Module 4: Business Development Part I - Entrepreneurial Adaptation of Generic Business Models

Module 4: Business Development Part I - Entrepreneurial Adaptation of Generic Business Models

This module provides an entrance to the entrepreneurial path by covering both entrepreneurial basics that help getting started by pointing in the right direction and business model development aspects that help in the development of Resource Recovery and Safe Reuse Business Models.

Entrepreneurial Basics

A self-discovery or internal analysis (Who am I? What are my strengths and weaknesses?) is always at the beginning of an entrepreneurial start-up process (see RRR Entrepreneurs). While risk is inevitable in any new business, failures can be prevented by avoiding common mistakes (see Deadly Mistakes of Entrepreneurs). By adapting certain habits (see The Seven Habits) and being aware of common mistakes early in the business development process, entrepreneurs can maximise their chances at creating a thriving business and turn Challenges to Opportunities.

Business Model Development

To successfully carry out a scanning of the business environment, a compendium of tools is presented that will help to better understand and capitalise internal and external factors, trends, and emerging issues into successful business ideas.

The Business Model Canvas (BMC) is a tool that can be used to translate a business model into nine building blocks that show the logic of how a company intends to make money. The main purpose of a business model canvas is to foster understanding, encourage discussion, creativity and analysis.