Forget the Moat and Make Your Startup a Tropical Island.
Good article from Entrepreneur.com. Interesting because this approach can work not only for startups, but will also fit into the BusinessFlare Approach to Economic Development and help guide cities and communities.
There are four ways for a business to become an island, according to the author.
1-Aim to Please. Focus on serving their customers. This is as relevant, if not more so, to local governments, especially ones that are looking to attract new businesses, workers, and residents. This is where most local governments need to focus since one of the most consistent complaints from consituents (customers) is that cities have poor customer service.
2-Don’t Copy. Move Beyond. Businesses should not replicate what others are doing. Get inspired, then use your strengths to go beyond. This is a good economic development lesson, because cities can’t replicate the success of another city due to many factors. Your city can get inspired by the San Antonio Riverwalk, but you can’t have it so don’t try. Learn from it, then chart your own authentic path.
3-Build on your Strengths. Every business is unique and should function based on individual strengths and weaknesses. Same for cities. Start with who you are, what you know and who you know.
4-Maximize Value, not Output. Valuable experiences are what a business’s customer craves. Keeping costs down is important, but increasing value is more so. The same applies to city services. Increase the value for the cost and economic growth and quality of life will follow.
Read more… https://www.entrepreneur.com/article/351078