Go high or go home
There has been a lot written on business strategy, 65,000+ books available on amazon with this search, no more potently than Michael Porter.
I personally like to work on a extremely simple strategy model based loosly on Porter’s Generic Stategies (any business students will be overly familier with this).
For me there are two options to compete in a market place:
- Be the cheapest
- Be the best
The problem with being the cheapest is that, in the UK, we simply cannot compete with more efficient countries such as China and India. Even in the UK we have the likes of Tesco, Asda and various other super-growth-companies eating their way through markets and competing almost entirely on price.
So that leaves only one option and that is to be the best. No, I don’t mean join the army and blow shit up, I mean being the number one premium expensive product available in a given market.
This is a difficult position to aim at and especially when you are a recent graduate unsure and unconfident with your own capabilities.
But here are some reasons to help change your mind:
- It’s the same amount of work as creating a cheap product or service (often less work).
- It’s a nicer group of customers to deal with.
- Premium products aren’t effected by recessions.