What do you do if your entrepreneurs lack a strategic mindset for their business?

Strategy always starts with the question of what problem you are trying to solve and for whom. Thinking deeply about the future state you are trying to create for the customer is the jumping off point for a solid strategy. Only when that future state is framed out can you start to think about how to get there and have the strategy start to take shape. Anyone can be strategic - it’s a matter of pulling your head up from the details of running the business to see the bigger picture.

It it always best to understand why they think that way, then an exploration on their part on what different paths could do, and how they fit their aspirations and concerns. Building an analysis and plans will then fit with their goals. Then it is more likely they will be pursued and achieved. Sometimes the blocks are real, based on past perceptions, but they need addressing.

It depends partially on stage. Once a company has enough resources to make hires, it's easier to bring in people who can complement a founders' leadership/knowledge gaps (we all have them). It's not uncommon for seasoned executives as the company grows. All that said, arguably, the hardest time to solve for a lack of strategic thinking is in the very early days when the team, product and business model are still raw. In those circumstances, the best quality will be one of a constant learner, rather than a strategic thinker. Strategy can always go in the wrong direction so it's important to adopt a learning mindset, and be ready to reset once your strategy no longer makes sense. Easier said than done, but good to keep in mind.

O empreendorismo quase sempre começa por uma boa idéia de um produto ou serviço, mas é frequente ver o empreendedor saltando direto para a execução e PMF, sem antes investir o tempo necessário para preparar um plano de negócio estratégico e viável. Mesmo que a sua idéia seja ótima, ela é só metade da receita para o sucesso do seu negócio. É preciso avaliar criteriosamente o mercado endereçável, as tendências dos consumidores, concorrentes, canais, preços, tech, etc. Um plano de negócios robusto não precisa ser um guia perfeito a ser seguido cegamente: ele poderá ser adaptado e aprimorado ao longo do caminho. Mas é fundamental ter seu "norte" claro, e contar com a ajuda de um mentor experiente na jornada pode fazer toda a diferença.

While yes entrepreneurs are required to be more strategic and have a goal/vision for their initiative but I believe it’s the ability to execute simple things which makes them more agile and receptive to the environment. The entrepreneurs should focus on building a team and delegating as much as they can and keep building on an idea without thinking too much into strategy and vision as they are very variable and keep changing as you make pivots in your business.

This is where the creative mindset excels, establishing their “why” and being sure to remove the more traditional responses is crucial to develop a firm goal for the business idea.

In my coaching with new founders, I've noticed a common tendency to conflate mission and vision. Clarifying these concepts can set the stage for a strategic roadmap—where the vision sets the destination, the mission describes the path. Mission (purpose and primary objectives, who you serve, how you serve them and why) Vision (the future, why you exist, ultimate aims creates emotional attachment to motivate employees and/or customers) When crafting your long-term vision, consider these questions: Why does our organization exist? What is our collective purpose? How do we uniquely contribute to our customers and the broader world? Why does our success matter to others?

To foster a strategic mindset, guide entrepreneurs to craft a clear, ambitious, yet achievable vision for their business's future that personally resonates. Encourage them to contemplate their business's broader impact, the legacy they aspire to create, and the unique mark they aim to leave on their industry. Use probing questions to stimulate deep thinking about these aspects, helping them visualize a comprehensive and compelling vision. This foundational step not only sets a direction for their business journey but also infuses it with personal passion and purpose, ensuring their strategy is grounded in both ambition and meaningful objectives.

Entrepreneurs, solopreneurs, or small business owners often battle self-doubt, especially when faced with challenges in business growth. It's crucial to have a strong WHY that motivates action. Reconnecting to this purpose when things go wrong helps us course-correct. A clear and robust WHY anchors us during tough times, pulling us out of adversity. Without a compelling vision and a strategic plan, self-doubt can lead to business derailment. Creating a progress board from your vision is key to understanding your drive in entrepreneurship.

Strategy is the key in business. You must not forget why you started that business. It is clear that the vast majority of people start the business for money, but there are also many entrepreneurs who start businesses out of passion, and along the way, when things become difficult, they lose their enthusiasm from the beginning and things do not go so well. Therefore, the vision aligned with the actions lead to the success of a business. Without a precise plan, you have no way of running a business. You have to set weekly, monthly, annual goals, check them off and see your progress. If it was easy, anyone could do it. 1.Vision 2.Plan 3.Stategy 4.Action 5.Consistency

I am a big fan of "Atomic Habits", and rather than setting goals, focus on creating an "identity" that dictates my daily actions. Example: 5 years ago I decided to become healthier and fitter. To support that vision I think of myself as a walker/hiker. Further, to create that identity, I developed a habit of walking regularly 6 miles. And to take decisions out of the equation, I walk every day. Knowing WHO we need to be to create results, and then taking consistent action is the key!

Setting concrete, measurable goals using the SMART criteria is crucial for entrepreneurs because: 1. Specific 2. Measurable 3. Achievable 4. Relevant 5. Time-bound By teaching entrepreneurs to set SMART goals, we’re equipping them with a framework that fosters focused and effective business planning. It ensures that their efforts are aligned with their vision and adaptable to change, which is vital in the dynamic business environment. This structured approach to goal-setting is a key component of strategic thinking and is instrumental in turning an entrepreneurial vision into reality. It's about creating a roadmap that not only guides them towards their desired future but also allows for flexibility as circumstances evolve.

To add to what others have said, often it is easier to simplify things. A plan isn't a plan until, for each action item, there is 1. a person responsible. 2. a deadline, and 3. a follow up. This last one, the follow up, is essential. It is amazing how much can be accomplished if you simply have these three steps.

Goals are met when habits are created which generates consistency. This is a key factor to business and life, if you want to build trust and confidence in your clients then you need to provide them quality value consistently. From there when you set your targets or goals make sure to set multiple steps within your goals so you feel achievement along the way. Celebrate those achievements with your team so they have the drive to continue and the goal will seem easier to achieve. Also be prepared to pivot along the way if you find a step becoming un achievable take a step back and find another way to make it happen.

I have mixed feelings on this as some entrepreneurs spend too much time here and get defocused on their own business. It is important to understand your competition and to have open discussion with your team on how you can improve your offering to stand out. Then immediately refocus all your efforts and energy back to your business since if you stay focused and provide good value consistently the. You are likely already a step ahead of most competition. Build the connection with your market and that will ultimately draw in market share from your competitors.

As an entrepreneur, I've learned to adjust my focus on competition based on where I was in my business journey and the stage of the market. In the early days, it helped me a lot to gain insights and strategically position my business. Seeing competition in the market was reassuring, it confirmed that there was a demand for what I was offering. However, I learned to be cautious about relying too much on the information from competitors’ websites. It's not always accurate; they might not have perfected their value proposition or pricing strategy yet. One of the most valuable tactics I discovered was reading through competitor reviews. This allowed me to spot gaps in their offerings that I could capitalize on, which was a game changer for me.

See the future…..always try to stay ahead of the market. In business you are either moving forward or backwards so you need to stay on your toes and have the open mind to see when the landscape is changing so you can take steps to adapt. This is where if you are not paying attention and listening to the market then one of your competitors will. Don’t be afraid to change, to pivot, to adjust along your path.

In a dynamic world, staying flexible and adaptable is paramount. Keep a vigilant eye on market trends, swiftly identifying shifts, and proactively pivot your strategies to stay ahead of the curve. Embrace change as an opportunity for growth and innovation, ensuring your relevance and resilience in evolving landscapes.

In my experience, networking must be a two way street. I've found that taking the time to genuinely understand and address the needs and goals of others not only enriches my network but also establishes a strong foundation of trust and mutual respect. This can be done through sharing resources, making thoughtful introductions, and celebrating the successes of my connections. It’s also key to stay approachable and prioritizing authentic interactions. This approach to networking has not only helped my business grow but has also led to lasting relationships built on genuine mutual benefit.

Some people just will never have a strategic view. There can be many reasons, each with its own solution. Some people may be very bright, but not strategic. Others may be so in love with their idea that they cannot, or will not consider marketing needs or competition. Yet others may be conceptually strategic, but unable to think strategically about supply chain, manufacturing, or pricing. Perhaps they do not know enough. Some people are eager to learn and can change. However, some are unable to change their mindset. If the people won’t change their mindset, then the people have to be changed.

I would give the mentee a primer on Blue Ocean vs Red Ocean strategy. I like to use the "Purple Ocean" strategy, a blend of both. If the mentee likes to read, I would recommend Porter's "Competitive Strategy" and Wayne's "Blue Ocean Strategy." Setting personal and business goals, and setting the plans to achieve them in execution, would also help tremendously.

Wow that's a tough one! Entrepreneur without a strategy building brain is like a glass in a bar without liquid ever in its life. But here is a cheat! One can always learn the art of strategizing. Here is how. Number one; surround yourself with successful entrepreneurs. People who look like your future dream-self sometimes work as the light at the end of the tunnel. Learn from their journey; speak less, listen more. Note down all their cheat sheet, and their problem solving and critical thinking at the time of adversity. Next; encourage them developing acceptance of feedback. Sometimes feedback force you to do better or best depending on the type of feedback. Third; teach them the art of KPIs and OKRs setting. Lastly; promote growth mindset.

Help the mentee take several steps back from the business to get a big-picture view. It can be difficult for entrepreneurs, wearing many hats, to think about strategy when they’re in the midst of day-to-day operations.