5 Proven Strategies and Tactics to Improve Your Business - The Entrepreneur Mind Chapter 1
Chapter 1: Strategy
“Strategy is a style of thinking, a conscious and deliberate process, an intensive implementation system, the science of ensuring future success”. – Pete Johnson, British businessman
According to Mr. Johnson, entrepreneurs must ask themselves three vital questions that concern their business strategy:
- Where are we now?
- Where do we want to be?
- How do we get there?
Remember, businesses with a clear and solid strategy are prepared to win.
In chapter 1, you will learn the strategies and tactics to improve your business. In this article I will cover strategies 1-5.
1. Think big: Abusiness can fail in two ways; not surviving beyond its start and not reaching its full potential. Thinking big means pursuing ideas that maximize the scope of your potential. Entrepreneurs fail to think big because they are limited by their environment or their lack of expertise, or they lack the motivation or self-confidence.
2. Create new markets: The two kinds of entrepreneurs are those who create markets and those who do not. Studies have shown that “blue ocean” businesses account for a disproportionate amount of the profits and revenues. "blue oceans" are better than competing in overcrowded industries known as "red oceans".
3. Work on your business, not in your business: Until your company runs without you, the founder, you are just self employed. Before you start your business, focus on planning how to get rid of yourself. Doing lots of operations work leads to early burnout. As soon as you can afford to; hire key employees so you can spend your time making plans for growth. If you guarantee limited growth, you might as well get a job.
4. All risk isn’t risky: As an entrepreneur you have to understand risk and how it factors into being an entrepreneur. Entrepreneurs may have a tolerance for risk, but they also have the ability to make calculations and increase their chances of success. The reality of becoming an entrepreneur isn’t so much about the high probability or risk of failure as much as your ability to beat the odds.
5. Don’t waste time: The best entrepreneurs have a sense of stressful urgency. If you don’t feel this way, ask yourself why. If you lack the senseof urgency to grow your business, evaluate why you want to be in business, be honest with yourself. If you need to change your business idea because you are not passionate about it, that is ok. In order to be success, focus on your business and do not waste time.
- REMEMBER; READING IS TO THE MIND, WHAT EXERCISE IS TO THE BODY! TAKE CARE, CONSTANCE