Almost every business that is started copies the businesses it competes with. Everyone copies each other. It’s how it goes. They compete on business models and best practices. But, it doesn’t have to be this way.
Category Archives: Strategy
How to Develop Situational Awareness And Sharpen Your Strategic Thinking
Most business leaders operate with a very limited view of what’s happening in the world beyond what they know, much less how it impacts their business. It’s one of the reasons why most businesses react to change rather than exploit it. What I’m talking about is having situational awareness and good business acumen.
Being First Doesn’t Matter, Being Better Does
Innovation is messy. There’s nothing predictable about it. I’ve been too early three times in my time as an entrepreneur. Either the market wasn’t ready, the technology needed to evolve more, or the market didn’t exist. Underpinning all three scenarios was timing. When I had my affective computing startup, Netek, I remember telling my team that we were too early and we might not make it because of it.
Bet On Inevitable Trends
Whether you’re doing more of the same, innovating incrementally or radically, there are no safe bets when it comes to entrepreneurship. It’s easy to follow along and just do what others are doing because you don’t want to stay behind. But remember one thing: Innovators are the early adapters.
Are “Best Practices” Stifling Innovation In Your Business?
“Best practices are just past practices. You need next practices.” I once said to a client. The reason? Visit any traditionally managed business and you’ll see the same pattern: they operate like their competitors. They hire the same people and have the same business model, processes, and everything else in between.
How To Make Culture Your Advantage
Imagine this: your employees wake up excited to come to work. They feel valued, heard, and empowered to do their best. Collaboration flows naturally, and creativity sparks around every corner. This isn’t a utopia – it’s the reality for companies that have unlocked the power of culture – their secret weapon for success.
Focus on the Problem Customers Have, Not What the Competition is Doing
I recently had a conversation with a friend who owns a marketing agency. My friend, although very smart, has a very deep tendency to see what competitors are doing and is constantly reacting to what others do. This puts him, and his business, in a bad position. Most business leaders run their businesses the same way, looking at what others do.