Entrepreneurs are hungry. But it's not just because they're living on ramen and adrenaline while they pour their all into their business. Peter Cohan has found it's something deeper: a hunger to create the kind of world they want to work in.
Entrepreneurs are hungry. But it's not just because they're living on ramen and adrenaline while they pour their all into their business. Peter Cohan has found it's something deeper: a hunger to create the kind of world they want to work in. To leave a legacy, they build carefully with limited resources and maintain control of the venture's direction.
For years, students have told Cohan that the seminal business strategy guide, Michael Porter's Competitive Strategy, was too big-company focused. So Cohan -- who once worked with Porter-has written the first business strategy book to address start-ups' very different challenges.
Cohan focuses on six key start-up choices-setting goals, picking markets, raising capital, building teams, gaining market share, and adapting to change-explaining the unique rules start-ups must follow. For example, when setting goals, large corporations try to maximize their long-term return on equity, but resource-poor start-ups have to plan by setting a series of short-term goals-and how they do this will mean the difference between blazing a trail or flaming out. When entering a new market, well-fed companies can invest substantial time and capital before ever launching a product, but hungry start-ups must get an adequate prototype in front of customers fast, get feedback, and quickly develop a viable business model or they'll starve to death.
For each of these six areas, Cohan provides a decision-making approach and lively case studies of what actual entrepreneurs have done. He extracts hard-hitting lessons not only for start-ups but also for investors and even established companies. Hungry Start-up Strategy offers a full menu of vital information for anyone seeking to cook up a thriving business from scratch.
Entrepreneurs are hungry. But it's not just because they're living on ramen and adrenaline while they pour their all into their business. Peter Cohan has found it's something deeper: a hunger to create the kind of world they want to work in. To leave a legacy, they build carefully with limited resources and maintain control of the venture's direction.
For years, students have told Cohan that the seminal business strategy guide, Michael Porter's Competitive Strategy, was too big-company focused. So Cohan -- who once worked with Porterhas written the first business strategy book to address start-ups' very different challenges.
Cohan focuses on six key start-up choicessetting goals, picking markets, raising capital, building teams, gaining market share, and adapting to changeexplaining the unique rules start-ups must follow. For example, when setting goals, large corporations try to maximize their long-term return on equity, but resource-poor start-ups have to plan by setting a series of short-term goalsand how they do this will mean the difference between blazing a trail or flaming out. When entering a new market, well-fed companies can invest substantial time and capital before ever launching a product, but hungry start-ups must get an adequate prototype in front of customers fast, get feedback, and quickly develop a viable business model or they'll starve to death.
For each of these six areas, Cohan provides a decision-making approach and lively case studies of what actual entrepreneurs have done. He extracts hard-hitting lessons not only for start-ups but also for investors and even established companies. Hungry Start-up Strategy offers a full menu of vital information for anyone seeking to cook up a thriving business from scratch.
Shows how strategy and tactics are part of the same overarching process, requiring greater flexibility and more rapid implementation than ever before.
Once upon a time, executives would go to an off-site brainstorming session, come back with a multiyear strategic plan, and hand it off to their employees to dutifully execute. But in today's world of rapid, disruptive change, it's hard enough to come up with a five-month plan, let alone a five-year plan. As one executive interviewed by author Laura Stack put it, "You prepare a strategic plan and then put it on the shelf while the real world passes you by."
Nowadays, strategy can't be separate from execution-it has to emerge from execution. New technologies, sudden changes in global markets, and viral customer reactions to new products require quick, nimble responses-sometimes even a complete strategic 180. But if your organization isn't set up to be fast on its feet, you could easily go the way of Blockbuster or Borders.
Stack shows you how to make sure your organization is ready for on-the-spot strategic execution. Her LEAD formula explains how to Leverage the people and resources you need to create an agile organization, establish an Environment where your employees are confident and capable enough to take the initiative and make on-the-fly changes, ensure that your team is in Alignment with the organization's goals so they'll make the right strategic choices, and remove obstacles so they can Drive the organization forward quickly.
Of course, you'll still need to have a great strategy in place, but your goals must be subject to constant readjustment and revision. You have to work with your team to build effective business strategies in real time, not be bound by a plan that may be out of date as soon as it rolls off the printer. Execution really is the strategy that will propel your organization forward, and Laura Stack can help you build an organization ready to meet the challenge of constant change.
2015