#-ad_banner-#I’m fortunate to live in a city with generally strong economic activity and new business development. Still, even in the shadow of new construction, there are businesses dying off. A few days ago I stopped in for lunch at a local place, only to see an “Out of Business” sign on the door. A few miles away, a well-known chain restaurant finally threw in the towel and moved out of its location as well. I also noticed across the street, yet another chain-restaurant location is now vacant. Still, we have an abundance of casual dining options in my city. And… Read More
#-ad_banner-#I’m fortunate to live in a city with generally strong economic activity and new business development. Still, even in the shadow of new construction, there are businesses dying off. A few days ago I stopped in for lunch at a local place, only to see an “Out of Business” sign on the door. A few miles away, a well-known chain restaurant finally threw in the towel and moved out of its location as well. I also noticed across the street, yet another chain-restaurant location is now vacant. Still, we have an abundance of casual dining options in my city. And just like in nature, the cruel reality is that some businesses will feast while others starve. The weakest must find a way to differentiate themselves and attract customers — or risk extinction. That’s true everywhere — and it’s especially important to keep in mind when investing. I’ve been thinking about this a great deal lately as I re-read the profound insights of Michael Porter, the legendary business school professor at Harvard. He is a leading authority on competitive strategies and when he’s not teaching classes or writing books, he mentors newly-appointed CEOs at large corporations. Frankly, the key messages Porter… Read More