The Internet of Things, or IoT, is a term that describes the ever-growing world of connectivity between the internet and everyday objects. IoT generally refers to any object embedded with software, electronics, or sensors that have network connectivity. This marketplace is exploding. With this explosion arise opportunities and concerns.
For businesses, IoT offers a new horizon of technological support that facilitates opportunities to grow and creates challenges to overcome. Continue reading →
There is an element of business that is completely competitive, but there is more to it than that. For the most part, people think of business as a dog eat dog environment, but there are some moments when it is better to work with other businesses through collaboration.
If your business is stagnant and needs a fresh and new division, product or service; or if you’re a new business and you need credibility or access to an established customer base, an alliance is a great way to get where you need to be.
Strategic alliances are an increasingly common sight in the modern business landscape. A study by Booze-Allen & Hamilton showed 20,000 new alliances formed between 1987 and 1992. One reason for this is the need for brand recognition in a crowded global market and because there have been many success stories of strategic alliances that have helped companies take off. Academics talk of the effectiveness of alliances in terms of game theory, these real life examples are a testament to the success of such a bold business move.
When it comes to their growth strategy, most entrepreneurs have some variation on the same theme: produce a good or service, market it, and supply that good or service to as many people in as big of a geographical area as possible. It’s called organic growth, and it’s a great strategy–but it also has its limits. There is a point in the lifecycle of every business where the company has three choices for continued growth: build, borrow, or buy. A new book out Continue reading →
There seems to be a growing trend. The number of entrepreneurs is increasing. People, whose life are in an upheaval, discover that their real passions become the fuel that drives their work. This work becomes their source of revenue. There are several reasons for this:
Jobs, thought to be stable careers, are no longer jobs to be counted on for life. Continue reading →
When you first opened your doors for business, you were probably excited about the opportunity ahead. You had researched the market, talked to advisors, investigated financing, and made your dream come true.