the vehicle. The success of the SUV says it all. The new version of the same vehicle also comes with all the suggestions of owners coming in. (The only reason I quoted this example, is because I love this car very much).
I am quite sure that each business model will have its own way of reaching people and giving them what they want. But, in today’s situation, this takes the front seat. If the end-user does not like your product/service, you are out of the game.
I have another good example for Customer Service – One day I was browsing through www.SeventyMM.com (an online video rental organization). I read about this start-up in Business World and wanted to try it out. I filled in the first page for registration and then it asked for my Credit Card number which I didn’t have ready. So, I simply closed the page. The following day I get a phone call from their Customer Care asking me if I was interested in taking the membership! I was quite impressed. Not only asking me if I was interested, the lady on the other side immediately offered me something which was irresistible. I promptly joined.
Till date I have never had any issue with getting my movies. Job well done. I only hope the same care continues.