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The ABC's of Building a New Market or Business
CFO Magazine and Edward Teach had a great article about what works and what does not work when an existing business is trying to expand into a new market or start different type of business.
The article titled First, Forget What Works is based on the book Ten Rules for Strategic Innovators: From Idea to Execution and discusses several key points including both the need to forget the existing paradigms (to build something new and really be innovative) while borrowing resources and knowledge that gives the new venture a competitive advantage.
This balance is difficult to attain and the companies that master this balance will be more successful with starting up in new markets.
Contractors often under estimate how difficult starting a new market is - this article is a must read for any contractor looking to expand their business.
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Favorite Book 2007
The Toyota Way is my favorite book for 2007. It had so many good ideas that I could not keep up and ended up reading it again and even buying the Field Book to go along with it.
Download Elegant Solutions from Change This which provides some highlights of the Toyota Production System. Too many ideas that are applicable to contractors to even count!
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