Business Modeling for Success

Business Modeling for Success

If I had to describe business modeling in one word it would be success, because business modeling is one of the most important processes that should be made in order to have a successful company. However, it can also be one of the hardest processes to be made and understanding how to implement it is crucial in order for it to work. Without knowledge of how implement a good business modeling strategy, any company can go into ruins very easily.

In the MBA curriculum, we have many core courses, one of them being a Business Modeling class. Note the word core, which would mean to me that this would be one of the classes that will open up my mind and help me apply what is learned to the future courses I need to take for my preparation as a business professional. Taking a business modeling course helps us learn what we need to know and how to think when making decisions. As said by Richard Harborne in the Strategic Finance magazine, “business modeling acts as the finger on the corporate pulse and is designed to be a dynamic activity performed on a continuous and regular basis” (Harborne, 1999). If a business wants to achieve the results that it wants to get to, they need to have a strategic plan to make it happen. That’s where business modeling comes in. Any business can have thoughts of were they would like there company to be in 10 years but without focusing on the major risk factors, it could stop them from reaching their goal and thus will make it harder for them to succeed.

Business modeling is highly important to have a successful business and career. Using my personal experience as an example, my first accounting job was in in my last year of undergrad and I was fortunate enough to learn a lot from very successful people. However, the company had a terrible downfall that no one was ready for since forecasting the risk of competitors was not a number one priority. Although, the company had great successful people working for...