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Management article
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Reference no. 1027
Authors: Amar Bhide
Published by: Harvard Business Publishing
Published in: "Harvard Business Review - OnPoint", 2006

Abstract

Diversify your product line. Stick to your knitting. Hire a professional manager. Watch fixed costs. Those are some of the suggestions that entrepreneurs sort through as they try to get their ventures off the ground. Why all the conflicting advice? Because in a young company, all decisions are up for grabs. Based on his observations of several hundred start-up ventures over eight years, Amar Bhide has developed a three-step sequence of questions that all entrepreneurs must ask themselves in order to establish priorities among the vast array of opportunities and problems they face: (1) what are my goals?; (2) do I have the right strategy?; and (3) can I execute the strategy?

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Abstract

Diversify your product line. Stick to your knitting. Hire a professional manager. Watch fixed costs. Those are some of the suggestions that entrepreneurs sort through as they try to get their ventures off the ground. Why all the conflicting advice? Because in a young company, all decisions are up for grabs. Based on his observations of several hundred start-up ventures over eight years, Amar Bhide has developed a three-step sequence of questions that all entrepreneurs must ask themselves in order to establish priorities among the vast array of opportunities and problems they face: (1) what are my goals?; (2) do I have the right strategy?; and (3) can I execute the strategy?

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