How Can Entrepreneurs Develop a Viable Business Strategy?
Developing a viable business strategy involves: 1. Setting Clear Goals: Define short-term and long-term objectives that are specific, measurable, achievable, relevant, and time-bound (SMART). 2. Conducting Market Research: Gather data on industry trends, customer preferences, and competitors to inform decision-making. 3. Identifying Unique Value Proposition: Determine what sets the product or service apart from the competition. 4. Creating a Marketing Plan: Outline strategies for attracting and retaining customers through various channels. 5. Financial Planning: Prepare detailed financial forecasts to ensure the business is financially viable.