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Archive for the ‘Business Model Generation’ Category

NewImageBusiness Model You (BMY), written by Tim Clark in collaboration with Alexander Osterwalder and Yves Pigneur,  has just been released and is must must read/apply for anybody that is looking for personal logic through which  one can sustain themselves financially. It take the proven business modeling capabilities of Business Model Generation and applies them on a personal level, AKA to you and me. Side Bar: Tim… Please make this book available electronically to those of us who use Kindle, Nook, etc.

NewImage

When I originally read the BMG book last year, I wrote about it value as well as the potential value of using the methodology on a personal level. Base on some exercises that the BMY recommends, I have since update my own model, Dr. Jerry A. Smith V2.0:

Dr Jerry A Smith bmg

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This new BMY is for my work as a IT strategist, designed to help companies grow their business (revenue, margin, customers) through technology and social media driven capabilities. While not perfect (nothing ever is), it has helped me focus on those activities, resources, and partnerships needed to better help my clients.

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Social network demographics

While these are powerful statistics that speak for themselves, Alexia Nielsen, Social Media, has written a great article that briefly highlights there meaning of this Pew Internet study. The bottom line is:

– 65% of online adults use social networking sites, and most describe their experiences in positive terms.

– Two-thirds of adult internet users (65%) now say they use a social networking site like MySpace, Facebook or LinkedIn, up from 61% one year ago. That’s more than double the percentage that reported social networking site usage in 2008 (29%).

– More half of all adults (50%) use social networking sites.

So, what does this mean to the average company? A lot. For the first time, the majority of people who are using social media have money. That’s right – they HAVE MONEY.

We are no longer talking about kids and young adults chatting away with their friend (AKA FaceBook). You can social market to them all day long, but capturing 100% of a market that has $0, still gives you Zero Revenue.

We now have a opportunity to help mature communities solve their needs and potentially make money at it. This is a good position to be in, if you are listening to your communities, have a great product/service, and are in a position to deliver it at an acceptable price.

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NewImageI just posted a brief article on using Business Model Generation (BMG) as a means to articulate the rationale for how you create, deliver, and capture value. Shortly after the post, Tom Yardly posted a LindedIn reply highlighting some original work in this field. Business Model You is a one-page method for reinventing your career using concepts from BMG. Pretty exciting and I encourage you to check the site.

 

Please check out the original article – “Business Model Generation – A Personal Application

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300px Business Model Canvas

I decided to apply the Business Model Generation (BMG) methodology, created by Alexander Osterwalder and Yves Pigneur, on myself as a means of providing other team members a personalized concrete example. This started when I was in the process of working through a business modeling exercise for a couple of my IT-related practices. A colleague, not familiar with the BMG methodology, asked if could work through an end-to-end “personal illustration.” The term “personal” provoked me to think about my career,  the work through what I do, and value that I try to create.

As most of us know, a business model describes the rationale of how an organization creates, delivers, and captures value (economic, social, or other forms of value).  Well, that is exactly what most of us do on a day-to-day basis – realize some sort of value. So, with the help of the team, I created the Dr. Jerry A. Smith V1.0 business model and here it is:

Dr Jerry A Smith bmg

CLICK HERE FOR LARGE VERSION

This “attempt” tries to capture four of my key value propositions (strengths) – critical thinking, problem solving, creative insights, and strategy planning. As it turns out, I apply these value propositions across three very different customer segments – IT (information technology), Academia (colleagues and students), and Visual Effects and Film Industry. That was a real epiphany for me since I mostly thought I was deliverying very different values.

One of the bigger insights I have drawn from this exercise is that I am “paycheck poor.” Check out the revenue streams. See a pattern? My revenues are tied only to the income benefits from the companies or universities I work for. If I stop the work, the pay stops as well. From a business perspective, this seems a bit risky.

Anyways, I plan on doing a lot of business model evaluations over the next few week, using the BMG framework. I specifically look forward to the SWOT process as applied to model.

Please let me know what you think about the approach and results (below, email or LinkedIn).

 

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