Longevity in a specific company, nurturing it over time to success, can be an effective strategy. Newer entrepreneurs have less experience and can take more risks. There are more options to choose from in the market, and new ideas can be gambled on for a large payoff. More established companies often focus more on improvement of an existing idea, rather than risking resources on unproven ideas. Justin Kan is gambling on improvements to the legal industry, by adding technology to improve clarity and communication.
Key Takeaways:
- Dedication, continuous improvement and belief in your product drives success for businesses
- Putting yourself in the shoes of your customer can drive understanding and patience for necessary business procedures
- Creating a function and positive team experience makes employees much more productive
“In general terms, execution risk encapsulates the idea that a market need is already proven and the success of a business depends on how well a team can execute on solving a problem.”
Read more: https://www.entrepreneur.com/article/343595
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