Little Summaries of Company Building: Part 6
Little Summaries of Company Building: Part 6
Little Summaries of Company Building: Part 6
 Previous Notes:


Observations from experiences on company building: 

  • Legacy: Legacy sounds good while selling. Most companies build a legacy by doing the same thing as a process. This works well till a competitor changes the process and goes after the same customer set. Repeating the same thing over and over again does not always build a moat. Improving your process does. To do so, one needs to not keep looking in the rearview mirror. Doing so could distract from an upcoming obstacle in your passage to success.  
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  • Consistency: Customers like it simple and easy. Hence they appreciate consistency. Choose what your business will be consistent about. And stick to it. Very profitable since it lowers marketing and selling costs. Your business will be at the top of customer recall when the need arises.
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  • Functional: Customers buy products and services that function well. Something they can use. Focus on creating functional offerings. And avoid the cute stuff. Cute stuff is like the expensive formal living décor. When you were growing up, your parents always wanted you to stay away from it lest you damage it. Cute products and services are the same. They are of limited use to customers.
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  • Expansion: Founders often have to choose between the type of business expansion. Do you expand across geographies? Or do you expand your offerings? There is no easy answer. Try studying historical data from similar and non-similar businesses. This is one area that is often ignored.
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