Creating A Successful Business Model

1583 Words Jan 24th, 2016 7 Pages
Creating a successful business model requires a wide variety of detail. Numerous businesses decide simply to enter a market with standard practices and standard products that are related to a particular product or service, however, countless others attempt to innovate by creating new services or business models. Innovation is done through small-medium enterprises (SME) or through innovation-driven enterprises (IDE). The following paper will examine two broad firms and their various details regarding benefits and risks. Innovation will be addressed in developing countries, in addition, how firms can create a culture of innovation to support this business model. The concern regarding government involvement will be explored, and a comparison of prior trends and predicting future trends. Concluding this examination, two materials will be discussed, a webinar and video review.
Risks and Benefits of Enterprises
Small Medium Enterprises Small-medium enterprises are companies that operate on a smaller scale, any business up to 250 employees. SME’s serve a different consumer base with a different product, seeking to bring traditional ideas to local markets. The SME’s increase in a linear direction, and can impact communities by creating jobs. Building tradition, SME’s aid in providing jobs and are the backbone of various markets (Aulet, 2013).
Innovation-Driven Enterprises
IDE’s seek to bring innovations to global markets. IDE entrepreneurs face a greater risk than…
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