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Don’t Reject Any Business Model without Understanding It Properly

Don’t reject anything without understanding it properly— you might miss a great opportunity. A start-up is always about ideas and more ideas. You would get more than enough of them on how to build things or how to make them better from all sides —investors, co-founders, employees, customers, advisers and so on. While you need to take your own decisions across business, you should not reject any idea without understanding it properly. Historically, many of today’s largest companies were born out of simple ideas which they got from someone and which the big companies of that time had rejected.

Your daily operations will occupy a lot of your mental bandwidth, which would restrict you from spending time on any new ideas that you come across. These could be as small as changing your company’s letterhead or as big as a new business unit. How the industry and category are evolving is best understood from what other companies are doing and how successful they are in doing that. In this case too, you should not reject any business model done by any other company without understanding it. They just might become the industry leaders in the next few years.
 
A popular website and email service in the world was once offered an investment opportunity in today’s most popular search engine and, at some other point, in today’s most popular video streaming website too, but, both times it considered both of them too small an opportunity.

Every live business has an element of success in it. Your job is to find that element and learn from it. Know more about finding the right elements of success in various business models only at the University Canada West.

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