Entrepreneurs Skills (Series 1, 3/100): Strategic Thinking

Are you a good chess player? If yes, great, if not, don’t worry, we can always learn and improve.

Playing chess, is strategical, sometimes we think not only 1 move ahead but 2, 3… Masters do probably more than 10 moves forward in their head… Here’s the good news, you can do it too.

In your next online business venture, strategic thinking is crucial to your business success and growth. It’s important to know what is happening right now in your industry, and in the marketplace. But also it’s very important to forecast the future and make assumptions about what might happen. Like that you can prepare your company to pivot quickly and efficiently what something “unexpected” happens.

Identify emerging opportunities

Strategic thinking will help you identify emerging opportunities. By thinking consistently about your business, the marketplace, and new trends, you will be able to identify new opportunities, very early on and take advantage of them before the competition.

Focus on markets that are likely to succeed

It helps you take a holistic look at markets that you can serve, compare them, and identify the ones that are likely to succeed.

Those are the markets where you can find your audience, and your ideal customer. It’s the customer that you will overserve and make his life better.

Avoid costly mistakes

By practicing strategic thinking you will be able to see the pitfalls and avoid them. You will help your company to avoid costly mistakes. Of course, there will be mistakes and failures, but hey, if we can avoid most of them, why not?

Our curiosity about the market, the competitors, and what is happening around us, can give us some insights. We can learn from others’ mistakes too. It’s important to remain openminded and humble to learn. It’s ok to make mistakes. It’s less ok to repeat them…

We should always be focused on doing our best and helping our ideal customer in a very unique way.

Your performance depends on how you think

We all know that the outcome of our actions, activities, and work depends on how we think.

It’s the same in business. If you are thinking in a strategic way, if you do it more, consistently, you will start to increase the company’s performance.

At first, it’s more likely that you start as a solopreneur (by yourself), but later on, you will have a group of people from managers to employees.

So, it’s a good idea, to start the process of strategic thinking early on, and get better at it, so when you have a team, you will be ready, confident and trusted. And this my friend is a strategic thinking indeed.

Limited resources

Every business struggles with limited resources, whether it’s money, people, or time. Especially at the beginning.

You might have some money now but there’s no time and no resources. When you are in your 9 to 5 job, you have to find some time before your job or after it, or even on weekend to get your online business off the ground.

Decisiveness

First you gather data, input, insights, by reading magazines, blog posts or watching videos around your business model, your market, your industry.

Then, you start spotting some trends, and opportunities. It can become a second nature with practice.

With an opportunity in front of you, you can think how to implement it to your business, what will happen if you do, what changes can take place.

Ask yourself, is it the right time?

You might also think about the disruptions that might happen in your industry. Can you can ride the wave? if not, how can you prepare yourself and your business?

Finally, you decide what you are going to do, and take actions immediately.

Make it a process

Finally, I would recommend to make strategic thinking a process, allocate an hour a week, or 2 hours a month, as you wish.

Think strategically, draw, write, scrap, do whatever you like that will help you think in a strategic way.

And of course, keep on playing chess, even with the computer, so you improve this skill.

Evaluate your strengths and weaknesses

It’s difficult sometimes to take a look at ourselves and admit that we have not only strengths but we have weaknesses too.

It’s normal.

No one is perfect. No one is good at everything. But every person, is good at something, at least 1 thing.

Discover how you can focus more on your passion and your strengths. If you are like me or other human beings out there, you have some weaknesses too. Decide what needs to improve in order to move your business and your life to the next level.

it’s a practice

After all, I believe, it’s like anything else in life. Strategic thinking is a muscle. It takes practice. Be patient with yourself. Don’t beat yourself up if you make a mistake. Take full responsibility and learn from your mistakes. It’s the only way to move forward, to grow, to become better.

Practice, practice, practice :)…

I hope you got some good value from this read.

I appreciate your time that you spent here.

If you want to practice what you have learned, go ahead and share it with us in the comment below. We love to hear from you.

I wish you more happiness in your life,

Elie Abboud,

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