By Sayan Chatterjee
Within the Nineteen Nineties, within the identify of "revolutionary enterprise models," companies tookon big dangers virtually with out situation. They have been burnt -- badly. Today,many businesses became powerfully averse to taking the dangers that areessential to long term good fortune. Now, there is a complete new technique to imagine aboutrisk: one who liberates you to behave, whereas maintaining you opposed to risk. Dr.Sayan Chatterjee exhibits easy methods to determine high-risk excessive go back possibilities, andthen systematically deal with and decrease these hazards up entrance, as you layout yourinitiative...not when you operationalize it. Chatterjee attracts his decade ofbreakthrough study on enterprise examine: paintings that is been well-known byinstitutions starting from the Harvard company tuition to the London Schoolof Economics. utilizing his suggestions, you could adequately pursue possibilities yourcompetitors will stroll clear of -- and maintain revenue progress a ways into thefuture.
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There is no doubt that if Southwest were to offer these services, its customers would like it. However, because Southwest’s passengers are not looking for a complicated schedule, luggage check-in is not that high a priority for them, unlike traditional business fliers. Likewise, given the short duration of the flights, food service is also not critical. Finally, there is probably no need for different classes of service. This is the first of many trade-offs that we discuss throughout this book.
Customers have needs, but what they are really paying for are outcomes. You will find that by focusing on the outcomes, you are able to identify multiple business models and increase the odds that you can come up with a solution that is simpler, more efficient, and less risky to implement. Traditional market research and focus groups are not very useful in identifying outcomes. You are much better off observing customer behavior and rephrasing their needs in terms of outcomes. Case 3: Multiple Options for Developing Stents Stents are one of the major medical innovations of the 1980s.
However, if you do this, you are invariably taken to the same playing field as your competitors, and you become vulnerable to competitive risks. You want to deliver what the customer truly wants by using a product or service configuration that is different from existing competitors. This reduces competitive risk without being vulnerable to demand risk. By considering outcomes instead of outputs (products or services), you increase your odds of visualizing multiple internal outputs that lead to new, sometimes radically new, product or service configurations that other competitors are not considering.