Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,164,139 members, 7,856,551 topics. Date: Monday, 10 June 2024 at 10:08 PM

Business Models: Combining Entrepreneurship Models With The BSGM Framework - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Business Models: Combining Entrepreneurship Models With The BSGM Framework (76 Views)

Thriving With Minimal Cash Flow: Using The BSGM Framework For Business Survival / How To Use The BSGM Framework To Achieve Entrepreneurship Success In Nigeria / Apply For Tony Elumelu Foundation Entrepreneurship Programme 2018 (2) (3) (4)

(1) (Reply)

Business Models: Combining Entrepreneurship Models With The BSGM Framework by austindgreatman(m): 11:57am On Oct 24, 2023
Introduction
In the fast-paced and ever-changing corporate scene, success demands more than a one-size-fits-all strategy. To effectively handle the obstacles and possibilities of entrepreneurship, company executives must be willing to embrace creative solutions. This blog article investigates the creative synthesis of two powerful frameworks: Models and the Business Survival Growth Model (BSGM). By integrating these frameworks, firms may plan a path to long-term success, backed by a diverse toolbox for analysis and strategy.

Models of Entrepreneurship
Entrepreneurial models include a variety of frameworks and approaches that are intended to lead firms through different phases of growth. These models can shed light on market dynamics, customer behavior, and competitive factors. Lean Startup, Blue Ocean Strategy, Design Thinking, Business Model Canvas, and Effectuation are some well-known entrepreneurship models. Each of these models provides a distinct viewpoint and set of tools for dealing with the complexity of entrepreneurship.

The BSGM Framework
Austine Eneanya's Business Survival Growth Model (BSGM) Framework serves as thorough business guidance. It underlines the need of not just surviving but also prospering in a volatile corporate climate. BSGM is comprised of two primary forces: internal and external. Internal pressures include business culture, management systems, strategy, tactics, and income diversification. External pressures include stakeholders, consumer behavior, strategic collaborations, economic issues, competition, market segmentation, technical improvements, and globalization. These forces combine to form a comprehensive approach to corporate success.

The Innovative Combination
Businesses acquire a multidimensional approach to strategy when these entrepreneurial models are integrated with the BSGM Framework:

1. The Lean Startup Method:

The lean startup paradigm promotes efficient resource allocation. When used in conjunction with the BSGM Framework, it assists firms in prioritizing cost-effectiveness and simplified processes, which aligns with the BSGM "Operational Enhancement" element.

2. Model of the Blue Ocean Strategy:

The Blue Ocean Strategy is concerned with establishing uncontested market sectors. It supports organizations in developing and diversifying income streams when incorporated into the BSGM Framework, leading to "Market Share Expansion."

3. BSGM's Design Thinking Model:

The customer-centric approach of Design Thinking correlates with the "Market Analysis and Innovation" part of BSGM. It allows organizations to develop in response to consumer requirements and preferences.

4. BSGM's within Business Model Canvas:
The Business Model Canvas may help you build, test, and adjust business models. It improves operational efficiency and promotes the "Operational Enhancement" and "Financial Health Priority" components when employed inside the BSGM Framework.

5. BSGM's within Effectuation Model:
The emphasis on exploiting existing resources in effectuation aligns with the emphasis on resource efficiency and financial health in BSGM. They work together to achieve long-term success.

Conclusion
The combination of entrepreneurial models and the BSGM Framework is an effective business toolkit. Entrepreneurs and business executives may confidently traverse the intricacies of the business landscape by combining the analytical insights and techniques of these models with the comprehensive and structured approach of the BSGM Framework. Businesses may not only comprehend their competitive environment but also establish effective plans for long-term success, thanks to this creative fusion. Such an approach is essential for living and attaining company excellence in the fast-paced world of entrepreneurship.

(1) (Reply)

Digital Playground: Entrepreneurs' Strategies For Creating Metaverse Game Marvel / What Is Virgin Australia Airlines Refund Policy? / Make Money Online

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 15
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.