I have covered the issue of entrepreneurship and strategy extensively over the course of the last few weeks. What is at the core of entrepreneurship and strategy is the achievement of a goal, mission, or vision. Thus, when the goal, mission, or vision is in one’s mind and in one’s imagination, the resources and the tools needed for the achievement of a goal, mission, or vision materialize over time.
Entrepreneurship and strategy also have certain elements and levels to take into account. Michael Porter, a strategic researcher, has mentioned that entrepreneurial strategy consists of three basic elements. For one, there is the issue of cost. But when we talk about cost, we are not merely talking about money and material resources. Cost also involves energy and time. Perhaps the most important factors one has to take into account when conducting a cost-benefit analysis of a business and enterprise – and thus the achievement of a goal, mission, or vision – are energy and time, which are both scarce.
Second, there is the issue of “differentiation.” There has to be something which makes your enterprise and your efforts different than the enterprise and efforts of others. The “differentiation” element makes one business or enterprise stand out among the others, thus elevating one business and enterprise over the other ones in a particular field or market. And third, there is the issue of focus. If an entrepreneur’s focus is scattered all over the place, the entire enterprise and strategy could fall into jeopardy. Thus, an entrepreneur and an enterprise need to have a niche focus. With a niche focus, the product as well as the processes of the entrepreneur and enterprise will fall into line.
These were the three basic elements of an entrepreneurial strategy. But as mentioned before, every entrepreneurial strategy has a goal, mission, or vision to achieve. Thus, there are three levels to the achievement of a goal, mission, or vision from an entrepreneurial and strategic standpoint. For one, there is the business level. This level involves administration, oversight, management, product development, services, as well as strategic communication with the broader world. Second, there is the operational level. What this level focuses on is the people involved in the achievement of the goal, mission, and vision, as well as the processes and procedures involved in the accomplishment of a goal, mission, or vision. Finally, there is the “transformational” level of a goal, mission, or vision. This level entails not only changing and transforming the way one’s own business and enterprise is operated and run, but this level also changes and transforms the way your competition operates and runs their business and enterprise.
Moreover, the incentives, rewards, and prize for one entrepreneur and enterprise will differ from the incentives, rewards, and prize of other entrepreneurs and enterprises. Each entrepreneur and each enterprise are different and unique. Thus, the incentives, rewards, and prize for each entrepreneur and enterprise will be different and unique. How the incentives, rewards, and prize are defined will ultimately be left to the entrepreneur.
Adam A. Azim 