Entrepreneurship is all about identifying and exploring requirements/problems through the use of innovative approaches much ahead of competitors. Focussing on industry trends, macro-environmental and competitive landscapes, entrepreneurs planning to enter are critical to achieve self-assurance prior to initiating strategies for growth.
‘Analysing and evaluating the key forces the venture will need to compete with’, is the right strategy to follow. It is extremely important for entrepreneurs to plan, build up and execute strategies that can help in achieving market presence, growth and development.
An entrepreneur can implement a slew of strategies in order to achieve a successful outcome for his venture:
This strategy is to question the nature of things. The focus is on initiating new products and services which will meet the requirements of the market. Quality is always the prime concern while developing and designing new products. Entrepreneurs lay emphasis on upholding and further developing the quality of existing products while implementing exclusive and innovative ideas to attain success and growth. The fundamental nature of this strategy is to take what exists and grow to the next level.
The product-based move can be a useful tactic when put into practice by entrepreneurs to meet the wants and desires of customers by providing them with fresh and pioneering products.
Here too, there is a supposed clause that the venture has already been launched and that it is now looking growth and expansion within the existing market. The product features must be unique and should make a considerable impression on consumers as a “must have” piece. The product should be inventive, gripping and designed in such a manner as to disrupt the traditional technology. Sony Walkman’s traditional music delivery through magnetic tape and Compact Disc was disrupted by Apple’s innovation of digitally formatted music and iPod.
The user-based proceeding replicates a route where entrepreneurs focus on the definite needs and demands of their targeted market. This strategy depends principally on consumers sharing of their needs, disappointments and worries about the existing products and services or about the lack of an easily available solution. Entrepreneurs implementing this strategy will primarily identify the problem or need areas and then devise appropriate answers to crack them.
This is the most advantageous, competent and inexpensive approach for not only weighing up consumer interests in what is offered but also corresponds to an effectual approach to set up new ventures. At the core of this approach lie product building and services that satisfy the minimum viable demands of a small but crucial market. This should be followed by continual up-gradation of the product or service until it is received by the larger market.
Meeting industry and regulatory principles while developing and producing new, innovative products and services constitute the manufacturing-based strategy. This approach intends to increasingly initiate inventive changes to products and services hitherto used while still paying attention to the useful and well-organized use of resources. This stratagem however, is better suited to existing businesses on the lookout for expansion and growth and is not much in new venture creations.