By Fatima Calderon
Your startup business model is wrong –and that’s perfectly fine. In fact, it should be wrong, initially. Even famous and powerful businesses had to change course before they could reach the success they enjoy today.
Twitter started as Odeo, a podcast subscription network. They changed along with their name totoday being one of the most popular and influential micro-blogging platforms. Starbucks, which today virtually permeates every street corner, started not a fresh brewing coffee house, but selling espresso makers and coffee beans. Research any popular and mighty brand and see how different or modified they have become from their initial ideas (Facebook, Zappos, Instagram, etc, etc, etc.).
Your initial business model will be based on many assumptions about your business and your customers. But, as you get to talk and listen to people, as a leader, you have to step back and be objective (don’t let emotions cloud your judgement) and recognize what needs tweaking or completely changing in your business model. It could be as simple as re-pricing your product, or as complicated as changing your target customer or changing a fundamental feature to better attract that target.
Recognize that change is needed and act quickly. The idea is not to change visions completely, but to change directions while staying grounded (Twitter is still a social network as originally envisioned and Starbucks is still selling espresso machines and coffee beans).