Thoughts and ideas about entrepreneurship, business strategies and development
One of the highly successful products for a member of Dow Jones Industrial Average, was a by-product of another product or process. But this by-product was not something that was in line with the original objective, which was the development of a very strong adhesive.
A common fallacy is that it is a great product that makes a great company or launches one. If that had been the case then we would not have many great companies of today like Sony, Hewlett-Packard, Marriott, Motorola, Honda, Disney, Wal-Mart, Nordstrom, Merck and Procter & Gamble. None of the founders of these companies waited for a great idea to come to their mind before they took first step in building their company
Success in life and business does not come by toiling away alone. One way or other successes are the results of joint efforts of more than one person or entity though it may be possible that one of them reaps most of the rewards.
Can a $100 million company achieve a bargaining edge over a $100 billion company? We know that way back little David defeated the giant Goliath on the battle field but could a little David have a greater bargaining power than a giant Goliath in today’s business environment?
Most businesses in early stages are resource challenged. Money is in short supply, equipment and supplies are difficult to procure and most important of all the customers are hard to get. Business developers and entrepreneurs in the early stages of the venture spend most of their time chasing money and customers. They need to get done more with less and capital seems to be the most important thing at that time.
Serendipity is a beautiful thing. If you pay attention then at times it puts together various happenings around you in an interesting perspective that usually leads to inspiring ideas or solutions to pressing issues.
To create and exploit high brand-equity one needs to employ “Pull-Marketing” strategies, which are designed to bring customers to your brand based upon its attractiveness as compared to “Push-Marketing” strategies, which are designed to push your products through the distribution channel and make it easier for customers to select your brand.
Developing a business plan for an existing line-of-business (LOB) is quite different than planning for a new initiative. To plan for an existing LOB, one could extrapolate future results from past experiences. But for a new initiative – whether a new business, new market or new product – extrapolation rarely works, because, the predictions for…
In these turbulent economic times businesses are facing a myriad of issues and problems that are putting the squeezes on their financial conditions. Maintaining and improving profitability in the increasingly price-driven markets has become quite challenging. And the matters are not helped with the growing popularity of the mantra ‘Big is Better’. So what would one percent do in these conditions?