July
22
2011

A SUCCESSFUL ENTREPRENEUR MUST BE A STRATEGIC THINKER

You ability to think strategically is of utmost importance in order to grow your business from small to big. The ability to think strategically is not rocket science; it is simply something you have to do, if you know how to do it.

Strategic thinking is, simply, the process of looking at the bigger picture surrounding your business. You must make a habit of scanning the various “external environments” (economic, political, social, legal and technological) by looking for opportunities, as well as for threats. You will be amazed how many new opportunities you’ll see when you start focusing on the various external environments. In this exercise you must get rid of old and vested paradigms. You should therefore always challenge your assumptions, as they present your current belief system (Paradigm). You will, as a matter of fact, also become aware of possible threats, which will enable you to make plans to counter them before it is too late. In countering threats, it could be necessary to change direction and/or diversify by adding new related products/services.

If you have to change direction and/or diversify, always remember to do it within your domain of passion and interest. You will also see when you start focusing that there is never a shortage of new opportunities.

You must also remember that business opportunities are viable solutions to problems, and as you know, problems are everywhere, begging to be solved.

The second part of strategic thinking will be driven by a focus on your business and business processes, as well as on your competitors. In this focus, you’ll be looking at strengths and weaknesses. Always search for possible ways of building on your strengths and eliminating your weaknesses in relation to your competitors. You must also never forget to do the same exercise with your customers in mind. Always strive to eliminate the weaknesses of your products/services and to build on their strengths. You’ll have to do this on a continuous basis in order to provide a better solution for your customers.

If you wish to learn more about the exciting world of the successful entrepreneur go to courses.


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