ERIC: What To Do?

I am used to position myself as my stakeholders and see how I could create more value, advancing mutual interests. I visualize and strategize what to do out of the box. I use the label "ERIC" to remind myself and other entrepreneurs to create new value for stakeholders, arriving at win-win outcomes.

E: Which adverse competition factors in a trade or industry should be eliminated? Eg are dominant players monopolizing the operation, development and culture, entrenching the winners-take-all business model? If they wouldn't assume some social responsibility and let some outsiders to break in, would it justify intervention by some third parties who guard the public interest?

R: Which existing threats or weaknesses in a trade or industry should be reduced? Eg as the operational environment changes, do entrepreneurs change their mindset and attitude as well? The challenge could be resolved with higher-quality deliverables that meet and exit market needs in emerging platforms or market places.

I: Which opportunities in a trade or industry should be increased? Eg trading or industry standards consolidate or change, do stakeholders adapt to the change with agility and speed? The resolution of the challenge lies in the challenge itself ie as capturing a larger share in the shrinking market is no longer relevant, how to capitalize on change?

C: Which elements that a trade or industry has never offered and should be created? Eg real entrepreneurs lead change by innovating, creating and making something or providing some services very different to customers. Entrepreneurs should aim to excite and delight at all times so that they can get, keep and grow their customers!