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HomeResource8 Steps To Build Successful Business Ecosystems

8 Steps To Build Successful Business Ecosystems

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A good business model is likely to take several step approaches to achieve enhanced ecosystems. Businesses these days tend to depend upon developing appropriate partnership ecosystem to succeed. Be it a multi-billion-dollar company or a startup firm, it is important to be aware of how to develop them.

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8 Steps Involved In Developing Successful Business Ecosystems

1. Manage competition and cooperation:

Managing internal cooperation and competition within a huge ecosystem filled with multi-players can be a complicated task. Hence, undertake the following:

    • Know how open/closed ecosystem is likely to be.
    • Determine ecosystem’s degree of exclusivity much in advance.
    • Adhere to excellent partnership management principles. It should include developing well-crafted contracts, trust, effective communication, setting clear goals, relationship management, etc.2.

2. Partner selection:

Partner combination is likely to provide the network in the marketplace with a competitive edge. Ask the following questions:

      • Partner type desired and why?
      • What abilities can each partner bring along?
      • How to attract such partners? What will motivate them? In what order to onboard them?
      • How partners are to interact with one another? Governance structure?

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3. Scaling partnership numbers:

Scaling partnership numbers Business Ecosystems

In any corporate ecosystem, customer-supplier relationships matter a lot. It is very much crucial to get the right players in place to derive that marketplace advantage. This way, partners and components can work and complement with one another. The ecosystem designer tends to think of complementariness that should be present between players. More players present in the ecosystem transforms into larger value development.

4. Organizing ecosystem:

Ecosystem of a business cannot be termed to be some random company collection. Rather, it needs to be organized as a group. The ecosystem can be rather organized in three ways, namely:

    • Surrounding the common platform.
    • Surrounding centrally managed organization.
    • Surrounding supply chain and Product Management

5. Developing the ecosystem:

The fact is ecosystems grow or die. Hence, to ensure healthy development, consider the sequence where that development is to take place. Reorganize as the business scales up. Perhaps the company began as a small grouping. With time, it is likely to grow and involve more players. To offer better customer-supplier relationships with one-firm-one vote rather was insufficient to derive leadership. There might be needed tiered voting right structure.

6. Developing sides:

The business network perhaps could be multi-sided platform. This is a key consideration to make while designing network. But such business model will invite a few questions like:

    • What number of sides the network needs to have?
    • Where to derive network advantage?
    • Where does money flow or what transactions get facilitated?

Also Read: 5 Key Finance Management Tips for New Entrepreneurs

7. Sharing profits:

In any business-related ecosystem, there are stated to be two parts, namely:

      • Understand each player’s share to be contributed towards that total value. This will again be based upon each player’s bargaining power. For instance, similar types of players in less numbers will only give more bargaining power & vice-versa.
      • Overall value that is group created: It is based on network advantage derived from the marketplace, its organizational abilities and who’s in it! This helps create total value.

8. Launching/scaling a platform:

When starting any ecosystem or network, there is bound to be experienced some problems. Network is likely to be valuable only if players exist. If not valuable, then players are unlikely to come. Hence to scale, players and value combination should be delivered by the platform-based ecosystem. Also should be in place proper Product Management, free giveaways and platform’s charges. It is equally vital to know how perfect balance should be developed for prosperous, healthy growth.

Getting to know the above steps will allow you to develop viable and functional business ecosystems.

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