Product vs. Model

I have always thought, without a product or service there is no business. Recently, in my Business 250 class it has come to my attention that some people decide on their business model before they choose their product. This was a surprise to me! However, it makes sense if someone is limited to certain circumstances, such as they have no space for inventory. Perhaps, they have a skill set they want to utilize that requires a specific type of business. I would recommend reading Business Models on the Web, which organizes and describes various business models. My mom always told me, “If you fail to plan, you plan to fail.” A business model will give direction and purpose to your business.

Now some people may have a business model, but they are not sure what to sell. Brainstorming Business Ideas is an inspirational article to help you recognize the business opportunities around you. From the time I was a toddler, I was already thinking business. I hid the TV remote and tried to sell it back to my parents. If you are constantly think about business, then maybe business is for you. A good starting point is to  research 1) a product/service you can offer and 2) a business model. Whether you think of the product or the business model first, it doesn’t matter. What matters is that you are passionate about your product, service, or skill set. Your motivation will show through to your customers.

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