M01 Recap
For those of you who missed our first meeting of the year (no worries!), here’s a recap. We discussed and brainstormed what one needs to start a BUSINESS. We came up with a list: An idea with a competitive edge A team to spearhead it A business plan to lay out the fundamentals (marketing, finances, long-term projected growth, etc.) Meet a demand or fill a gap in the market . In other words…create something new or revamp an existing product in the market. We delved into the question, what is strategy? Strategy differentiates a company/idea in a way that cannot be or is difficult to replicate. Expl: Southwest Airlines aims to sell lower-priced tickets, but in return, customers do not have assigned seating. This is a strategy because they are targetting the needs of a very specific sector in the market. When Continental tried to copy Southwest’s plan, they failed because it interfered with sales of their original priced tickets. In other words, Continental’s fa
