Elements of Entrepreneurship Strategy
- CEIBS eLab Entrepreneurship Bootcamp Session 9
February 14, 2017. Shanghai – Be strategic in building your competitive advantage suggested Associate Professor of Management Daniel Han Ming Chng, in his presentation today with CEIBS eLab Bootcamp members. This ninth session of the camp focused on entrepreneurship strategy.
Professor Chng shared some of his own venture experiences to illustrate many of the important things an entrepreneur must consider when starting a new venture. Aligning one’s ambition with the ownership of the startup was one he mentioned. “Understand what your ambitions are, and how much control you would need to achieve them,” he said.
He also emphasized the importance of strategy and marketing frameworks in real-world business applications. “Be different from competitors in ways that are valued by customers, or do the same thing differently,” said Professor Chng. Strategically building a firm’s competitive advantage is an important determinant of a company’s success, he said.
Professor Chng also asked all Bootcamp members to look beyond money and fame when starting a new venture. “You must want it,” he said. “Money and fame are just not enough.”