How can global companies like Apple and Google modify their business models to ensure continuous growth?

Some common misconceptions about the importance of a sound business model include the belief that a good product or service alone can ensure success, that a business model is a one-time, static strategy, and that it's not necessary for smaller businesses or startups. In reality, a sound business model is crucial for any business, regardless of size or industry. It provides a clear plan for generating revenue and outlines how the business will create and deliver value to customers. It's also a dynamic tool that should evolve with the business and market changes.

Companies can consider several alternative revenue models for sustainable growth. These include subscription models, where customers pay a recurring fee to access a product or service. Freemium models, where basic services are provided for free, but premium services are charged. Advertising models, where revenue is generated through ads. Licensing models, where companies charge for the right to use their intellectual property. Transaction fee models, where companies charge a fee for each transaction made through their platform. And lastly, data selling models, where companies sell data they have collected to other businesses.