The Fundamentals of Strategic Success In 5 Steps

The Fundamentals of Strategic Success You Should Be Thinking About

The very first thing you need to think about is to understand the game you’re playing. You need to understand the role of the entrepreneur, how it changes, how that relates to your business growth. And you need to know your role in that bigger picture.

The next thing you must think through is gathering insight into your prospects unmet needs. Why is knowing these unmet needs so important? Because what you’ll find is that to grow your business the fastest and have the healthiest profit margins, what you really need is to provide something that your prospects don’t believe they can substitute their way around. That’s not always easy, but that is the ideal.

The next thing you must think through is what’s called understanding “your context.”
Understanding your context means understanding the marketplace; understanding your competitors; understanding what’s going on in the world of your business such as where your prospects are gathering, etc. The more you understand here, the easier it is to position yourself so you have no substitutes. It’s essential to know what’s currently happening in all those places.

Your next step is to think about the source of your competitive advantage. What are you going to provide that will provide superior value making you a better choice?

Now you understand the game you’re playing. You have insight into your prospect’s unmet needs. You understand the context of the marketplace and your competitors. You have thought about your competitive advantage – how you’ll offer superior value. There is one last, very important thing you need to think about.

Last but not least, you have to think about how you allocate your resources. Because at the end of the day, the strategic decisions you make about where and how you allocate your resources will determine how big your business will grow.

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This post is an excerpt of the article: Five Things To Think About For Becoming A Successful Entrepreneur By Rich Schefren.