How To Design Entrepreneurial Strategy
Many different Entrepreneurs, in a wide variety of commercial sectors, have lofty ideals of where they want to be: much is written about corporate direction, goals and measurements yet despite all of that mental energy being spent, strategic goals fall away, fail and are consigned to history.
Whilst setting out your strategy is never easy there is a simple pattern to follow which will increase the odds of setting out a pathway that is more likely to be successful.
The steps to follow are:
- Fully investigate your market: never just go for a skimmed appreciation of where you are operating, get to really understand the environment. Make sure that you consider all of your assets, products/services and fully challenge your assumptions.
- Consider a range of different perspectives: this includes a thorough and detailed assessment of all of your stakeholders making sure that all of their perspectives have been taken into account and which of them are you taking into account more fully than others.
- Analyse what your needs are from the market that you are in: is this all about maximising profit, is it about maximising market share or something else? If you do not have clarity at this point you are doomed to failure.
- Evaluate your options: this should be done with razor-like precision and detail so that once you have decided on your chosen strategy everyone sticks to it, understands it and feels part of it!
- Define and publicise your requirements: make sure that everyone involved fully understands what is required of them, how they will contribute and how their commitment to the journey will be measured.
As with all things in business, the more effort you put into things the greater your chance of success.
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