UNDERSTANDING STRATEGIC THINKING FOR ENTREPRENEURS
What is it that makes a big business become small and vice versa? Every entrepreneur wants to someday grow a great business that will withstand competition and become a market leader. This is hardly ever achieved by 90 per cent of all businesses. Some others are successful sometimes and flop at other times. Success in business is not a luxury everyone can afford. The evidence is all around you; there are loads of business but only a few are really making the waves. The differentiating factor between successful and unsuccessful businesses is strategic thinking.
This concept is easy to misunderstand as some people assume that planning and strategic thinking are the same thing. They are not and the good news is, you will now learn what it means to think strategically. This isn’t something you start doing when you have a business, it is something you have to do even before you venture into a business. Whether you are planning to start a business or you already own a business, it is time to make that shift from just running a business where success happens by chance to taking charge of things and running a business like a true boss.
Strategic thinking helps you determine the fate and future of your business. Schedule upgrade and expansions and make the mind-blowing income that you always wanted. It is an approach that is tested and trusted and is used by all big corporations, multinationals and governments world over. It is a way you show that you are in control of your business. When investors take interest in your business ideas, they want to see that you have the capacity to protect their interests and give them a reasonably maximal return on investments.
So what exactly is strategic thinking?
Strategic thinking is a systematic approach to business administration through which entrepreneurs develop result-based, logical plans that state the organization’s current status, shows future growth potentials and how it will be achieved. This is different from what is usually obtainable in regular businesses because most entrepreneurs are tempted to think of the future they dream about but are unable to link this with the real situation of the business and the how questions are usually avoided or poorly addressed. How does a business grow from small to big? Every entrepreneur that has made it big will give you the same response. It’s in the mindset. Thoughts they say, become things. If you have the right strategies, you will make success. However, it is imperative to note that wishful thinking is one of the quickest ways to end what could have been a good business idea.
Let me know what you understand strategic thinking to be. This session is not complete till we learn how strategic thinking works. Read my article on how strategic thinking works.by : Michael Ukwuma