Paul Herdsman explains why entrepreneurs need a strategy
As an entrepreneur, Paul Herdsman has faced the challenges start-ups and great mind face when coming up with future's success ideas. When the ideas have developed and need to be brought to the market, the entrepreneur has to decide what path would bring him or her better returns. What strategic decisions need to be made When bringing new ventures into the market, Paul Herdsman discovered two major paths that he could take. First, he had to define his attitude towards the incumbent ventures. He could collaborate with them or compete against them. The second decision was his attitude towards the innovation. He could put a tight control on what he was creating or collaborate with others. These two main strategic design affects the steps into the future whether the technologies adopted, competition, or the target customers for the products. Here is a deeper look at the decisions 1. Collaborate or compete If you decide to collaborate, you tap into the available ...