When bringing an idea to life, strategy defines a startup’s success, said Inman News Publisher Brad Inman in a recent blog post.
Rather than doing it all, he said, a winning strategy involves picking a specific area of focus. Ideally, that focus should involve developing a solution to a problem. Especially when opportunities seem endless and demand for something like online video is expanding rapidly, as with his TurnHere and Vook businesses, strategy is key to making sure you are providing value and maximizing your investment, he said.
A good strategy depends on assembling and listening to a team of managers, board of directors, investors and advisors with diverse viewpoints — some of which do not agree with yours, Inman said.
"Entrepreneurs often get blinded by the purported brilliance of their first strategy or their first product, and we get stubborn about changing. Our egos are often big, our pride is bigger and moving off a position is difficult. Smart coaching by investors can help. Bottom line: The committee in my head should not be my single source of direction," Inman said.
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