The word “entrepreneur” derives from “enterprise”, which means “a project or undertaking, especially a complex one”. When setting up a business, you are doing just that. As in any venture or journey, you don’t want to be wondering aimlessly. You need to set a destination (preferably a bold, challenging, and relevant one), obtain the means to get there, get navigation instruments etc. You also have to plan your route, foresee any obstacle, and establish how to respond to each of them. Finally, you need to set out on your quest and do as you planned, and be ready to correct your course if needed.
All of those long term actions and decisions, aimed towards your goal, constitute your strategy. The way you plan it, carry it out, and monitor it, is defined as strategic management. In the corporate world, your journey is a race against market competitors, and your plans, ideas, and objectives must add a unique value for the audience of your choice, so that you can attain your desired position, that is, success.
In this lesson, you will learn which steps to follow so that you make the best possible choices in devising, implementing, and evaluating the business strategy to achieve the goals and economic performance that you dream for your business project.