And they must periodically ask themselves if those goals have changed. vintage cat nice shoes doormat Many entrepreneurs say that they are launching their businesses to achieve independence and control their destiny,
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They must also preclude activities and investments that, although they seem attractive, would deplete the company’s resources. A strategy that is so broadly stated that it permits a company vintage cat nice shoes doormat to do anything is tantamount to no strategy at all. For instance, claiming to be in the leisure and entertainment business does not preclude a tent manufacturer from operating casinos or making films. Defining the venture as a high-performance outdoor-gear company provides a much more useful focus. An entrepreneur who wants to build a sustainable company must formulate a bolder and more explicit strategy. The strategy should integrate the entrepreneur’s aspirations with specific long-term policies about the needs the company will serve, its geographic reach, its technological capabilities, and other strategic considerations.
To help attract people and resources, the strategy must embody the entrepreneur’s vision of where the company is going instead of where it is. The strategy must also provide a framework for making the decisions and setting the policies that will take the company there. Long-term sustainability does not concern entrepreneurs looking for quick profits from in-and-out deals. Similarly, so-called lifestyle entrepreneurs, who are interested only in generating enough of a cash flow to maintain a certain way of life, do not need to build businesses that could survive without them. But sustainability—or the perception thereof—matters greatly to entrepreneurs who hope to sell their businesses eventually. Sustainability is even more important for entrepreneurs who want to build an institution that is capable of renewing itself through changing generations of technology, employees, and customers. Before they can set goals for a business, entrepreneurs must be explicit about their personal goals.