South Africa’s largest meeting of business leaders, professionals, and entrepreneurs returned to Sandton Conventional Center on September 12, 2023.
Every year, the Leaderex Conference hosts this event to provide attendees with immersive insights into industry difficulties and trends. The event has evolved into an increasingly competitive worldwide context in which being average is no longer an option. This event gives opportunities like preparing for digital future, unlocking creativity and starting or growing businesses.
Among the numerous speakers at the conference was Sanjay Soni, who represented Jozi Angels, an angel investment network, on a panel with Eleanor Bloem and Edwell Gumbo. The topic “How to Develop a Winning Business Model and Strategy?” was being discussed. “Developing a winning business model and strategy involves several key steps,” he stated, citing his understanding to,
Market Research: Understand your target market, customer needs, and competition. Identify trends, opportunities, and gaps in the market.
Value Proposition: Define a clear and compelling value proposition that sets your business apart from competitors. What problem will you solve for customers?
Business Model Canvas: Create a Business Model Canvas or similar framework to map out key components of your business, including revenue streams, customer segments, and channels.
“How do we look at evaluating business opportunity?” was one of the panel’s questions. Sanjay stated the following remarks in response to this question: – – – – Have a good justification for selecting that particular company idea. Have some market knowledge and understanding Work out your strong points. Consider your competitors.
Extending his understanding of Product Market Fit which asked directed to Sanjay, he described it as something investors look for very early. Referring it to the stage at which a company’s product or service aligns perfectly with the needs and preferences of its target market. In other words, it’s when a product or service satisfies a real demand in the market so well that customers are not only willing to use it but also pay for it.
Another question they posed to the panel was, “How often do you think a business should review their business model?” Eleanor likened the company model to a map. She emphasized the need of conducting a quarterly evaluation of the company model. She also emphasized the significance of reviewing OKRs (Objective and Key Results) on a quarterly basis. Sanjay encouraged tech organizations to be aware of what is going on in the industry because technology changes at a quick pace. He recommended tech companies to monitor technological advances on a regular basis. He agreed with Eleanor that businesses should reassess their business model quarterly.
Toward the end of the conference, the panel hosts a Q&A session in which every attendee has the opportunity to ask questions. A woman approached the panelists seeking advice on how to establish her own business. Sanjay’s recommendation was as follows: Avoid overthinking the product. Bring it in little amounts. Don’t plan ahead 20 steps. Obtain some advice Most importantly, JUST BEGIN.
Find more on Sanjay here – LinkedIn
Jozi Angels – https://joziangels.co.za