Every day, entrepreneurs invest huge amounts of time and money to build a business that they think will be better than the competition. However, all too often entrepreneurs struggle to articulate how their value proposition is fundamentally different from their competition. These businesses are what I call clone businesses.
History especially when it comes to war is chocked full of lessons for the small business owner if they take the time look at the messages and consider how they might apply the lessons to their own business.
There are 2 kinds of customers out there: Do-It-Yourself and Do-It-For-Me customers. Most businesses only consider the same type of customers others in their industry are already targeting. Targeting the same customer with similar solutions leads to less opportunity for growth and tighter margins. Few businesses see the potential to offer an alternative solution.
Manager entrepreneurs use their causal reasoning skills to conduct a competitive analysis to help them define a unique niche for their business. This is demonstrated by the blue ocean strategy postulated by W. Chan Kim and Renée Mauborgne. In contrast, founder entrepreneurs use their effectual reasoning skills to build strategic partnerships with customers. Founder entrepreneurs […]
The reasoning style of the manager entrepreneur, with their predominantly causal reasoning, approaches a business startup very different from the founder-entrepreneur, who approaches a startup business primarily with effectual reasoning.
I recently went T.V. shopping with my son, Josh. What never ceases to amaze me is the fact that every brand seems to be one-upping the competition. I remember when plasma T.V.’s were all the rage. That fad met hit a dead end quickly and hardly anyone even makes a Plasma T.V.’s anymore. Yet at […]
As I write this post, I have just returned from a motorcycle rally in the Black Hills of South Dakota. This rally is often referred to as just “Sturgis.” As always, the trip was full of lessons for entrepreneurs. Now, you may be surprised by that, but stick with me and you’ll discover these lessons […]
One Surprising Way to Make Sure Your Business Is Successful Inc. By: ELLE KAPLAN @ellekaplan A method to reduce your risk and increase your revenue Read the full story Gary Vaynerchuk on How to Gain Exposure with $1,000 Inc. By: Gary Vaynerchuk Gary Vaynerchuk, CEO of Vayner Media and host of The #AskGaryVee Show, describes how a contractor […]
The task of generating new ideas through the Business Model Canvas exercise should not be left to creative thinkers alone. Moreover, you should not only assemble a team of experts but instead assemble a team of diverse individuals. To increase your team’s diversity, include: People from various business units People of different ages People with […]
To apply the Blue Ocean Strategy, you start with a Business Model Canvas that describes your industry and then look at your the business model canvas from three different perspectives: the cost perspective, value proposition, and the customer segment.