When growing a business, it can be daunting to make important decisions that will either make or break the success of the venture. Fortunately, entrepreneurs can look to experts for help, like Entrepreneurship Professor Greg Watson, for guidance throughout the journey. Watson has formulated a set of strategies that entrepreneurs can use to develop a business model and refine it as their brand matures.
Theory and Education as a Area of Study
Professor Watson has been in the business world for years and holds a Ph.D. in Strategic Entrepreneurship and Innovation. He has studied extensively in the fields of theory, strategy, and education, making him a well-prepared mentor for entrepreneurs looking for direction. He developed an
online entrepreneurship course to help those starting a business with essential and foundational knowledge and tips. So if you're in the market for a mentor, Professor Watson is the one to choose.
Discover and Analyze Your Unique Marketplace
Watson's biggest advocate is for businesses to create a unique strategy to identify their unique marketplace. He suggests diving deep into a small field and mastering it, thus creating a superior business model that can't be replicated. Some of the ways he suggests doing this is by leveraging data to identify trends in customer behaviour, knowledge in competitive trends, and discovering new opportunities to innovate and develop a unique brand.
Final Assessment and Refining the Business Model
As Watson mentions, it's important to take a step back periodically and assess the business model. If it's achieving the goals you set out to achieve or if it's in need of some adjustments. Some examples of assessing the business model include focusing on customer metrics, leveraging data, benchmarking competitors' performance, and more. These strategies will inform the adjustments that need to be made in order to remain a successful business.
Strategies for Developing an Innovative Business Model - Entrepreneurship Professor Greg Watson
