RT Vol XIII Ch. 3: Everything to Everybody: What Does Your Business Do?
From the Book: The Refractive Thinker®: Vol XIII: Entrepreneurship: Growing the Future of Business


Summary

Entrepreneurs face the challenge of creating an identity for their company by the time it reaches maturity. This issue is seemingly easy to respond. Entrepreneurs always struggle responding to this challenge. The focus of this chapter was to address the many questions that face entrepreneurs. Their core competency is very narrow and straightforward to the point they never have to worry about their company's identity or their status in the market. Their service or product does not change and can last the test of time (Spady & Kweli, 2006). This concept is similar to a perfect competition scenario and highly unlikely. Therefore, companies must pay attention to their expanding capabilities while not confusing their customer base by moving away from their core competencies. In this paper, the topic to discuss is the challenges entrepreneurs face to maintain a corporate identity for their business. The challenges faced include increasing the company’s capabilities while not straying away from their core competency. Business owners also face the challenge of the company’s ability to adjust their corporate identity without damaging the company’s image and confusing customers while losing customer loyalty. This chapter examines how businesses can avoid common growth challenges that cause businesses to shut down. The goal of this chapter is to help less experienced entrepreneurs identify growth risks and use refractive thinking to effectively respond to changes to their business caused by the need to grow. This chapter is unique by recommending the use of a refractive approach to help in the reduction of failed small businesses due to poorly managed growth.

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