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May 4, 2013

Business Fundamentals

by Adam Famularo

Starting out with some business fundamentals, much of this you have probably learned during your careers.  I find it useful to look over these fundamentals as I take over a new business or start working on a new product or company.

  1. What is our vision for the company or product – what is the problem statement we are trying to solve
  2. What makes us unique in the market place – probably heard the term unique sustainable competitive advantage, thanks to Michael Porter
  3. What are the barriers to entry – what will stop other companies from replicating what makes you unique
  4. What does the competitive landscape look like today?  This will change over time and needs to be continuously monitored
  5. How do we plan on going to market with our products – need to think through how our target customers like to purchase complimentary goods
  6. When developing a product need to have an extreme focus on the customer experience – from initial trial to purchase to everyday use, think Steve Jobs
  7. Hire the best people, put them in the best roles and get out of their way
  8. Keep the team motivated and driven to the vision – remove roadblocks and outside distractions
  9. Put together clear measurements, think Balanced Scorecard,  then develop a steady cadence of communicating results to all stakeholders
  10. Celebrate your successes and learn from your failures, fast

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