Successful entrepreneurs such as Paul Herdsman realize that showcasing their product or idea across different platforms makes it more appealing to potential investors and partners. The Entrepreneurial Strategy Compass has become a major asset for entrepreneurs because it allows them to look at different ways to establish value and demand for their services. Here is a closer look at the different strategies that make up The Entrepreneurial Strategy Compass.
The Architectural Strategy
Entrepreneurs who develop a successful architectural strategy are well known publicity. Most entrepreneurs are able to design a new value chain. Developing an architectural strategy can be risky because entrepreneurs may only have one chance to make a lasting impression. To counter this risk, architectural entrepreneurs seek to create platforms instead of products.
Disruption entrepreneurs seek to change traditional value chains. It’s all about staying ahead. Paul Herdsman is an example of an entrepreneur who was able to build resources and establish customer loyalty to earn a place in the industry. There is room for growth, as entrepreneurs often develop technology that may be flawed in the short term, but is full of potential in the long term. With so much potential for growth, the disruption strategy is mostly used by young entrepreneurs looking to make a name for themselves.
Value Chain Strategy
Entrepreneurs, such as Paul, use this strategy invest in commercialization. They seek to find a spot in the existing value chain. Entrepreneurs strive to find and develop talent. In order to create value, entrepreneurs need help from their partners.
Intellectual Property Strategy
Entrepreneurs who use this strategy are focused on generating new ideas. Choosing the right partner is important, as entrepreneurs are often trying to reach customers with clearly defined buying traits.