Have you booked a vacation on Orbitz? Did you ever wonder how that easy-to-use business got off the ground? Rick and Brandon talk about a few quick strategies using this amazing company that may help you get that dream business off the ground. They use some ideas from an article, How to Hedge Your Strategic Bets by George Stalk Jr. and Ashish Iyer in the May 2016 Harvard Business Review.
- Open a temporary business outside your core business.
- Look for short-term investments in facilities and personnel.
- Leverage your core business’s strengths into complimentary industries.
- Leverage your core business’s opportunities.
- Calculate the long-term benefits and short term costs as precisely as you can.
Moral: Sometimes you have to inch a little way down the runway before you can be sure to get your business off the ground.