Six Core Principles of Building a Business

Here are six principles around building a business of all sizes.

1. Building businesses takes a unique combination of strategy, execution and competitive advantages in attractive markets.
2. Ideas are not worth much if not supported by effective execution that creates customer value.
3. The best strategic insights come from a test-and-learn approach: receiving real-time customer feedback and response and measuring the return on incremental investment.
4. Larger companies generally have the best building blocks to create and grow advantaged businesses, but they often lack the management talent, incentives, and organizational skills to create entrepreneurial growth. Coupling strategic advantages with an entrepreneurial team and culture can create more lasting economic value.
5. The best strategies come from a deep understanding of the facts around customers and markets. Most leadership teams can align on a clear strategy if they can align on the facts.
6. Advantage is created by investing in areas that create customer value. Identifying these high-value areas is core to any growth strategy.

Source: inc.com