It sometimes appears that the traditional rules of business are being upended by today’s mega-trends of multisided platforms, big data, machine learning and AI, crowdsourcing, the internet of things (IoT), and more. These trends have transformed the world of business immeasurably. But they have certainly not repealed the timeless rules of strategy.
A Short Guide to Strategy for Entrepreneurs
Three questions every startup founder should be able to answer.
October 17, 2017
Summary.
For too many entrepreneurs, strategy often seems to be an afterthought. Experiment and create a great product, the thinking goes, then scale, and then figure out the business model once you’ve succeeded. It’s true that nothing beats having a compelling product that customers badly want. However, these are no substitute for clear-minded strategy. Rather than develop allegiance to one piece of the strategy puzzle, founders are best served by familiarizing themselves with the basic tenets of the field. What I offer here is a starting point: the most basic questions that every successful business must answer. What value are you creating, and for whom? How do you plan to deliver that value? And what is your source of uniqueness?
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Strategy Planning and Execution Course
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How to develop a winning strategy—and put it to work.
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New!
HBR Learning
Strategy Planning and Execution Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Strategy Planning and Execution. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
How to develop a winning strategy—and put it to work.