A freshman or sophomore is likely to spend half of class time in an auditorium. How absurd that these places charge $150,000 for four years to educate our best and brightest yet have the nerve to so heavily use the cheapest, least effective method of instruction: the large lecture.
Business strategy will affect the small companyâs functional decisions such as the selection of its promotions and distribution channels. Corporate Strategy. When a business identifies opportunities outside its original industry, it might contemplate diversification. When additional businesses become part of the company, the small business owner must consider corporate-level strategy.
Now, we address our second question. What is the difference between a strategy and a business model? A strategy is about the external logic of a business. How are we going to compete? Check out my earlier post on the elements of a strategy for more about strategies. A business model is about the internal logic of the business. See my post on the elements of a business model. Does it make operational and economic sense? Do all of the pieces fit together? A business model is a tool that complements both a business strategy and a business plan. It is an important tool because 1) it ensures that you understand the logic of your business; and, 2) it helps you communicate the logic of your business. Of course, this begs the question, what is a business plan?