What is a Business Model?
Make Sure You Use The Right One For Your Business
Chandresh Pala is the founder of Cohezia Venture Studio, which specializes in creating innovative, scalable ventures based on digital technologies. He has over 20 years of experience, including working with leading consultancies and corporates such as UBM, British Gas and more. He explains all about business models, developing business importance of names and the whole story around brands
I currently am the founder of Cohezia Venture Studio. We are a venture studio, which basically creates new startups. We also help them grow. So we also help them to scale as well. So currently, we have a portfolio of ventures in the FinTech event tech, augmented reality, virtual reality, and venture capital areas, amongst other things.
One of the things I kind of call myself is the fusion entrepreneur because I'm always looking for ways to combine things. the interrelationship between all kinds of things, which look as though they're separate.
So names are really difficult to choose, and actually, finding .com, or not necessarily finding, a good domain that reflects your name is quite a challenge, especially nowadays. It is difficult choosing names, but I think it's worth spending some time on it. I wouldn't necessarily say that you should be too worried about getting it exactly right. One of the things that I really talk about when we're considering brands is, is that the name is that first interface, but then after that, it's more about brand experience, I think that's really the most important thing. So the name gets you in front of somebody and gets the attention. But after that, it's really the brand experience.
I think our brand is about, really a promise, and it's about creating a perception. And it's about a residue that's left in a person's mind. Now, that is more than just the name, it's really the sum of all the association interactions that a person has, not just with the name or the website, but everything, the service that they receive the product all of those. So, it's really trying to help people understand that, a brand is more than just a nice logo, it's really your interaction and your team's interaction with the client, it's how the customer uses the products, what they feel about it.
The future is about brands, in which people will choose brands that are aligned with their values, their identity and their purpose. So when we talk about brands, actually brands are things that people choose to really connect with their form of identity. So whatever a person feels is their identity, if you look at the brands that they're choosing, there's actually a very good correlation, they're choosing those brands, because they're reinforcing that person's identity.
How are you going to create products and sell them to make money? So it's a very simple concept, which, strangely enough, still, people don't really seem to understand, they think, Oh, well, there's a product and that's it. But actually, it's about how you're going to create, how you're going to deliver it, and how are you going to, you know, create, value and make money from it. And there's a lot of misunderstanding in terms of people, really, not understanding the different components of a business model. And there are various tools out there that people can use. There's something called the business model canvas.
That whole first stage of a business is exploration and learning. That's really the whole mindset that anyone that has starting a business or starting a new product needs to be in, it's all about creating, a value proposition, defining that, but then going out and validating it's going out and exploring, understanding what those assumptions are defining them, and then really going out and trying to validate those assumptions. And the best way of doing that is is by, going out and talking to potential customers
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