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How Entrepreneurs Craft Strategies That Work. By Amar Bhide. Entrepreneurial approach to planning. Survey result: successful entrepreneurs spent little time researching and analyzing. Longevity of new venture not correlated with planning. More attuned to seize opportunity

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entrepreneurial approach to planning
Entrepreneurial approach to planning
  • Survey result: successful entrepreneurs spent little time researching and analyzing.
  • Longevity of new venture not correlated with planning.
  • More attuned to seize opportunity
  • Speed and partial analysis highlights of such process.
guidelines for aspiring founders
Guidelines for aspiring founders
  • Ability to quickly screen promising opportunities.
  • Parsimonious analysis of ideas.
  • Integration of action and analysis: midcourse correction even with partial information
screening out losers
Screening Out Losers
  • By Judgment and reflection and not by new data.
  • Prior familiarity with facts comes handy.
    • Survey results: 69% - prior familiarity, 4%- systematic research.
  • Combining idea with execution. Creates entry barrier.
    • Doing it quickly and doing it right is more important than brilliant strategy.
    • Successful startups don’t need edge on every front.
factors to assess venture viability
Factors to assess venture viability
  • Goals
    • Decide resource requirements. Revolutionary vs. niche.
  • Leverage provided by External Change
    • Grab opportunities thrown by changes in environment. Mature vs. emerging industries
  • Basis of competition
    • Avoid high investment in proprietary asset
  • Gauging attractiveness
    • Low capital requirement
    • High margin of error
    • Easy exit options
    • Fits with interest/passion
parsimonious planning and analysis
Parsimonious Planning and Analysis
  • Need based planning and analysis backed by subjective judgment.
  • Comprehensiveness is not the aim.
  • Oriented towards customer’s buying habits and methods of products use.
  • Turbulent conditions calls for quick response with partial information.
integrated action and analysis
Integrated Action and Analysis
  • Action and analysis go hand-in- hand.
  • Advantages of early action
    • Sets example for others: leading from the front
    • Provides useful insights for mid course correction as events unfold.
    • Allows time for innovative problem solving.
  • “Analysis is an exercise in what to do next more than what not to do”
inferences
Inferences
  • Personality is a variable.
  • Process description prescriptive in nature. Can prescription work?
  • Corporate entrepreneurship is distinct from private entrepreneurship.
  • What should be mantra? Think small, act small or Think big and act small.