You may have heard it before, or you may need to hear it again. The best way to succeed in business is to be in business. You may think to yourself: “Wow, what an extraordinary statement (sarcasm).” If that’s what you thought, then chances are you really don’t get it. Challenge after challenge, failure after failure, it can hit you like a bag of bricks.
In the early stages of ideation, and after coming up with your main idea that you want to take to market, you set out to take over the world. Maybe it’s a blog, maybe it’s drop-shipping, maybe it’s a physical product, maybe you decide to be a general contractor for a bunch of roofing companies. You go out into the world, you write this business plan, and tell yourself you’re going to be the best business of it’s kind.
Hey peeps, this is a lesson I gleaned from a podcast I was listening to while working out at the local 24 Hour Fitness. Enjoy the read, and as always let me know if you have any feedback!
There’s an interesting concept in life that in every challenge we are presented with packs a certain amount of energy. And to meet that challenge requires of us an amount of energy equal to that of the challenge. If the resistance say, is five pounds, we need to counter it with five pounds. Makes sense right? But to overcome that same resistance, we’ll need five pounds or more.
Hey guys, so I decided to write a special post today. I pulled some inspiration from a Strategic Management course that I was enrolled in while I studied abroad in Istanbul. I believe that some of the insight I explore in this rewritten essay can be of huge value to some of my blog readers, which is why I chose to revisit this topic and repurpose it in a way that my audience would receive it better. Some of the terminology can be a bit weird, but I picked out a few examples that should be able to drive these concepts home for you. As always, reach out if you have any questions.
Pursuing a low-cost manufacturing method while striving to pursue a differentiation method is unquestionably harmful for corporate performance. Being stuck in the middle of these two methods is risky for one’s company for two primary reasons. One main reason being that low-cost leaders will be able to steal away some customers on the basis of a lower price. The other main reason is that high-end differentiators will be able to steal away customers with the appeal of better product attributes. The strategies, type of customers, and needs of these customers also differ between providers. This fact serves as another struggle that a best-cost provider will encounter when trying to maintain both strategies. The bottom line is that a “stuck in the middle” strategy will rarely produce a sustainable competitive advantage or a distinctive competitive position.