Summary: The Essential Drucker – Peter Drucker

When the strategy itself is the innovation, the basic economic characteristics can be changed creating new and additional customers.

It requires entrepreneurial strategies.”
– Peter Drucker
There are four entrepreneurial strategies available:
Be first to market and dominate a new industry.
This is the approach most managers associate with entrepreneurship. If you can develop something new, get to the market first and retain leadership, you’ll be highly rewarded. But the risks of this strategy are high.
Use creative imitation to piggyback on what others are doing. This is exploiting the success of others – doing something someone else has already done better than they did it and then serving the market demand they have created. The Japanese have made an art form of this in many industries.
Create a monopoly in a small area and charge a toll fee. This strategy aims at controlling one element everyone else needs to use in putting together a complete solution. That way, every market participant has to pay an access fee to you. It may be built around a specialty skill or exclusive access to a specialty market.
Change the economics of a product, market or industry. When the strategy itself is the innovation, the basic economic characteristics can be changed creating new and additional customers. This can be achieved through:
The creation of new and greater utility for customers.
Selling the razor blades rather than the shaver itself.
Adapting a product to meet the realities of

Management 4: The four key entrepreneurial strategies.

“Just as entrepreneurship requires entrepreneurial management, that is, practices and policies within the enterprise, so it requires practices and policies outside, in the marketplace