If you can’t answer that, you’re not likely to get very far or, in fact, anywhere at all.
Of course, conditions can change and very quickly, so the question is a fluid one. A highly competitive approach ten years ago might not be viable today and companies that are barley five years old are commanding valuations in the billions.
That’s why there’s so much talk about business models. Somebody claims to have new one, while another says that an old one is defunct. But what is a business model really? As innovation researcher Tim Kastelle points out, there a multitude of definitions representing different points of view. That can be confusing. It’s time to clear things up.