Today, amidst all that is happening in our country and the world, is the best time to launch a business. The economy right now is fertile ground for entrepreneurs and business owners. Interest rates are as low as they’re ever going to get. Millions of people are looking for jobs, which means labor markets are abundant. The rise of “working from home” has opened a larger pool of talent to choose from when hiring. And most importantly, major industries are showing their vulnerabilities—which means opportunity for entrepreneurs savvy enough to invent new, compelling solutions. Health and wellness products are certainly going through a major push right now. Many businesses outsource manufacturing to other countries: China and Mexico being two of the most common. But depending on how trade wars continue between America and these other countries will heavily impact many businesses here in the states. Ecommerce is quickly establishing itself to be the best and easiest way to launch a product and/or business. But especially for entrepreneurs looking to launch a new product or venture in the world today, you are far better off starting online and then pursuing any kind of brick-and-mortar distribution later on down the road. Read More >>
Monthly Archives: December 2020
HOW TO BE A BLUE OCEAN STRATEGIST IN THE POST-PANDEMIC WORLD
As the Covid-19 pandemic continues to evolve, managers around the world are bracing for new challenges ahead. Many of them wonder whether the strategic approaches that proved to be successful in the past will still apply to changed business realities in a post-pandemic world. Indeed, many changes are likely to occur – supply chain restructuring, altered customer preferences, changed government regulations, to name a few. But one fundamental reality will endure and intensify. In the immediate aftermath of the pandemic, companies will face a heightened degree of competition as customer demand is depressed due to a reduction of income, persistent unemployment and looming uncertainties. While everyone desires a V-shaped economic rebound, it will be difficult for companies to overcome the current financial distress once they are locked into a hopeless game of dividing a shrinking pie. More than ever, firms need to create blue oceans of new demand in order to generate revenue, profit and new growth. It is far more urgent for managers to think like a blue ocean strategist. Read More >>
SEVEN TOOls for turning your ideas into reality
From finding the right analogy to tapping into FOMO, learn how to sell your ideas to potential supporters. Innovation is built on great ideas, usually about solving a customer need. Successful innovation, the sort that makes fortunes and sometimes change lives, is also built on financial and other kinds of support to implement those ideas. For a brilliant innovator like Nikola Tesla, getting that support might be the harder part. We call this the innovator’s paradox: the more novel, radical or risky the idea, the harder it is to acquire the necessary resources. The good news is, you do not need to be a born salesperson to overcome that barrier. Few things signal the viability of your idea to your potential backers as much as how much you’re prepared to stake on it. That might include investing substantial financial resources or giving up a lucrative job. Committing is particularly effective when the innovation is complex or when details cannot be fully revealed because the innovator wants to protect trade secrets. Read More >>
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