These was the three basic questions that I had to learn at my strategy class at Solvay, Bruxelles. As I found it today on Harvard Business Review, I’m posting a part of the article.
Of the hundreds of thousands of business ventures launched each year, many never get off the ground. Others fizzle after spectacular rocket starts.
Why such dismal odds? Entrepreneurs—with their bias for action—often ignore ingredients essential to business success. These include a clear strategy, the right workforce talent, and organizational controls that spur performance without stifling employees’ initiative.
Moreover, no two ventures take the same path. Thus entrepreneurs can’t look to formulas to navigate the myriad choices arising as their enterprise evolves. A decision that’s right for one venture may prove disastrous for another.
How to chart a successful course for your venture? Bhide recommends asking yourself these questions:
• Where do I want to go? Consider your goals for the business: Do you want the rush that rapid growth delivers? A chance to experiment with new technology? Capital gains from selling a successful company?
• How will I get there? Is your strategy sound? Does it clarify what your company will and won’t do? Will it generate sufficient profits and growth?
• Can I do it? Do you have the right talent? Reliable sources of capital?
Improvisation takes a venture only so far. Successful entrepreneurs keep asking tough questions about where they want to go—and whether the track they’re on will take them there.