This week was busy, busy, busy. Never mind that I’ve taken on three more credits to my usual six per semester; I really am not proficient when it comes to internet technology, so this class is both exciting and scary.
This week we started with a case study introducing us to business models. Even in business there’s the age old question, what comes first, the chicken or the egg? For this class, we were asked to discuss our thoughts on what comes first, a product idea or the business model. I searched what I could on the internet and asked a few of my coworkers what their thoughts were on the matter. I found their different answers pretty much split down the middle. For me, I believe it’s the product idea that should come first. The reasons are, first, you have to love what you do, and the more you love what you do, the more passion you’re going to have for it. Passion then translates to doing more and not wanting to quit so quickly when things take a down turn. Second reason, is strategy. I think the business model is an important part of the strategy that comes from already having an idea and moving forward to the next steps. Third reason, is that there needs to be a market for your product. Otherwise, any chosen business model or strategy created before choosing a product is almost a waste of time. That’s my opinion. However, my classmates did make some points I’m willing to consider in my opinion. One classmate pointed out that choosing the business model first is more important because you need to go with what you can do. I can see that. Choosing a business model first could mean cutting your list of product ideas in half. That could be helpful. Another classmate pointed out that business models are changing all of the time, so picking one first is about picking a model that is going to be the best way to go no matter what your product is. Mmmm, not quite convinced enough to change my mind. Yet.
Reflections from Web Business Creation B250 