Entrepreneurship is a very complicated business type. It is just the start of a business where the owners are still trying to figure out how to go about the business. They are still in the process of building business and hence ready to explore options that can help them in branding their products effectively and merchandising smartly. There is no encyclopedia for a business that can give instructions as to how to conduct a certain business. It depends on the intuition and the current scenario of the business sector in which they are setting up a business.
When a business is building its strategy, they are devising a plan of action that they can follow to take their business forward. Business vies each other so that they can increase their customer share and establish themselves in the most successful way possible. The strategy that they formulate is based on their missions and vision. The strategy is the pathway that they pave for themselves so that they can reach their destination.
Competition is necessary as it helps the customers enjoy the best possible services ever. If there is no competition, the customers will be deprived of their rights. Strategies are not devised to target competitors. They help give a sense of direction to the company. Strategies do not defy the aims but help the company function perfectly so that the competition has nothing to stand by. A right strategy will indirectly target the elimination of the competition. To make sure that the business is thriving the management should conduct sessions that help reinstate and revive their strategy.
Targeting the competition alone is a short-sighted strategy. Just targeting the competitors will make it difficult for the company to function to its full meaning because people tend to be myopic about the target. They are just looking at what can be done right now to gain success. The company fails to understand that they need to create a long-term vision because it will not only help them over power their competitor but also, they create an everlasting good impression on their customers.
Businesses that have long term vision and goals planned master their niche and are also able to enter into other fields, on the other hand, a short-term vision may help them in achieving the current goals and targets, but in the long run they lose out on the bigger rewards and greater good of the company.
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— online business step (@business_steps) 19 de junio de 2017