Have you ever wondered why tech giants like Google do things it does the way it does? Google is undoubtedly one of the most influential companies worldwide. Undeniably, Google follows a planned strategy than helps maintain leadership by introducing newer innovations and adapting technological breakthroughs.
At times people often mistake to assume there’s a logical reason for everything that a company does. But at times, it’s just the managers’ enactment due to fear or probably ignorance, trying to retrofit logic onto actions.
What they fail to realize is that it does not make sense doing things haphazardly. Behind every successful business, there’s a strategy that has been followed. Be it running a large organization or either a small startup or your small business set-up – having a well-structured strategy framework is a must.
Many entrepreneurs tend to operate in a fog of uncertainty worrying their exploration may delay commercialization. They, therefore go with the first strategy that strikes their mind, without giving it a second thought. This is when things may go wrong.
As said by Richard Branson a British business magnate, “in the end you [have] to say, ‘screw it, just do it’ and get on and try it.”
There are times when your approach may seem to work. But, of course, this does not happen always.
For a startup to run successfully, you ideally should have a well-planned strategy framework you need to follow diligently.
Here’s what you need to do today: –
- Learn the core concepts
- Market dynamics – you need to consider the 6 market concepts that will help evaluates opportunity as well as difficulties.
- Business model archetypes – master the 7 fundamental types of business personalities that underpins every single business model.
- Value creation plane – to understand the working of spectrums of value and identifying the opportunity to create new value an analysis tool is used.
- Discover the applied tools
- Startup scorecard – an applied scorecard that helps in rating the startup based on the 6 market dynamics.
- Vision definition – it is a tool that caters to clarifying as well as articulating a targeted pitch.
- Opportunity discovery – a systematic approach that helps ideate and evaluate a new startup. Besides this, it is also used for ideating new product opportunities.
More than ever, startups need strong and capable strategic leaders who have the grit to inspire people to do strategic work ensuring the organizations’ success over a longer period of time.
In order to thrive and survive in the startup world, startups need to navigate their strategic shifts. In addition to this, developing new sources of competitive advantage for the organization can be beneficial.
For every startup that needs to be strategically positioned, each department, function, and individual must be able to figure out how their business goals should be aligned with the startup’s strategic framework.
Ultimately, every entrepreneur understands the risk of starting a business with a fraught only they can manage. But on a longer period, it is not going to work.
For every new business that is launched or a startup that has established: it is advisable to develop a well-planned strategy framework and follow it.