A venture may fail if its founders do not hire the best people, attract capital, invest in organizational infrastructure, and shape a culture to suit the venture’s strategy.įounders must also consider the evolution of their personal roles.
Great strategies, however, don’t guarantee great execution. Only when entrepreneurs decide what they want from their businesses can they determine what kind of company they must build, what they are willing to risk, and whether they have a well-defined strategy.
They may want, for instance, to attain a certain lifestyle, experiment with technology, or build an institution that can outlive them. Why all the conflicting advice? Because in a young company, all decisions are up for grabs.īased on his observations of several hundred start-up ventures over eight years, Amar Bhidé has developed a three-step sequence of questions that all entrepreneurs must ask themselves in order to establish priorities among the vast array of opportunities and problems they face: What are my goals? Do I have the right strategy? Can I execute the strategy?īefore entrepreneurs can set goals for a business, they must articulate their personal goals. Those are some of the suggestions that entrepreneurs sort through as they try to get their ventures off the ground.
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