TOWS Analysis (Strategy) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

How to Use the TOWS Analysis?The SWOT analysis focuses primarily on the internal business. A variation of SWOT, known as TOWS uses the same factors as the SWOT analysis, but take a primarily environmental look at external opportunities and threats. These threats and...

SWOT Analysis – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What Strategy to Pursue? Choosing a competitive strategy is not as simple as setting a course and following it. Rather, you have to take into account all of the internal and external conditions of your business and the industry. Perhaps a market exists for a...

Bowman’s Clock – Strategy

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is Bowman’s Clock? Bowman’s clock is a model of competitive strategies that expands upon Porter’s Generic Strategies. How was Bowman’s Clock Developed?  Porters Generic Strategies have been the subject of considerable student and expansion...

Porter’s Generic Strategies – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What are Porter’s Generic Strategies? Porter’s Generic Strategies is a group of four categories of competitive strategy: Differentiation, Cost Leadership, Focus (Cost), Focus (Differentiation). How was Porter’s Generic Strategies Developed? The study...

Concept Test a Value Proposition – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

How to Concept Test Your Idea?Early in the idea evaluation phase, you should work diligently to concept test your business idea. This means questioning whether the business idea will make sense conceptually to the intended customer(s). It involves identifying the...

What is Business Strategy?

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is Strategy? Strategy is an orientation toward specific goals or objectives. Strategy is carried out through a plan of organized actions. Developing a strategy or strategic plan involves research and planning. Various Components of Strategy In the simplest terms,...

Intellectual Property Considerations – Product Development

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What are the Intellectual Property Considerations for Product or Service Development?Part of a competitive strategy includes establishing rights in a product or service method that is not subject to copy or complete imitation by competitors. This may require capturing...

Should You Tell People Your Business Idea?

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

Should I tell others about my business idea?It depends on how secure your idea is protected and to whom you disclose the information. Aspiring entrepreneurs often face this difficult decision early in the life of their startup. Letting people know about your business...

Beta Testing a Product – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is a Beta Test?A Beta test is where you introduce a new product to a limited number of external customers to explore customer impressions and insights. How is the Beta Test used?Unlike in the Alpha test, the test subjects do not have prior knowledge of the...

Minimum Viable Product & Feedback Loop – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is a Strategic Assessment?During the Alpha test sequence (all iterations) you will uncover a great deal about customer expectations and wants. It is doubtful that your product will be able to meet all of the wants or expectations of your customers. That being...