When starting any new business, but particularly when starting a new business in a competitive category, you need a clear notion of what your business strategy is.
You need to start in this way because one of the very first decisions—and perhaps the key decision you’ll make—concerns your core strategy.
Fortunately, perhaps surprisingly, this step ends up being easier than most people think.
In truth, you must choose one of three traditional business strategies. These three strategies go by different names, but you can think of them as the cost strategy, the differentiation strategy and the customer strategy. (more…)