Odeo Admits Failing – It’s about the Business Model September 16, 2006Posted by John in Technology.
Liz Gannes writes that a piece about Odeo admitting failure. Evan Williams openness is a quality thing. All entrepreneurs have no problem admitting failure. Failure is a step toward success. Dave Winer commented on the post with an epic quote: “It’s easier for a user to become a manufacturer than it is for a manufacturer to become a user.”.
I think that is the key. I was first a podcaster before I decided to form PodTech. I saw problems that I had and idenified that others had that problem too. If I solved my own problems then that could be a solution for others. Dave is correct it’s easier for a user to become a manufacturer (or vendor) then it is for a manufacture to become a user.
in the post by Gigaom Evan talks about his business model issues. All businesses from day 1 are in business and need a business model. Alot of entrepreneurs miss understand what a business model is. A business model is different from a revenue model. Every startup has to have a business model from day 1. The only way to protect against ‘going under’ is to establish a revenue model as fast as possible. It’s ok for the revenue model to evolve as all successful companies do change their revenue model. However the key is not to confuse the business model from the revenue model.