Generate sufficient profits and growth: Ensure that your strategy will produce desired business results.Provide clear direction: Articulate the enterprise’s policies, geographic reach, capabilities, and decision-making framework-in concise terms that employees, investors, and customers can understand.Are your goals worth the attendant risks? Your risk tolerance: For example, building a sustainable business entails risky long-term bets-including trusting inexperienced employees, personally guaranteeing debt, and tolerating delayed payoffs.And you’ll need a company big enough to support an infrastructure that won’t require your daily intervention. The kind of enterprise required: For example, if you want to sell your business eventually, you’ll need to build a sustainable enterprise-one that can renew itself through changing generations of technology, employees, and customers.What you want personally from your business: An outlet for artistic talent? A flexible lifestyle? The immortality of building an institution that embodies your values? Quick profits?.To articulate your goals for the enterprise, clarify: Successful entrepreneurs keep asking tough questions about where they want to go-and whether the track they’re on will take them there.Ī closer look at Bhide’s three questions: Where Do I Want to Go? Improvisation takes a venture only so far. Can I do it? Do you have the right talent? Reliable sources of capital?.How will I get there? Is your strategy sound? Does it clarify what your company will and won’t do? Will it generate sufficient profits and growth?.
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