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HOW TO CREATE STARTUP ?

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Internal and External Factor Evaluation Analysis (I/EFE Matrix)

Definition Internal Factor Evaluation (IFE) Matrix is a strategy tool used to evaluate firm’s internal environment and to reveal its strengths as well as weaknesses. [1] External Factor Evaluation (EFE) Matrix is a strategy tool used to examine company’s external environment and to identify the available opportunities and threats. Understanding the tool The internal and external factor evaluation matrices have been introduced by Fred R. David in his book ‘Strategic Management’ [1] (at least I found them there and couldn’t trace their origins anywhere else). According to the author, both tools are used to summarize the information gained from company’s external and internal environment analyses. The summarized information is evaluated and used for further purposes, such as, to build SWOT analysis or IE matrix. Even though, the tools are quite simplistic, they do the best job possible in identifying and evaluating the key affecting factors. Both tools are nearly id

Strategic Clock

Introduction In a competitive situation, customers make choices on the basis of their perception of value for money, the combination of price and perceived product/ service beneﬁts. The ‘strategy clock’ represents different positions in a market where customers (or potential customers) have different ‘requirements’ in terms of value for money. These positions also represent a set of generic strategies for achieving competitive advantage. Illustration 6.1 shows examples of different competitive strategies followed by ﬁrms in terms of these different positions on the strategy clock. The discussion of each of these strategies that follows also acknowledges the importance of an organisation’s costs – particularly relative to competitors. But it will be seen that cost is a strategic consideration for all strategies on the clock – not just those where the lead edge is low price. Since these strategies are ‘market facing’ it is important to understand the critical success factors

Fundamental Selling Theories

There has been a lot of research by behavioral scientists and marketing scholars to examine whether selling is an art or science and various theories have been developed to explain the buyer-seller buying process. The process of influencing others to buy may be viewed from four different angles on the basis of different theories: thus there are four theories of selling viz. 1. AIDAS theory of selling 2. “Right Set of Circumstances” theory of selling 3. “Buying Formula” theory of selling 4. “Behavioral Equation” theory The first two of the four above-mentioned theories, are seller oriented and the third one is buyer’s oriented. The fourth one emphasizes the buyer’s decision process but also takes the salesperson’s influence process into account. AIDAS Theory of Selling: This theory, popularly known as AIDAS theory (attention, interest, desire, action and satisfaction), is based on experimental knowledge. This theory is very common. According to this theory potential

99 school/college drop-out successful Entrepreneurs

Do you feel dejected or left behind by your peers because you don’t have a college degree? Do you feel dejected because you are not educated? If YES, here’s a list of famous richest school drop out billionaires & entrepreneurs without college degrees. Do you see your supposed illiteracy as a limitation to achieving your dreams? Or are you in the group that thinks education is the ultimate yardstick for success? If any of these questions best describes you, then please read on. How does it sound to your ears that most of the world’s richest men and women were school drop outs? Well don’t be surprised; it’s the truth, and you too can be in that stage in ten years or less. “I have nothing against education. But at times, education gives people false confidence. It makes people relax, trusting in the power of their certificates rather than in working hard.” – Rasaq Okoya Today, I will be sharing with you a brief compilation of the entrepreneurial success stori

Why Highly Successful Companies are Different?

The business version of our antagonist question is: Which kind of company is nobody building? This question is harder than it looks because your company could create a lot of value without becoming very valuable itself. Creating value is not enough—you also need to capture some of the value you create. This means that even very big businesses can be bad businesses. For example, some of the airline companies serve millions of passengers and create hundreds of billions of dollars of value each year. but some of them make just a few per passenger trip. Compare them to Google, which creates less value but captures far more. Google brought in $50 billion in 2012 (versus $160 billion for the airlines), but it kept 21% of those revenues as profits—more than 100 times the airline industry’s profit margin that year. Google makes so much money that it’s now worth around three times more than most of the big airline combined. To understand their strategy you need t

HOW TO CREATE STARTUP ?

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