When starting any business, it is vital that you know your market of interest inside out and outside in. To be in business is all about strategy, tactics, execution and understanding the environment that your business is going to compete in, understanding your competitors, knowing how they operate, understanding their strengths and weaknesses, understanding the behavior of their customers (which could be YOUR future customers), understanding the supply chain,logistical back office functions and examining where the opportunities are to make your product/service more attractive to your future customers.
These opportunities can be based on price, design, features, ease of use, reliability, location, availability, environmental impact, or quality of employment to name a few. Finding a nice mix of all these elements will enhance your competitive position.
Like Sun Tzu says:
“Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.” 
Friday, April 11, 2008
How to apply ancient war tactics to modern day business
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2 comments:
Sun Tzu's Art of War is always a practical implication for any business, society or even a government. Timeless. Good post.
One should never under-estimate effective planning.
If you don't plan for it, you don't have the answer to the problems that crop up. Then, when they do - you have to think of the solution on the fly.
You can never plan for every event - but covering a few, mean you'll me able to reduce the amount of tricky situations.
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