Displaying posts tagged with

“strategy”

I Have a Great Idea – What Now?

One of the most common questions encountered in regard to new businesses is in regard to what to do with an idea. There is often a misconception among those who have not yet ventured into the realm of starting a business that an idea has value. In truth, ideas are fairly worthless without execution. If […]

New Business from Old

A question pondered by owners of businesses is how to fit new ideas into existing businesses, or whether the new idea should be the basis for a new business. Often, the new idea arises from an existing part of a business, or is being developed using resources from the existing business. Perhaps it is only […]

Why Not to Compete Based on Price

It can be tempting at times for a business owner to contemplate competing based on price – that is, offering a product or service at a price lower than their competition. The net result of this is hoped to be a quick influx of customers who will take advantage of the lower price, and then […]

It’s a Good Idea, Now What?

Often in my line of work, I have conversations with people who have thought of an idea for a product or service, and are looking to turn it into a business. The first barrier they need to cross, namely, having a GOOD idea, has been crossed via validation from potential customers of the product or […]

Competition is Healthy

When a new product was launched by a company with a large amount of clout and marketing power, a project I was working on had its management team move into crisis mode fairly quickly. The competing product, at first glance, seemed to compete directly with the product we were building, which raised the question as […]

Finding Ideas for Business

One question that comes up time and time again is how businesses find ideas – whether it be for a product, a service, or anything really that they can get people to pay for. The answer to this question, perhaps, could be an entire business on its own. However, there are a few different ways […]

Diversity and Focus

In last week’s episode of Dragons’ Den, there were two pitches that were of particular interest, since both had the same issue, but from the exact opposite perspective. In one case, the issue was in regard to too much diversity and not enough focus, in the other, it was the lack of diversity which drove […]

Differences Between Service and Product Based Businesses

With thanks to Susan Varty for suggesting this topic. Many businesses define themselves as being either a product-based business or a service-based business. While there are certainly those businesses which encompass both categories, and certainly many who will primarily think of themselves as providing both of those, it is the thoughts of the customers that […]