What do you do if your strategy as an entrepreneur in the Strategy field is not yielding results?

Strategies might fail due to various reasons, It can take considerable time to launch a step change in the eco system... and by this time customer needs or perception to look at innovation might change. This can also lead to failure of a successful change. Staying agile and growing eco system as per market needs can be helpful, it helps to rectify before strategic step becomes a total failure

If my strategy as an entrepreneur in the strategy field is not yielding results, I would first conduct a comprehensive analysis to identify potential weaknesses or areas for improvement, solicit feedback from customers and stakeholders, reassess market conditions, adapt my approach based on insights gained, and iterate until a successful outcome is achieved.

Peter Drucker once said: If you would not start doing tomorrow what you are doing today, stop doing it. His advice is radical and difficult to execute but the thought is enlightening: Often, management will say, no we would not. But then, why exactly? Answers will show whether the incumbent strategy can be adapted, or should be evolved, or revolutionized or abandoned at all - which means looking for a new business model, reinventing oneself. This is just normal: Only a handfull of businesses live for 70 years and longer, and those who accomplish it are constantly, fundamentally changing (as a rule, will abandon and replace 50 per cent of the what and how every decade).

Also to note that, one should always consider feedback on product launched from customers. Weather it can be a sucess or failure, feedback to be obtained. Structured approach for RCA can be applied to narrow down possible reasons for commercial failure. I have always observed interesting causes for failure, and most commonly was execution failure.

Strategy is not to set the sails of a ship according to the wind, but to use upwinds and downwinds to your advantage when gliding. Often, what is believed to be a strategy isn't a strategy at all in the first place but instead a sequence and parallel occurence of opportunistic, tactical reactions. Strategy is proactive, it seeks to shape, not muddle through.

Double check whether changes to a defunct strategy result in doing things differently but worse, as is often the consequence when the strategy change is uninspired or tainted by power games and office politics.

Testing and validation remains crucial, especially to avoid deployment failure. There have been several instances of product recalls which lead to significant loss in terms of revenue and brand value. Having a structured approach during development and test protocols will certainly help to find out errors and ensures a smoother deployment

Industry relations (carefully observing antitrust law concerns) can be extremely helpful as well through open-ended discussions and explorations up and down the value chain ("we observe the following developments and envisage our industry to change in the following ways, do you agree with our assessment and would you welcome if we...").

Often strategy formulation is soft and distanced from quantifiable results. Financial and other results of a strategy should be tied to executive compensation, down from executive board members to department heads.

Gather Data: Analyze metrics to pinpoint weaknesses. Numbers tell a story - delve into sales figures, customer engagement, and market trends to identify areas where your strategy falls short. Refine or Pivot: Make tweaks if possible. Can you adjust pricing, target a different audience segment, or refine your messaging? If needed, consider a complete pivot - a strategic shift based on learnings. Seek Feedback: Talk to customers and mentors. Get honest feedback from your target audience and experienced entrepreneurs. Their insights can reveal blind spots and suggest improvements. Stay Agile: Be prepared to adapt. The market is dynamic, so your strategy should be too. Be open to course correction based on new information and learnings.

If your strategy as an entrepreneur in the strategy field isn't producing the desired outcomes, first acknowledge that such experiences are part of the entrepreneurial journey. Begin by reviewing your existing strategy. Identify potential gaps or areas that may need improvement. It might be time to refactor your strategy, explore different approaches, or pivot your business model. Involving mentors or business consultants can bring in a fresh perspective. Keeping an eye on emerging trends in the industry and staying open to continuous learning will also help. Most importantly, stay resilient and understand that every setback presents an opportunity for a significant comeback.