October 2010
Beginner to intermediate
631 pages
24h 29m
English
Content preview from Entrepreneurship, Second Edition
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Chapter 4. UNDERSTANDING YOUR BUSINESS MODEL AND DEVELOPING YOUR STRATEGY
David Neeleman, Founder and former CEO of JetBlue and Founder and CEO of Azul Linhas Aéreas Brasileiras. (Source: EFE/Zuma Press).
Once you've identified your opportunity, the next step is to devise a strategy to pursue that opportunity. While you're probably familiar with the basic strategy categories from previous coursework—differentiation, low cost, niche—many would-be entrepreneurs fail to grasp the intricacies of devising and implementing their strategy. All strategies are driven by the company's business model. So before you state that your firm is going to use a differentiation strategy or a niche strategy, you need to understand exactly what your business model is.