Harvard's Porter Compares Small Business to Big Business

The video discusses the differences in strategy formulation between small and big businesses. Small businesses, with fewer resources, must be more precise in their strategies, focusing on clear competitive advantages. While they face challenges like lack of strategic teams and external consulting, this can also be a strength, fostering internal cohesion. The video highlights the economic importance of small businesses but notes a decline in new business formation due to regulatory and capital access challenges.

In what ways do larger companies differ from small businesses in terms of strategy formulation?

What are some challenges small businesses face when formulating their strategy compared to larger companies?

What role does the leadership team play in developing a strategy for a small business?

How can small businesses leverage their size to create a competitive advantage?

What factors have contributed to the decline in new company formation in small businesses?