What are Common Types of Entrepreneurial Strategies?
Entrepreneurs can adopt various strategies depending on their industry, resources, and goals. Some common types include:
Cost Leadership: Focus on becoming the low-cost producer in the industry. Differentiation: Offer unique products or services that command a premium price. Focus Strategy: Target a specific market niche with tailored products or services. Innovation: Emphasize continuous innovation to stay ahead of competitors. Growth Strategy: Expand through market penetration, market development, product development, or diversification.