Evolution of Home Based Business Models

Evolution of Home Based Business Models

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The development of business models has a brief

history. The oldest, most basic business model is the

shopkeeper model.

This involves setting up a store in a location where

customers are likely to be and displaying their

product or service for all the passer-byes to see.

Over the years, business models have evolved,

changed and become more sophisticated.

The bait and hook business model was introduced in the

early 20th century. This model involved offering a

basic service for a low cost, often at a loss.

This part is the bait. Then by charging compensatory

recurring amounts for refills or other products or

services, this is the hook.

Examples are the razor, which is the bait, and blades,

which are the hook, cell phones that are the bait and

the service charges and airtime that are the hook.

In the 1950s new business models came from some of

todays well-known companies like McDonalds and

Toyota.

In the 1960s Wal-Mart was the innovator and the

1970s saw new business models from FedEx, Toys R Us,

the 1980s pushed Blockbuster, Home Depot and many

computer companies to the forefront with their

innovative business models.

In turn, many dot-coms suffered because of their

poorly thought out business models.

Todays business models depend on how the technology

available is used. Entrepreneurs on the Internet have

also created new models that depend on the emergent of

technology.

Using computer technology, a business has the

advantage of reaching a large amount of customers with

a minimal cost.