The business world has been modified immensely in recent years thanks to disruptive technologies such as Big Data, Machine Learning, crowdsourcing, multisided platforms and the Internet-of-Things (IoT). What has not changed however is the need for sound corporate strategy for effective decision-making. There exist a number of self-help theories on strategy for entrepreneurs such as jobs-to-be-done, business model canvases, industry forces, disruptive business models and the most sophisticated approach of blue oceans. In today’s business environment, the need is for fitting in to complex, dynamic and demanding situations. While designing any business, the entrepreneurs need to ask themselves about the firm’s inherent value creation which includes the customer scope and its value proposition. Then the operating model must focus on the value delivery while for the sake of uniqueness, one needs to pursue the value capture. One needs to understand the customer base being served, the key offering, mode of delivery and finally why the model won’t be copied. A good way to introspect is comparing with LinkedIn’s model as it ticks all the boxes of a modern business, yet is able to maintain its strategy leadership.

Source:https://hbr.org/2017/10/a-short-guide-to-strategy-for-entrepreneurs

Uploaded Date: 21 October 2017