The traditional business model has long been the go-to for startups, but with the constant evolution of the business world, something new and revolutionary was needed. Enter 8NV, a game-changing business model that has been making waves in the startup industry.
So, what exactly is 8NV? It stands for “8 New Ventures,” and it’s all about providing a framework for startups to pursue multiple ventures simultaneously. This diversification of revenue streams offers startups an increased chance of success, as they are no longer solely reliant on one product or service.
While diversification is not a new concept, what sets 8NV apart is how they go about it. Instead of spreading out into unrelated industries, 8NV focuses on ventures that are closely aligned with the core business. For example, if a startup’s core business is in the tech industry, one of their 8 new ventures may be in the software space.
But why limit yourself to just 8 ventures? The number 8 was carefully chosen based on research and analysis, with the founders believing that it strikes a balance between diversification and focus. Too few ventures, and the startup is too reliant on one area. Too many ventures, and they can become spread too thin, losing focus and efficiency.
One of the prime benefits of this model is that it allows startups to quickly adapt to changes in the market. If one venture isn’t performing as well as expected, they can simply switch their focus to another one without losing too much time or resources.
This doesn’t mean that startups should abandon their core business, however. In fact, the 8NV model encourages startups to prioritize their core business, with the new ventures serving as complementary ventures to further strengthen and grow the company.
Perhaps one of the most impressive examples of the 8NV model in action is Amazon. While they started as an online bookstore, they quickly expanded into other related areas such as music and electronics. Today, Amazon has 8 different business units, including Amazon Web Services and Amazon Fashion.
Overall, the 8NV model offers a refreshing approach to business that is both innovative and effective. By diversifying their revenue streams in a way that complements their core business, startups have the potential to achieve success on a whole new level.
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