Control Your Innovation
For Paul Herdsman, one of the most important strategies he has used in his businesses is controlling innovation. By this, it means not only on coming up with as many new and innovative ideas as possible, but also knowing how to take those ideas and create a new value within an existing marketplace. But along with this, it’s equally as important to execute the ideas quickly, in order to stay ahead of your competitors. By doing so, most competitors will be surprised by the ideas, as well as how quickly you are able to implement them within the marketplace.
Along with learning how to control your innovation, entrepreneurs such as Paul Herdsman also utilize what is known as the go-to-market strategy in an effort to gain a competitive edge. With this approach, entrepreneurs focus on which customers to target, the various technologies to utilize, how to create an organizational identity, and how to position their business against their competitors. But while these decisions sound as if they are separate from one another, the fact is each is interdependent upon one another. Thus, once you have chosen the customers to focus on, it’s crucial to choose the correct technologies that will get your message to those customers.
No matter which type of strategy entrepreneurs such as Paul Herdsman choose for their businesses, there is little doubt they ultimately play a large role in the success or failure of a business. But by using various analytical skills, market research, and a never-ending desire to succeed, entrepreneurs across the globe can use calculated risks and innovative ideas to achieve success.