Business Model You

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Business Model You by Mind Map: Business Model You

1. Diagnosis Qs

1.1. Flow

1.1.1. 1. Identify current BMY

1.1.2. 2. Identify pain points

1.1.3. 3. Ask diagnosis Qs

1.2. KR& KA: Who you are and what yo have. What you do

1.2.1. Are you interested in your work? If so, great! If not, there’s probably a fundamental mismatch between Key Resources (Who You Are) and Key Activities (What You Do). You also may want to reconsider your Purpose.

1.2.2. Are you under-utilizing or not using an important ability or skill? A missing or underused ability or skill incurs Costs in the form of stress or dissatisfaction. Can you add that ability or skill to your Key Activities to support or improve your Value Provided?

1.2.3. Do your personality tendencies match your workplace? (Remember, “workplace” is largely defined by the people you work with). Do your personality tendencies match your work activities? If so, terrific! If not, consider acquiring new Customers (or Key Partners) with more compatible personality tendencies.

1.3. C: Who you help

1.3.1. Do you enjoy your Customers? If so, great! If not, imagine the qualities a “dream” Customer would have. Can you find such clients in the sector you’re now working in? If not, consider revising your model.

1.3.2. Who is your most important Customer? Define why this Customer is so important. Is it hard Benefits? Soft Benefits? A combination of both? Does this Customer justify a new or distinct Value Provided?

1.3.3. What is the true job the Customer is trying to get done? Does the Customer have a “bigger picture” reason or motivation for engaging your services? For example, is your immediate Customer serving another, larger Customer who has a bigger job-to-be-done? Can you reconceive, reposition, or modify your Value Provided to help the Customer succeed with a bigger job?

1.3.4. Is serving the Customer too expensive? Is serving the Customer driving you crazy? Are Costs, including soft Costs, too high to justify serving this Customer? Is Revenue (or Benefits) too low? Can you afford to fire the Customer? Can you afford not to fire the Customer? Work through Value Provided, Costs, and Revenue and Benefits diagnosis questions.

1.3.5. Is the Customer equating Key Activities with the job-to-be-done? Are you? Sometimes Customers themselves haven’t clearly defined jobs-to-be-done. Can you help them define it? Can you redefine or modify Key Activities to boost Value Provided?

1.3.6. Do you need new Customers? If so, consider changing your Customer Relationships focus from retention to acquisition. Do you need to do more selling or marketing? Improve or develop your skills in this area? Find Key Partners who can help you acquire new Customers?

1.4. V: How you help

1.4.1. What elements of your services are truly valued by the Customer? Ask the Customer this question — the answer may surprise you.

1.4.2. Does your Value Provided address the biggest, most important elements of the Customer’s job-to-be-done? Do you understand the true job-to-be-done, or are you guessing at what it is? Can you reconceive/reposition or modify your Key Activities to focus more sharply on crucial Value Provided elements?

1.4.3. Could you deliver your Value Provided through a different Channel? Does your Customer prefer the current Channel? Could you adapt Value Provided for alternative delivery Channels? Could you change your Value Provided from a service into a product, thereby creating a scalable business model?

1.4.4. Do you enjoy delivering your Value Provided to Customers? If so, great! If not, revisit Key Resources and consider overhauling your model.

1.5. Ch: How They Know You and How You Deliver

1.5.1. How do Customers find out about you? How do Customers evaluate your services (or product)? Do you enable Customers to buy in the way(s) they prefer? How do you deliver your service/product? How do you ensure post-purchase satisfaction? Have you clearly defined how you help so you can communicate how you help? In what new ways could you create awareness or encourage evaluation (social media, online presentations, etc.)? Are you enabling purchase and delivery in ways Customers prefer? Can you offer different purchase options? Can you deliver through a new or different medium (DVD, podcast, video, in-person)? Could a Key Partner build awareness or deliver on your behalf? Have you asked Customers how satisfied they are with your service or product?

1.5.2. Through which Channel(s) do you now create awareness and deliver Value Provided? Do you deliver directly to Customers? Is it possible to convert your service into a product, thereby making possible delivery to many more Customers?

1.6. CR: How you interact

1.6.1. What kind of relationships does the Customer expect you to establish and maintain? Are you communicating with Customers in ways they prefer — or in ways you prefer? Consider adding, removing, growing, or reducing one (or more) communication method.

1.6.2. Which is the primary goal of your Customer Relationships: retention or acquisition? If your primary goal is retention, does one of your Key Activities gauge Customer satisfaction? If your goal is acquisition, do you need to add or grow selling or marketing-related Key Activities?

1.6.3. Would establishing or joining a user community improve communication with your Customer? Could you co-create a service or product with your Customer? Could your Customers help each other — or could you automate Customer Relationships to some extent — through a user community? (See Channels.) Consider modifying or creating an entirely new Value Provided together with your Customer.

1.7. KP: Who helps you

1.7.1. Who are your Key Partners? Could a Key Partner take on a Key Activity of yours, or vice versa? Could you lower Costs by deepening your Key Partner relationship, or by making the relationship more strategic? Could you modify or create an altogether new Value Provided by allying with a Key Partner?

1.7.2. If you lack a Key Partner, should you consider finding one? Could you obtain an important Key Resource at a lower cost or with better efficiency/quality by acquiring it from a Key Partner rather than seeking it internally? Could you convert/reposition a colleague or someone else as a Key Partner? Alternatively, should you eliminate an existing Key Partner?

1.8. R&B: What you get

1.8.1. Revenue and Benefits are generated by successfully Providing Value to Customers. Is Revenue adequate? If not, you may need to replace or acquire new Customers by adding marketing activities. Does the Customer’s interpretation of Value Provided match your own? If so, consider negotiating a price increase or Cost reduction. If not, work through the Value Provided diagnosis questions.

1.8.2. Are you accepting low Revenue or Benefits because you underestimate your Value Provided? Check whether you (or the Customer) are equating Key Activities with Value Provided, or misinterpreting the job-to-be-done. For what jobs are Customers truly willing to pay? Work through Customer and Value Provided diagnosis questions to see if you can boost the worth of Value Provided.

1.8.3. Would current Revenue received be adequate if hard or soft Costs could be reduced? If so, can you reduce/modify Key Activities needed to serve the Customer? If not, consider finding a new/additional Customer, or revising your model.

1.8.4. Is Revenue paid in the manner the Customer prefers, or in the manner you prefer? Could you switch from an employee model to a contractor model? From a retainer model to a subscription model? Or vice-versa? Could you change your service into a product that could be sold, leased, licensed, or subscribed to? Could you receive payment in kind? Could you negotiate receiving Benefits that cost the Customer little but are valuable to you?

1.9. Co: What you give

1.9.1. What are the main Costs you incur operating under your current model? Consider soft Costs (stress, dissatisfaction) as well as hard Costs (time, energy, money): Can you reduce or eliminate any Costs by modifying a Key Activity or sharing it with a Key Partner? Could any Key Activities be reduced or eliminated without adversely affecting Value Provided? Could you significantly increase Value Provided by investing more in a Key Partner or in Key Resources?

1.9.2. Which Key Activities generate the highest soft Costs within your model? Key Activities that generate excessively high soft costs suggest a mismatch between Key Resources and Key Activities.

2. Why?

2.1. Helps you define and modify the way you engage your strengths and talents to grow personally and professionally

2.2. Because they can’t change the environment they operate in, companies must change their business models (and sometimes create new ones) in order to remain competitive.

2.3. You, like many companies, are affected by environmental and economic factors beyond your control.

3. Business Model Canvas

3.1. Elements

3.1.1. Customers Different Customers may require different Value, Channels, or Relationships Some Customers pay, others may not Organizations often earn far more from one Customer group than from another

3.1.2. Value provided Convenience Price Design Brand/status Cost reduction Risk reduction

3.1.3. Channels Functions Create awareness of services or products Help potential Customers evaluate products or services Enable Customers to purchase Deliver Value to Customers Ensure post-purchase satisfaction through support Types In-person or telephone On-site or in-store Physical delivery The Internet (social media, blogs, e-mail, etc.) Traditional media (television, radio, newspapers, etc.)

3.1.4. Customer Relationships What purpose? acquire new Customers Retain existing Customers more Revenue from existing Customers

3.1.5. Revenue Pre-requisites figure out what Value Customers are truly willing to pay for accept payment in ways Customers prefer Categories One time Recurring Types Outright sale Lease or rent Service or usage fee Subscription fees Licensing Brokerage (matching) fees

3.1.6. Key Resources Types Human Physical Intellectual Financial

3.1.7. Key Activities Types Making Selling Supporting

3.1.8. Key Partners Network that helps make a business model successful

3.1.9. Costs Scalability A business can effectively deal with big increases in demand — it has the capacity to effectively serve many more Customers without straining or sacrificing quality. In financial terms, being scalable means the extra cost of serving each additional Customer falls instead of remaining constant or rising.

3.2. Canvas

3.2.1. BMG

4. Differences BMG/BMY

4.1. BMY: Key Resource is you: your interests, skills and abilities, personality, and the assets you own or control. BMG: Key Resources often include a broader range of resources, such as other people.

4.2. BMY: unquantifiable “soft” Costs (such as stress) and “soft” Benefits (such as satisfaction). BMG: generally considers only monetary Costs and Benefits.

5. BMY Canvas

5.1. Image

6. Elements

6.1. Key resources

6.1.1. Who you are Interests Ability and skills Personality

6.1.2. What you have Knowledge Experience Personal contacts Professional contacts Other tangible/intangible assets

6.2. Key activities

6.2.1. What you do evolves from who you are

6.2.2. Critical tasks

6.2.3. Distinguish your occupation from others

6.3. Customers

6.3.1. Who you help

6.3.2. People within your organization who depend on your help to get jobs done

6.3.3. Who depends on you or benefits from your work?

6.3.4. Customers or companies who purchase or use your organization’s services or products? Do you deal with them directly?

6.3.5. Consider also the greater communities served by your work

6.4. Value provided

6.4.1. How you help other people get their jobs done

6.4.2. What job is the Customer ‘hiring’ me to perform? What benefits do Customers gain as a result of that job?

6.5. Channels

6.5.1. How They Know You/ How You Deliver

6.5.2. 1. How will potential Customers discover how you can help them?

6.5.3. 2. How will they decide whether to buy your service?

6.5.4. 3. How will they buy it?

6.5.5. 4. How will you deliver what Customers buy?

6.5.6. 5. How will you follow-up to make sure Customers are happy?

6.6. Customer Relationships

6.6.1. How You Interact

6.6.2. Personal, face-to-face service

6.6.3. “hands off,” relying primarily on e-mail or other written communications

6.6.4. One time / recurring?

6.7. Key partners

6.7.1. Who helps you

6.7.2. Colleagues

6.7.3. Mentors

6.7.4. Members of your professional network

6.7.5. Family

6.7.6. Friends

6.7.7. Professional advisers

6.8. Revenue/benefits

6.8.1. Income sources

6.8.2. Satisfaction, recognition, social contribution etc

6.9. Costs

6.9.1. Time

6.9.2. Energy

6.9.3. Money

6.9.4. Stress

6.9.5. Dissatisfaction

7. Discovering You

7.1. Dream jobs are more often created than found, so they’re rarely attainable through conventional searches. Creating one requires strong self-knowledge.

7.2. Interests: Wheel of Life exercise

7.2.1. Fitness/Health

7.2.2. Career

7.2.3. Wealth/Money

7.2.4. Personal/Spiritual Growth

7.2.5. Fun/ Recreation

7.2.6. Love

7.2.7. Friends/Family

7.2.8. Physical Environment/ Home

7.2.9. Creativity/Self-Expression

7.2.10. Lifestyle/Possessions

7.3. Roles: Who Am I? exercise

7.3.1. 10 sheets of paper, each with an answer to "Who Am I?"

7.3.2. Why you said that & What excites you about the answer?

7.3.3. Prioritize sheets

7.3.4. Patterns in the answers

7.4. Lifeline exercise

7.4.1. Plot high & lows

7.4.2. Describe each event in 1-2 sentences

7.4.3. Identify interests, skills & abilities

7.5. Personality: Holland's six tendencies

7.5.1. Social Prefers working with people to inform, develop, help, or cure. Interpersonal/educational ability. Tends to avoid activities demanded by realistic occupations or situations.

7.5.2. Artistic Prefers manipulating physical or intangible materials to create art forms or products. Artistic/ language/musical ability. Tends to avoid structured activities or conventional occupations.

7.5.3. Investigative Prefers investigating/researching physical, biological, or cultural phenomena. Scientific/mathematical ability. Tends to avoid activities demanded by enterprising occupations or situations.

7.5.4. Conventional Prefers organizing/processing data in structured situations. Clerical/computational ability. Tends to avoid ambiguous, free, unstructured occupations or situations.

7.5.5. Enterprising Prefers influencing/leading others to achieve organizational goals or economic gain. Leadership/persuasion ability. Tends to avoid investigative occupations or situations.

7.5.6. Realistic Prefers working with tools, machines, or animals, often outdoors. Mechanical/athletic ability. Tends to avoid activities demanded by social occupations or situations.

7.6. Purpose: Cover Story You exercise

7.6.1. Imagine that it’s two years from today, and a major media outlet has just run a big story about you, featuring quotes and a photo of your smiling face. Wow!

7.6.2. 1. What is the name of the media outlet? Choose an actual magazine, newspaper, or program you would be proud to be featured in.

7.6.3. 2. What is the story about? Why are you featured?

7.6.4. 3. Write down some quotes from the interview. You could even create a collage with quotes, insets (sidebars), pictures cut out from magazines, or diagrams.

7.7. Purpose: The Three Questions exercise

7.7.1. 1. Think back to several times when you felt fulfilled What were you doing? Why did it feel so good? Describe those feelings as specifically as you can.

7.7.2. 2. Name one or more of your role models. Who do you admire most, and why? Write down several words that describe that person.

7.7.3. 3. How would you like to be remembered by your friends? Write down some of the things you hope they’ll say about you after you’re gone.

7.8. Purpose: Brand new life exercise

7.8.1. 1. First Year, First Task Spend this year learning new things. You’re NOT required to attend a college, university, or any other formal educational program. You simply must use your time and energy to focus intently on learning new things. So, what would you learn? How would you develop yourself?

7.8.2. 2. Second Year, Second Task Find a cause to support. You have one year to investigate, participate in, and ultimately select a cause or a project you really care about — something that will help humanity (your neighborhood/city/country/the world/ the environment, etc.). At the end of the second year, you must donate the $9 million in your trust fund to the cause or project you’ve selected. What cause will you select?

7.8.3. 3. Your Lifestyle Starting in Year Three What sort of lifestyle will you enjoy after completing the two tasks? You have $9 million. Where will you live? With whom? How will you spend your time? What activities will you pursue? What will you strive to accomplish?

7.9. Purpose statement

7.9.1. Activities: Describe three or four activities you will most enjoy focusing on.

7.9.2. People: Describe several people or groups of people with whom you’d like to spend your time.

7.9.3. Helping: How will you help other people? Use three or four action words (verbs) to describe specifically how you’ll help others.

7.9.4. “I would like to HELP PEOPLE through these ACTIVITIES.”

7.9.5. Help means Value Provided People means Customers (and coworkers) Activities means Key Activities

7.9.6. “the Purpose Statement is a perpetual work in progress.”

7.9.7. The Acid test: Can you confidently and proactively share your Purpose Statement with others? If you lack confidence or feel embarrassed, you’ve got more work to do.

8. Reinventing Inspiration

8.1. Initial BMY

8.2. New BMY

8.3. Upgraded BMY

9. Modifying building blocks & evaluate effects

9.1. Add / Remove / Grow / Reduce

9.2. Effects

9.3. Effects