Most people that are new to the business world tend to mix up business models with business plans – when in reality, a business model is more than talking about your company’s aspects and more on mapping out how you are planning to create ongoing value for your audience.
The process of where the business idea starts, where does it progress to, and when do you know you will be successful? These are just some of the simple steps you need to know when securing an ideal business plan. Fortunately, there is a lot you can learn from professionals in that field as well – a prime example being Tanvir A Mushuk.
As a highly acclaimed Bangladeshi fintech entrepreneur, Tanvir A Mushuk is the Founder and the Managing Director of Nagad, a disruptive mobile money carrier of that market. His venture with Sigma Telecom Limited and Sigma Group revolutionized the international Telecom Gateway (IGW) business, making it significantly easier for people to handle overseas calls.
For years now, Mishuk has had an active career in the fintech industry, starting his entrepreneurial journey from 2006 when he founded T-Asia Group, where he currently works as the Group Chairman. He has also been known for making effective business models which have shown their fruition over the years in his career. For example, in 2012, Mishuk became the founding managing director at Telekom Asia, a company that focuses on real-time communication service over the internet while simultaneously serving as the biggest wholesalers in Singapore.
The following year, he became the Director and CEO at Sigma Telecom Ltd., and in 2016, he joined the Sigma Group as a board member and is one of their directors now as well. In 2019, he founded Fincluson Ventures, where he serves as a Managing Director. And after staying as the managing director at Nagad, some of his achievements included the digitalization of the Bangladesh postal service.
As a professional in the field, he has offered a few tips on how every entrepreneur can go about making the best business model according to their needs.
Identifying Your Audience
For any business to thrive, you need to first look into who your audience is. When creating a business model, you need to be specific and narrow down your audience to a few buyer personas. Next, you will need to outline the demographics of each persona, the challenges that they pose, and the solutions that your company can offer them.
Keeping Track of Business Resources
You need to think about questions like, what processes does your company need to focus on daily, how to find new customers, and what do you need to do to reach your business goals? These pieces of information should be documented as your essential business resources to make sure that your business model is prepared to sustain your business’s requirements. Some common examples of resources include capital, website, warehouses, customer database, and intellectual properties.
Determining Crucial Business Partners
It is difficult for a business to function without key partners that contribute to a business’s ability to effectively serve its customers. When creating business models, you must select business partners such as suppliers, advertising partners, logistics companies, or even wholesalers who can significantly boost your company’s productivity.