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Interview: Business Model vs. Business Plan
I recently appeared on the Sage Advisors radio program discussing the differences between business models and business plans. Below you can find the replay link as well as the promo copy for the interview.
My Guest, Jim Muehlhausen JD has enjoyed the privilege of working with hundreds of business leaders, from both big and small companies, on an intimate level. These business leaders have shared their hopes and dreams, successes and failures, and the inner workings of their business with him.
Through the course of all those interactions he came to discover there wasn’t necessarily a correlation between education, intelligence, or hard work and success of the business. He found many successful business owners who were quite lazy. He found high school dropouts who created highly successful businesses. He also found intelligent, well-educated, and hard-working business leaders who failed to translate these qualities into business success.
He asked himself, “If these traits aren’t the foundation of business success, what is?” The answer is the business model. Education, intelligence, and hard work are all applied to a business model. Applying these qualities to a weak or failing business model is like throwing good money after bad in the stock market.
This SageAdvisers™ Teleseminar is a powerful introduction of what is a Business Model and why it’s important! By understanding the business model concept — and how it differs from a business plan — will give you the best chance at success. Our goal is to focus on this vital area so you realize that the strength of your business model is what’s sitting at the very core of your business’s success. This will be very informative and I hope eye-opening too!
Like most entrepreneurs, Jim Muehlhausen has an eclectic background, ranging from CPA to franchisee, attorney, business owner, consultant, franchisor, public speaker, university professor, and author (Business Models for Dummies and The 51 Fatal Business Errors And How To Avoid Them) along with contributing articles to many publications such as Inc.,The Small Business Report, Entrepreneur, BusinessWeek, etc.
In 2009, he founded the Business Model Institute which is devoted to the innovation and study of business models.