In our line of work, we come across a lot of successful business people whose status as an entrepreneur has evolved over time. They didn’t start out thinking, “I’m going to be an entrepreneur”, but became one as their business goals developed and were achieved.
Being an entrepreneur is not simply a destination but more of a mindset. It is a determination to do something different or to make a difference. Entrepreneurs have confidence in themselves and are prepared to take responsibility for the business.
They usually start with an idea, the identification of an opportunity or gap in the market place and a desire to “make it happen”. The best entrepreneurs also acknowledge that they can’t solve every problem by themselves, so they create a team of people who can help.
This may be other individuals with whom they collaborate, or they work with external consultants or mentors who provide a valuable sounding board or advice and support.
Successful entrepreneurs and business leaders also recognise that having a structured business plan is crucial. It helps to focus on what’s important, helps align teams where appropriate, secure funding and nurtures innovation.
To get a business plan started, it is beneficial to focus on three key questions.
– What exactly is your vision?
– Where do you want to end up?
– How are you going to get there?
You’re likely to get your best results if you answer these questions precisely and in detail.
Through the process, challenge yourself, aim to be inspiring, take time to develop options, and be purpose-driven and focused on the future.
It is your idea or vision that should ultimately shape your business strategy. Once you have identified the vision and the key steps needed to achieve it, use your ideas to implement your business strategy and long-term business plan.
You should be able to create some key initial objectives centred on these goals and, wherever possible, aim to make them measurable.
Having a plan, though, is not enough. We live in a fast-evolving world, the evolution of AI is quickening both the pace of change and scale of opportunity and, so reflection, horizon scanning, and re-focus are crucial for any business or entrepreneur.
Reassessing your plans and making sure that they will achieve your long-term goals is vital. You can do this by asking yourself a series of questions.
- Is what I’m selling still required and relevant, do I need to change anything?
- Are my business opportunities still the same and have I adapted to their evolution?
- What makes my business different?
- Is my marketing strategy support aligned with my sales plan?
- What impact does the above have on my team?
Being flexible and adaptive means you can pivot to meet new developments.
In summary, having an entrepreneurial mindset that combines vision and innovation is fantastic; however, alone, it may not be enough; a business needs to combine this with a good plan to secure growth.
