Posted on: 30-06-2017 | Category: Entrepreneurship
It takes almost same amount of hard work, investment of resources and time in setting up a bad business and a good business, where bad and good are financial and economic parameters.
Added features in products or complications in business model must lead to higher margins and profits, otherwise these must be avoided at all cost. Unnecessary complications in products, services or business models which do not lead to higher profit must be avoided.
An entrepreneur must always think about creating superior differentiation in offerings leading to higher profits. This is a creative process which must be undertaken by an entrepreneur. Differentiation can be of any kind which leads to higher customer satisfaction. Gradual improvements is the easiest path in this direction.