Entrepreneurship Archives

How to Beat Your Competitors and Win the Market

Is your business part of a competitive market? How can you beat your competitors and become the market leader? There are two main strategies for winning your chosen market: cost leadership and differentiation. Different companies have different strengths that contribute to their ability to excel in unique ways. For instance, small companies can often provide a more targeted, boutique service (differentiation) while larger companies can often deliver quality products at a more competitive price point (cost leadership). Let’s take a look at each strategy in more detail.

The Flywheel Effect: A Guide to Unstoppable Growth

What is the flywheel effect? How does it affect a business’s growth in success and revenue? Coined by Jim Collins in his book Good to Great, the term flywheel effect comes from an actual flywheel—a giant metal wheel that takes a lot of work to get moving, but once it does, very little work has to be put into keeping it spinning. The same explanation can be applied to businesses that are built through six essential steps. Continue reading to learn more about how to ensure your company’s success by using the flywheel effect.

Business Capabilities: What Do You Need to Win?

What is a business capability? What capabilities does your company need in order to win? In simple terms, business capabilities are what a company does and is able to do. If you run a business, it’s important to determine and map your capabilities so you can figure out how to reach your goals. Here’s how to identify, map, and implement your business’ capabilities.

How to Approach Business as a Poker Game

Have you ever considered poker as a business strategy? Are you struggling to focus on your long-term goals, rather than your short-term ones? Former CEO of Zappos Tony Hsieh claims that starting a business is like playing a game of poker. As a business manager, you must focus on the long-term planning for your company’s success, just as you would pre-plan how you’re going to bet or switch tables in poker. Learn how looking at poker as a business may aid you in improving your business strategies and planning.

Why Long-Term Goals for Business Equal Success

Do you have long-term goals for your business? Do you want your company to have a successful future? In Delivering Happiness, former Zappos CEO Tony Hsieh argues that prioritizing long-term goals over short-term goals will better benefit your company. He cites the reason that his store is successful because he focused on the long-term goals for his business. Learn more about why planning a business’s long-term goals is crucial for a successful future.

Underdog Advantages: Win Even When You’re Small

Are you the underdog? Do you feel out-gunned by the competition, whether in business or in life? When you first start out on any conquest, chances are that your enemies will have more resources than you. However, this isn’t necessarily a problem. Robert Greene points out that smaller armies are more mobile and easier to conceal. And, if you don’t seem large enough to pose a significant threat, your opponents might simply ignore you. Read more to learn about underdog advantages.

Leadership and Delegation: How to Strike a Balance

Are you nervous about giving your subordinates too much autonomy? Why is delegation important in leadership? Because a leader can’t do everything herself, the best way to take responsibility for your team’s success is to endow other people with responsibility. However, if you delegate all your responsibilities and assume that someone else is solving every problem, you could be unknowingly steering your team toward disaster. That’s why it’s important to strike a balance between hands-on leadership and delegation. Here’s how to find the sweet spot between the two.

What Is the Difference Between Rich and Wealthy?

Is being rich and being wealthy the same thing? If not, then what is the difference between rich and wealthy? Contrary to popular belief, being rich and being wealthy is not the same thing. Being wealthy means you have a lot of money in the bank while being rich means you have a high income. But, just because you have a high income does not mean that you use your money wisely—money can disappear as fast as it appears if you aren’t responsible. Here is why making a lot of money doesn’t mean you’re wealthy.

No Rules Rules: Review, Background, and Reception

Are you thinking of reading No Rules Rules? How well was the book received by critics? In No Rules Rules, Netflix CEO Reed Hastings and business professor and author Erin Meyer detail how the company achieved this level of success by implementing unconventional management practices that empower employees and promote innovation. Here is our No Rules Rules review.

3 Best Practices to Prevent Employee Poaching

Are you worried that another company will poach your best employees? How can you convince employees to stay with your company? Netflix CEO Reed Hastings wrote in his book No Rules Rules that there are three ways to prevent employee poaching: paying top-of-market salaries, eliminating performance-based bonuses, and giving raises that reflect market value. Some of these methods may be difficult but it’s important to remember that good employees are investments, not tools. Here’s an overview of each of the three methods.