by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Strategy?Summary: Business strategy is a planned approach toward a commercial activity. It involves the direction of the organization in achieve a short-term goal or long-term mission. Strategy considers the use or configuration of resource within the business...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
When should I Incorporate my Business?This article discusses when an entrepreneur should consider incorporating her startup venture. I use the terms incorporate and incorporation generally to refer to the decision to form a separate entity (other than a sole...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is an Affinity Diagram?An affinity diagram is used to organize the collective ideas arising out of a brainstorming session. It is used to create, systematize, and unify information related to a problem, product, complex issue, or process. After generating ideas,...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is the Hedgehog Concept?The Hedgehog Concept calls on companies to identify their core value proposition (or the primary thing that they do well) and focus on that. The concept says that scattering ones interests and objective causes a lack of focus, competency,...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Horizontal Integration?In the simplest terms, horizontal integration is the process of procurement of a commercial entity that has been functioning at a similar echelon. The entity may belong to a similar or a different industry. Unlike vertical integration,...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is First Mover Advantage?First-to-market advantage means that the initial occupier of a strategic position or niche takes control of resources and capabilities that cannot be matched by market competitors. A first-mover product or service is the first of its...
