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I found that as I developed expertise in an area, ideas came
naturally and without a lot of thought. This was especially true where
I also had personal experience as a customer..
The more challenging job was to separate the profitable from the unprofitable
Regrettably, I put far too much emphasis on the
business analysis criteria
and not enough on market analysis. I never repeated the Porter five-force
analysis that I performed as part of my due diligence before Eastern
Pharmaceuticals. I quite simply forgot how valuable it was. I am sure it
would have prevented at least one of my errant attempts at diversification.
Paradoxically, while the best ideas seem to come from personal
experience, the best validation comes from outside
one's personal experience, colleagues, and friends. The broader I cast
my net for information, the more successful were my plans.
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