Take a look at a recent interview with Ann Dugan of Pitt’s Institute for Entrepreneurial Excellence. IQ has had the good fortune of working with Ann through the IEE. It’s a great program for both established and aspiring entreprenurs. Of particular interest to us was Ann’s point regarding lessons she learned from her family’s business growing up…
You have to be quick to capitalize on opportunities. In my grandparents’ and mother’s generations, they had to make a couple systemic changes. They had to deal with World War II, which wasn’t the best for them, but the aftermath was. They decided to get out of the business of planing lumber and get more involved in distribution, and that’s when they added building supply products as well. They had to think of their competitive advantage and what they could do. In an entrepreneurial situation, you have to continually modify your vision and move it forward.
We agree with Ann’s sentiment. It’s so important to be agile today. You have to understand your competition and devise a strategy to create a competitive advantage.
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