A business model is the means by which a company establishes its stream of revenue from customers. It may take many forms, from the very simple to the very complex. In management discourse, the business model is considered to be the means by which organizations create, distribute and capture value.
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Entrepreneurs are often lauded as being central figures in a modern economy and having important roles to play in wealth and job creation. Successful entrepreneurs can also expect to be liberally rewarded for their efforts in terms not just of money but also in status and respect. Since no formal qualifications or skills are required before an individual can set out to become an entrepreneur, then it stands to reason that many people will try to do so. Should you be one of them?
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A competitive advantage is anything that one business can use to make products appear more appealing than those of rivals. The most commonly considered forms of competitive advantage are the unique product and the lower price; however, these are only very limited examples of what imaginative companies and the entrepreneurs behind them can use.
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