One challenge that many entrepreneurs face is deciding how quickly they will bring their product or idea to the market. Since many are operating in the fog of uncertainty, they worry that taking time to explore different strategies will delay commercialization. However, simply going with the first strategy that seems practical and spending little time deliberating and planning has serious downsides.
Using a entrepreneurial strategy compass is a great way to make decisions on how to bring a start-up to the market. This is what Paul Herdsman did when co-founding the company NICE Global. Led by Paul Herdsman, NICE Global offers full service business solutions to help other companies improve customer retention, increase revenue, and lower overhead costs.
At the very center of the approach of using the entrepreneurial strategy compass involves making choices about targeting the right customers, applying the right technologies, assuming an organizational identity, and positioning the company against specific competitors. These are Key Strategies That Paul Herdsman Used.
Many working with start-ups feel overwhelmed by the many choices they face. They often feel that some options need to be dismissed as impractical. However, this compass makes the process manageable and gets young companies to the market quickly. That is exactly what Paul Herdsman discovered on his path to get NICE Global to the market.
The compass involves two basic dimensions. Will the start-up collaborate or compete? When it comes to collaborating, working with established companies offers access to supply chains and resources that can be beneficial to the entrepreneur. On the other side of the coin, it can also present significant delays and only offer a small number of customers. Read This Article for more information.
The other dimension has to do with storming a hill or building a moat. Some entrepreneurs have benefited from maintaining tight control over the technology or product they have produced. Others have benefited by concentrating on getting to market as quickly as possible without having such a tight hold on the technology used to produce their product. The strategy behind the entrepreneurial compass has helped Paul Herdsman to identify customers, apply the right technologies, and decide on the best way to compete in the market.