The questions every entrepreneur must answer
Entrepreneurs must continually ask themselves what business they want to be in and what capabilities they would like to develop. The Entrepreneur must distinguish critical issues from normal growing pains (divide and conquer). The options that are appropriate for one entrepreneurial venture may be completely inappropriate for another. The article’s suggested framework:
The first step clarifies the entrepreneurs’ current goals. The second step evaluates their strategies for attaining those goals. The third step helps them assess their capacity to execute their strategies. Clarifying the goals: where do I want to go?
Before they can set goals for a business, entrepreneurs must be explicit about their personal goals.
A. What kind of enterprise do I need to build?
Long term sustainability does not concern life-style entrepreneurs or entrepreneurs looking for a quick profits from in-and-out deals Long term sustainability matters greatly to entrepreneurs who hope to sell their business eventually, and to those who want to build an institution that is capable of renewing itself through changing generations. What risks and sacrifices does such an enterprise demand?
1. Many years may pass before any payoff materializes.
Can I accept those risks and sacrifices?
Progress Software Corporation (Family was a big part of the strategy they chose). When entrepreneurs have aligned their personal and their business goals they must make sure that they have the right strategy. Setting Strategy: How will I get there?
Entrepreneurs must make the transition from a tactical to a strategic orientation so that they can begin to build crucial capabilities and resources. Entrepreneurs should periodically put their strategies to test (the following four questions). Is the strategy well defined?
An entrepreneur who wants to build a sustainable company must formulate a bolder and more explicit strategy. The strategy must...
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