Startup Coach, Mitra Ferdows Details Business Model’s Role in Startup Success

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Startup Coach, Mitra Ferdows Details Business Model’s Role in Startup Success

January 13
22:09 2021
Mitra Ferdows shared her ideas on the importance of the business model in startups achieving their targets and milestones in an online webinar attended by many startup founders.

Mitra Ferdows is an investor and coach in different startups in InsurTech and FinTech industries and she is a graduate of Business Management from the United States’ Loyola Marymount University.

Mitra Ferdows in this webinar said that “The business model is at the heart of any successful startup because no matter how unique and original your idea may be, a startup should have a practical way of making money that is valuable enough to invest in the future and also keep the startup afloat. Many startup founders use the term “business model” when discussing their business plans and strategies.”

Mitra Ferdows continued that “A successful business model represents a better way than existing options that can offer more value to a separate group of customers and return more benefits to the company. A business model is an abstract representation of an organization, which can be a textual, or graphical, concept of the core architecture, operations, and current and future financial arrangements of an organization designed and developed, as well as all core products or services, the strategic and objective goals that the organization offers, or will offer, are based on this plan. A significant share of the success of knowledge-based companies is related to the design of their business model.”

Mitra Ferdows added that “So far, a large portion of e-business studies have relied on studies in large corporations, and few studies have been done on startups. Integrating e-business into the business activities of small and medium-sized organizations will change the way businesses do and adopt new technologies so that startups can grow, and this can help bridge the gap. Reduce existing between developing and developed countries. On the other hand, the adoption of e-business may put startups in a better competitive position to compete in global markets and export their products to different countries.”

Mitra Ferdows stressed that “However, in practice, we see the inefficiency of the business intelligence system in organizations, especially in developing countries, and organizations face many problems to implement this system. This can be due to the relationship between organizational factors such as organizational strategy, organizational structure, and organizational process and culture, and many factors and factors affecting business intelligence have not yet been studied. Therefore, it is necessary to study the relationship between organizational factors and the effectiveness of business intelligence systems because the first goal of business intelligence is to support organizational decision making.”

She continued that “The relationship between organizational strategy and the effectiveness of business intelligence is obvious. As mentioned, one of the goals of business intelligence systems is to provide useful and timely information, so that valuable decisions can be made to lead the organization to success. Therefore, establishing coordination between business strategy and information technology strategy is essential to develop the performance and effectiveness of the organization. Research shows that poor organizational performance is due to the contradiction between business strategy and information technology. Research shows that the business intelligence system is more effective in a decentralized structure in which information about customers and suppliers is communicated to the CEO without any delay or delay.”

Mitra Ferdows concluded that “The business model you choose should be closely related to customer needs and work better than your competitors’ model. There are many different types of business models and you have to choose the model that suits your business. One of the worst mistakes founders make is trying to rebuild a business model or create a new way of cash flow that has never been done before without enough customer research and development.”

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Country: United Arab Emirates

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