Where do you want to go?

Summary

Growing a business is one of life’s great journeys. The experience you want along the way depends on what you value and defines the vehicle you will need to carry you.

Key Concepts

• Start an ideas business knowing what kind of journey you want to make.
• Three values drive ideas businesses: economic value, cultural value and social value.
• Ideas businesses driven only by cultural value are often disconnected from the market and customers.
• Ideas businesses driven only by social value tend to fill gaps where commercial ventures cannot survive.
• Culturally and socially driven ideas businesses typically gravitate towards a business model based on patronage.
• Patronage makes an organisation dependent on a limited source of funding that may be withdrawn at the whim of the patron: it is economically unsustainable.
• Patrons come in many forms, including wealthy individuals, groups and government bodies.