Your Business survival can be estimated in 8 questions
1. The Engineering question Can you create a breakthrough technology instead of incremental improvements?
2. The Timing question Is now me right time to start your particular business?
3. The Monopoly question Are you starting with a big share of a small market?
4. The People question Do you have the right team?
5. The Distribution question Do you have a way to just create but deliver your product?
6. The Durability question Will your market position be defensive 10 and 20 years into the future?
7. The Secret question Have you identified a unique opportunity that others don't see?
[Many people] think it means accept failure with dignity and move on. The better, more subtle interpretation is that failure is a manifestation of learning and exploration. If you aren’t experiencing failure, then you are making a far worse mistake: You are being driven by the desire to avoid it. And, for leaders especially, this strategy — trying to avoid failure by out-thinking it — dooms you to fail.
Differentiation between products is driven by the activities of the firm: product design, product performance, quality, branding, advertising, distribution, and so on. The more a product is differentiated along a dimension consumers care about, the higher price premium it can demand. So, Starbucks can charge $3.50 for a cappuccino, Hermès can charge $10,000 for a Birkin bag, and they can do so largely irrespective of input costs.
A company shouldn’t get addicted to being shiny, because shiny doesn’t last.
Any goal can be pursued in a variety of ways. It is the job of strategy to choose the most effective course of action for attaining objectives.