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How Entrepreneurs Craft Strategies That Work

How Entrepreneurs Craft Strategies That Work. By Amar Bhide. Entrepreneurial approach to planning. Survey result: successful entrepreneurs spent little time researching and analyzing. Longevity of new venture not correlated with planning. More attuned to seize opportunity

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How Entrepreneurs Craft Strategies That Work

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  1. How Entrepreneurs Craft Strategies That Work By Amar Bhide

  2. Entrepreneurial approach to planning • Survey result: successful entrepreneurs spent little time researching and analyzing. • Longevity of new venture not correlated with planning. • More attuned to seize opportunity • Speed and partial analysis highlights of such process.

  3. Guidelines for aspiring founders • Ability to quickly screen promising opportunities. • Parsimonious analysis of ideas. • Integration of action and analysis: midcourse correction even with partial information

  4. Screening Out Losers • By Judgment and reflection and not by new data. • Prior familiarity with facts comes handy. • Survey results: 69% - prior familiarity, 4%- systematic research. • Combining idea with execution. Creates entry barrier. • Doing it quickly and doing it right is more important than brilliant strategy. • Successful startups don’t need edge on every front.

  5. Factors to assess venture viability • Goals • Decide resource requirements. Revolutionary vs. niche. • Leverage provided by External Change • Grab opportunities thrown by changes in environment. Mature vs. emerging industries • Basis of competition • Avoid high investment in proprietary asset • Gauging attractiveness • Low capital requirement • High margin of error • Easy exit options • Fits with interest/passion

  6. Parsimonious Planning and Analysis • Need based planning and analysis backed by subjective judgment. • Comprehensiveness is not the aim. • Oriented towards customer’s buying habits and methods of products use. • Turbulent conditions calls for quick response with partial information.

  7. Integrated Action and Analysis • Action and analysis go hand-in- hand. • Advantages of early action • Sets example for others: leading from the front • Provides useful insights for mid course correction as events unfold. • Allows time for innovative problem solving. • “Analysis is an exercise in what to do next more than what not to do”

  8. Inferences • Personality is a variable. • Process description prescriptive in nature. Can prescription work? • Corporate entrepreneurship is distinct from private entrepreneurship. • What should be mantra? Think small, act small or Think big and act small.

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