5 Mistakes to Avoid When Starting Your First Business

Click here to know what are those 5 mistakes -

How Secure is Apple Pay?

Apple Pay Security

As soon as we buy iPhone 6s or 6s+ we get excited to enjoy Apple Pay feature as it simplifies shopping and makes life a bit easier at retail shops. But, we raise our concerns about Apple Pay security and ask questions to ourselves whether it's safe to use Apple Pay.

I thought to share with you the following FireEye article which explains Apple Pay Security in a comprehensive way.

Fire Eye Article - Apple Pay: A Security Analysis

Please let me know your thoughts about Apple Pay Security.

         Developing Your Startup Revenue Model in 7 Steps

1. Choose a revenue model approach that is best for your company and background.

2. Your revenue model should allow you to communicate your value.

3. Identify potential investors strategically based on your revenue model.

4. Project out into the foreseeable future.

5. Understand that your revenue model is always evolving.

6. Identify the key variables for your company.

7. Mitigate for variables.

Please click on the below URL to read the full article -

http://earlygrowthfinancialservices.com/developing-your-startup-revenue-model-in-7-steps/

Please leave your comments.

                 Startup Business Models

Found a very good article on 'Business Modeling for Startups'

The Components of a Business Model

Following are main six components of the business model:

1. Value proposition – a description the customer problem, the product that addresses the problem, and the value of the product from the customer’s perspective.

2. Market segment – the group of customers to target, recognizing that different market segments have different needs. Sometimes the potential of an innovation is unlocked only when a different market segment is targeted.

3. Value chain structure – the firm’s position and activities in the value chain and how the firm will capture part of the value that it creates in the chain.

4. Revenue generation and margins – how revenue is generated (sales, leasing, subscription, support, etc.), the cost structure, and target profit margins.

5. Position in value network – identification of competitors, complementors, and any network effects that can be utilized to deliver more value to the customer.

6. Competitive strategy – how the company will attempt to develop a sustainable competitive advantage, for example, by means of a cost, differentiation, or niche strategy.

http://startupjunkies.com/business-plans-and-models/business-modeling/

Please let us know your comments on business model.

"If people aren't calling you crazy, you aren't thinking big enough."

A good book for a budding entrepreneur 

Crazy Is a Compliment: The Power of Zigging When Everyone Else Zags

Crazy Is a Compliment by Linda Rottenberg

Y Combinator's How to Start a Startup

I found this useful free course for people who are thinking to start a startup.

Y Combinator Free Course - How to Start a Startup

Do you think this course is useful?

Summary-How To Be A Great Founder

Reference: YouTube  How to be a Great Founder (Reid Hoffman)

1. Having great preferences to have a co-founder so that you have partner who can do reality checks upfront.
2. All great founders look for a great network, they are not bound to a particular location or region. They give preference to a location which could be helpful to solve their problem.
3. It’s good to be contrarian but you should be right at last means you should know what other don’t know.
4. You should have self-confidence what you know but at the same time you should listen to competitive data, negative feedback and criticism.
5. You should be focused internally at same time should be going in public and building good network.
6. You should take intelligent or focused risks.
7. You should have short term vision but also know your long term vision otherwise you may find yourself in unknown territory where you don’t know your destination.
8. You should be good in articulating your mission.

What do you think who can be a great founder?

Add your comments.