What is your business model?
I thought the most common question in this planet was "Who am I ? " - turns out I was wrong.
"What is your business model" is a close second at least.
Almost everyone I know, regardless of their status in my life, have taken it upon themselves to "prepare me for the real world" in the last couple of years right from people who sat next to me in a plane to my Uber driver, I have heard the same thing over and over again. "So how will you make money?".
The funniest thing that happened was over few weeks ago when I met a friend after many years and instead of celebrating his birthday, the first thing he proposed to us was " Pitch to me like an investor. Tell me how you will make money ". My husband and I cringed. It was the ultimate sign. Haha!
We feel like the kids in every household- you know the ones we bring out in living rooms and go " Come on Johnny! Perform your school annual song for us!"
I guess what I am saying to non-entrepreneurs is this - stop asking your friends this question all the time if you cannot really help them solve their problems or have no intention of helping them out. They are not performance-hamsters. They have a hard time all day every day getting beat up for this- just have them be treated like "friends".
To entrepreneurs I say - Be prepared! Be prepared! Be prepared! yes FB and Amazon didn't make money for a long time but you may not get away with that. Know your value proposition: make it short, make it sweet and have a tentative idea at least, where you will make money out of it and not just investors but your entire social set up is geared to ask you questions.
Of course! Not one size fits all. Many of my friends have done well and they just had a cool product and a great idea. They figured out commercialisation much later. Although the number of successes in that category of friends, is quite low.
I guess the odds are always higher if you do know where the moolah will come from.
So what is your business model?