Young entrepreneurs should learn business strategy
Tags: business strategies, business strategy, corporate strategy, strategy developmentEver since I was a little kid, I’ve always wanted to be a successful entrepreneur. Through college, I studied engineering and tinkered with countless web ideas on the side, but nothing really took off. After college, I took a job as a business strategy consultant.
Between my failed startup attempts in college and working as a management consultant for several years, I grew to realize that a successful business is all about business strategy. It has very little to do with the innovative concept on which the company was founded. This is why many first mover companies fail and are easily overtaken by more polished companies down the road.
So, what is exactly is business strategy? It’s a vague term, I know. However, in essence, it boils down to sales strategy and marketing strategy. If you have a crappy product with solid marketing and sales teams behind it, it will still make money. If you have the opposite situation, a stellar product, but not business team pushing it out, it’s doomed for failure. The dream of a great product selling itself via word-of-mouth marketing is just that—a dream. There may be exceptions, but those are very rare. Most successful viral marketing examples are very carefully architected. The word-of-mouth illusion is driven by a robust and carefully planned marketing campaign.

The beauty of business strategy is that the basics are easy to learn. Most of all the relevant analyses are covered in various business frameworks – e.g., Porter’s Five Forces for competitive and industry analysis, Product Life Cycle for product marketing, Blue Ocean Strategy for market opportunity and growth strategy. A business framework is a methodology for breaking down a common business problem into its rational components for analysis. For instance, in Porter’s Five Forces (see the diagram above), the framework breaks down industry analysis into the 5 forces (e.g. key drivers) to analyzing the industry’s viability. Furthermore, a business framework often also proposes specific strategic recommendations based on the results of the analyses.
Life is what you are. Life is nothing without good health. When you have a weak immune system, it means you are limited in the way your body functions. Life is all about having a lifestyle of your choice and living it to the fullest. This can only be possible when one has a good health. Personal experience when it comes to struggling with a certain disease or body condition might be tough. Many who have witnessed a relative going through the agony might not want to go through the same. It is for this reason that they would rather avoid such a scenario if there is any possibility to avoid a similar eventuality.