Question

Consider important aspects of a successful business model. In particular, we begin consideration of the essential components of objectives and the strategies to achieve those objectives. After considering the material found in Bygrave, W. D., & Zacharakis, A. (2014). Entrepreneurship (3rd ed.), chapters 4, 5, and 6:

1a) What steps would you take to establish a business strategy to achieve an appropriate objective? What would be the elements of that strategy? How would you identify and align each element of that strategy with the associated business objective?

Answer 1

The steps that I would take to create a business strategy are

• Begin with the problem statement
• Perform internal and external analysis
• Identify opportunities in the short and long term
• Make a list of possible business strategies
• Choose the strategy the is closest to the mission and vision of the statement

The elements of that business strategy would be

• Problem statements, mission, and vision alignment
• SWOT analysis of the organization
• Porter 5 forces analysis of the industry
• Strategic goals and standard along with the timeline
• Tactical (high level) goals and standards that align with the strategies
• KPI and KRA of the strategy

The alignment of each element will play their part in the overall business strategy. However, these elements will be tied through a common problem statement, mission and vision of the organization. That is the core value of the organization and thus acts as a glue that binds all the elements together. However, each element may have different roles. For example, SWOT may provide insights into internal situations. While Porter 5 Forces provide insights into industry/extremal situation. The solutions or the implementation plans create a bridge between these and the problem that we are attempting to solve. This is how each of the elements will play their part in the overall business strategy.

The key building an effective team is to not only focus on the technical skills but also on the personality of the team. This is why the business strategy should also include the concept of core values and how that contributes to the overall organization culture. By establishing a culture that is closely tied with the core values, we can build effective teams to implement our strategies.

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