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Business models in strategic management
Business models in strategic management

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5 Using business models in your life

So far in this course, business models have been referred to in the context of organisations where they are used more frequently. However, business models can have a wider range of applications. Therefore, you do not need to be a business owner or a strategic manager in an organisation to start using business models. Instead, business models may be useful for one’s strategic planning not only in the context of organisations, but also in a variety of other contexts. For instance, you can choose to apply a business model concept to your personal development to consider how your personal development activities add value to your life and career growth. To this end, the business model conceptualisation may be of interest to various users including ballet dancers and composers considering a new repertoire needed to take their performance to the next level, artists willing to promote and sell their work, book writers willing to publish a new book or book series, freelance journalists willing to tap a new area and bloggers willing to expand the number of subscriptions on their pages.

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Figure 7 Personal growth

For this reason, this final section of the course will look at how you could apply business models in your personal and professional development.