I decided to apply the Business Model Generation (BMG) methodology, created by Alexander Osterwalder and Yves Pigneur, on myself as a means of providing other team members a personalized concrete example. This started when I was in the process of working through a business modeling exercise for a couple of my IT-related practices. A colleague, not familiar with the BMG methodology, asked if could work through an end-to-end “personal illustration.” The term “personal” provoked me to think about my career, the work through what I do, and value that I try to create.
As most of us know, a business model describes the rationale of how an organization creates, delivers, and captures value (economic, social, or other forms of value). Well, that is exactly what most of us do on a day-to-day basis – realize some sort of value. So, with the help of the team, I created the Dr. Jerry A. Smith V1.0 business model and here it is:
This “attempt” tries to capture four of my key value propositions (strengths) – critical thinking, problem solving, creative insights, and strategy planning. As it turns out, I apply these value propositions across three very different customer segments – IT (information technology), Academia (colleagues and students), and Visual Effects and Film Industry. That was a real epiphany for me since I mostly thought I was deliverying very different values.
One of the bigger insights I have drawn from this exercise is that I am “paycheck poor.” Check out the revenue streams. See a pattern? My revenues are tied only to the income benefits from the companies or universities I work for. If I stop the work, the pay stops as well. From a business perspective, this seems a bit risky.
Anyways, I plan on doing a lot of business model evaluations over the next few week, using the BMG framework. I specifically look forward to the SWOT process as applied to model.
Please let me know what you think about the approach and results (below, email or LinkedIn).
Intriguiging approach and consolidation of a wide range of practices and processes that new and established business leaders and teams often find difficult to bring together and apply.
Wondering if anyone has implemented a mind map version of the method? In my situation, teams are often distributed and working sessions are hybrids of some local [conference room] and some virtual participants.
The BMG framework seems to make a lot of sense, at least from a top down point of view. Fuzing together the constructs (value prop, channels, etc) into a single landscape clarifies the business model in a similar way that your Impact vs Challenges map does for strategies. However, I am struggling to tie this output to operational models; tha is, beyond the financial model that is produced.
I don’t have a iPad yet and not everyone does so I did indeed create a mind map of a business model canvass with several additional ideas beyond the ‘BMG Canvass’… and by all means I say Business Model Generation is a great book.
My mind map is here, only in collapsed view:
http://innovograph.com/bmiims/#bmi
I am selling my mind map (.MMAP) for $14.95 USD. My store page is under construction but I look forward to telling people about this option in the near future. I also have a Doblin business model evaluation Excel with an secondary set of questions Rita McGrath has published:
http://www.europeanfinancialreview.com/?p=3292
Finding Opportunities in Business Model Innovation
The Excel file will be $6.95 USD.
Jerry – Great idea to apply the BMG to oneself. It is a very valuable way to clearly portray ones own value. As someone currently in the job market, the BMG sounds like good marketing material that could be distributed in networking events and perhaps even interviews to provide a brief summary that may create a lasting memory to someone else such as a recruiter.
I agree that this has potential. The Business Model Generation and Business Model You frameworks remind me a lot of the early days of TOGAF and how they make it through the adolescent phase of their maturity.
…And the ‘Personal Business Model’ Dr. J demonstrates is a great way to show your personal value for deals and partnerships.