Chapter 3
World of Successful Companies
This chapter focuses on different business models and types of businesses.
Before going deeper into entrepreneurship, let's take a look at why some businesses succeed and others fail. In this chapter, you'll learn about different elements that can make or break a company. Keep in mind that few companies are born a success or a failure. Proactive change and innovation are essential for long term success.
Watch Maria's benchmarking video and her observations about a potential competitors website.
Learn about types of businesses.
Pick an interesting company operating in your field of study. Find information about the company's business idea, business model, history, marketing and main messages to customers.
What is a business model?
A business model is a company's plan for making profit. It includes the products or services the company sells, the target market and expenses related to how the company is to conduct business. The business model needs to be updated regularly because the operating environment and buying patterns of customers will change over time, sometimes radically due to a market disruption.
What is benchmarking?
Benchmarking means studying and comparing companies against each other or selected criteria in terms of how they conduct their business, performance, products/services, target market. If you already have a business idea, you can use it to find out how your future company might differ from existing businesses.
Maria has benchmarked a company called Weddingstar. What has she discovered?