Monday, March 15, 2010

Crowdpreneur by Richard J. Goossen | Crowdsourcing and Social Media Business Models

Crowd sourcing Business Models: The Fundamentals of Launching a Crowd Sourcing Business Venture

I’ve been reading “Crowdpreneur” by Richard J. Goossen. Its a quick read, and professor Goossen brings his traditional business model understanding to the implicit buisness model of much of the new social media these days: crowd sourcing. He points out six core business model considerations:

1) Framing
2) Competitive Market Reality Specification
3) Specification of Deliverables
4) Assumption Testing
5) Managing to Milestones
6) Parsimony

Goossen continues:

A crowdpreneur can sustain company growth by:

• Accepting good advice
• Engaging in worthwhile introspection
• Managing one’s ego
• Remembering the core
• Resisting greed
• Managing risk
• Keeping one’s options open
• Making the company self-sustainable

Although the above amounts to a quick checklist. It provides a quick overview of the core considerations a social media entrepreneur should consider before launching. If you’re interested in the potential of crowd sourcing for business, this is definiately a great book to check out. In addition, I’ve heard that We are Smarter than Me has excellent crowd sourcing case studies.

Richard J. Goossen now works in conjunction with the crowdsourcing company Cambrian House. He is an adjust professor of entrepreneurship and strategy at the School of Business at Trinity Western University and author of “Entrepreneurial Excellence.”
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