- October 22, 2020
- Posted by: Waqas Siddiqui
- Category: Others
The Importance of Business Model in Entrepreneurship
A Business Model is critical for the growth and success for every business and it needs to be created by entrepreneurs or startups that are planning to start a new business or expand an existing one.
Often undermined, a business model is essential for the success of any venture and requires careful planning and research to understand the market and consumer dynamics. A major advantage of business modelling is that it supports in realistic evaluation of any business idea and its potential.
Furthermore, the potential of any business idea, product or service can be validated by conducting a market research study. The research findings of market study can equip in better understanding the market dynamic and consumer demand, eventually helping entrepreneurs in formulating a Market Entry Strategy and Business Plan.
In the aftermath of COVID-19 pandemic and global economic slowdown, it is imperative to create a well-researched business model before investing in a new business while for an existing business it is equally important to modify and re-assess market conditions.
Some of the key elements to consider before creating a business model includes but not limited to assessment of market, competition, consumers, supply chain, value proposition, resource availability (human, financial and technical). A market research company can be hired to prepare a comprehensive market and financial feasibility study inclusive of business modeling and plan development.
Research Konnection assists local and international companies to set up or expand businesses in Dubai, Abu Dhabi and UAE. It is one of the best rated market research companies in Dubai specializing in Market Research, Market Entry & Feasibility Studies. Feel free to reach out to us on email@example.com