Entrepreneur

The Questions Every Entrepreneur Must Answer Of the hundreds of thousands of business ventures that entrepreneurs launch every year, many never get off the ground. Others fizzle after the spectacular rocket starts. Like most entrepreneurs, there are some prerequisites for sustainability: Diversify your product line. Stick to your knitting. Raise capital by selling equity. Don’t […]

In pure service businesses any transfer of a physical or concrete product is incidental to the service—for example, the written report of a management consultant. Top managers should ask themselves six questions about strategic management. The questions are fairly common, but the answers for service businesses are often unique. Do we fully understand the specific

The profit-maximizing tactics Starbucks implements in its pricing strategy are vital components of a process anyone can use. Here are some of the takeaways you can apply to your own business: 1. Study your customer personas:  Starbucks understands that the majority of their customer base is fairly insensitive to price, and uses small price increases

1. What is your company’s vs competition Strength? Distribution network (Frito-Lay) New Product Development and Introduction (3M) Advertising (Absolut vodka) Minimum production Cycle time 2. Your position in the marketplace? Market Size and Relative Market Share Financial Position Historical Performance and Reputation 3. What are our resources versus those of the competition? People Technology, Research