Publication number: ELQ-53312-1
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How to Create a New Venture Strategy Plan
Discover the 10 Key Components Of Every New Venture Strategic Plan. This is key to entrepreneurial and business success.
Introduction
Deciding to be an entrepreneur is a lifestyle move, and should be part of a long-term strategic plan. You shouldn’t be making this decision just because you are mad at your boss, or you would like to be rich, or someone else thinks you have a good idea. In these changing times, if you already have a startup, with no plan, maybe it’s time to think ahead for a change.
Formally, that’s called developing and maintaining a strategic plan. Usually that means writing something down, since it’s hard to maintain something, or track yourself against it, if it’s not written down. From my experience, and the experience of other entrepreneurs, here are the key elements you should think about as part of the process:
- Step n°1 |
Personal interests and aspirations.
Do you love managing your own schedule, overcoming obstacles, starting a new adventure, facing financial risk, and relish the opportunity to change the world? Money should not be the big driver here.
- Step n°2 |
Right idea at the right time.
Do you believe that you have an idea for a company that you can implement better than anyone, and maintain a competitive advantage? If you are thinking nonprofit (social entrepreneur), can you rally the world around your cause?
- Step n°3 |
Take inventory of what you have.
Look critically at yourself and your existing organization for strengths, weaknesses, opportunities, and threats (SWOT). What resources do you have, skills and functions, and what do you do best?
