ENT 526 Lecture Notes - Lecture 3: Steve Blank, Lady Gaga, Bet Her
23 Sep 2016
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Document Summary
In entrepreneurship, as in any other profession, luck is where opportunity and preparation meet. The core ingredients for entrepreneurial success are a superb entrepreneur with a first rate management team and an excellent market opportunity. Durable (will last long enough to generate roi) Business models: a business model describes the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural, or other contexts, business model = revenue model cost model. The revenue model breaks down all sources of revenue generate by the business. The cost model shows how spending resources to make money. The true job of an entrepreneur is systematically de-risking their business model. Finding a business model that works is a search problem not an execution problem. Idea multiplication aka double dipping: build once, sell twice, monetize three times, lady gaga sells songs on itunes, sells concert tickets, and releases fragrance.
