I was the first mentor in the program. When Michael Burcham took the job as founding CEO of the EC, he asked me to help him build the program. This was over wine in a great Guy Savoy restaurant in Paris, France, so how could I say no. I have been a college business professor for over 35 years and had my own investor-backed startup companies. I have mentored over 1,000 entrepreneurs to date at the EC.
The 3 components that drive business models:
In this video, David Furse explains the magic of a business model, and answers the burning question; “How does this venture make money?” You will learn how to leverage your economic engine to improve the way you deliver value, and what products you use to do just that.
Resources: People, Processes, Technology, and Strategic Partnerships. These help drive the Economic Engine, the main part of the model.
Economic Engine: In the example shared here, Starbucks has an area for people to meet that isn’t work or home. This is where value takes place and is a part of the economic engine.
- Revenue Streams: Anything that earns money for the Economic Engine. For Starbucks: coffee, cafe food, tea, rewards programs, etc.
Great Marketing Is About The Product And Business Model
Great Marketing is not about sending out more advertising to push a product that people don't want. Customers should be able to flow through your business model with ease and with as few barriers as possible.
Attract people with the product and business model. Use growth hacker marketing by putting your effort into the growth of the product and business model, focusing on the value of the product. Remember, customers don’t buy products, they buy the experience the product allows them to have.
How To Take Feedback (Noise vs Message)
Entrepreneurs hear so many things from so many people about their business. How do you know what to filter out? Why is it important to just try some of those things you hear? Listen to the following examples on how to distinguish between "message" and "noise."
What Does A Successful Mentor Session Look Like?
Other tips? Here are a few ways to connect with your advisor one-on-one. Be prepared for their questions, and be engaged and ready for homework from them. Your advisor will expect you to have completed that work and to update them on what you learned from it. Note: They will care more about what you learn after doing the homework than the homework itself.
“Most business people don’t spend enough time getting in touch with their customers’ pain.” “How can you accomplish that while at the same time accomplishing what the company needs to accomplish?”