BizSugar.com › Strategy › Startup Misconceptions: Defining a Business Model Isn\'t Important | CateCosta.com

One of the side-effects of some of the notoriety and sky-high valuations that big name startups like Twitter and Snapchat have generated in recent years is that many new entrepreneurs have begun to underestimate the importance of clearly defining a business model and knowing how you will monetize whatever product or service you offer. Their belief is that building a popular product or service and rapidly increasing their userbase will result in a quick and lucrative sale of their new business.