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Yes, Even Entrepreneurs Should Be Strategic (guest blog from Erika Andersen)

October 23, 2009 By Leave a Comment

I had the chance to “meet” Erika Andersen, author of Being Strategic several months ago. Okay, we didn’t actually meet. We exchanged emails, I wrote a few blogs about her latest book, Erika sent me an autographed copy of the book, and so on. I’ve read plenty of books, articles, etc. on the topic of strategy. Being Strategic provides the clearest explanation of this topic, in my opinion.

I recently asked Erika is she would be interested in being a guest writer for the CQ blog. I’m thrilled that she obliged. Her blog is featured below. Of course, you can catch Erika’s writing on her blog too. Enjoy!

Author: Erika Andersen

 

Recently, I had the honor of speaking at the Inc 500 conference in DC.It was a great session — a big room full of entrepreneurs all focused (really focused — I was impressed) on how to be more strategic about their businesses.Afterwards I was signing books, and one guy asked me whether this skill set and mindset of being strategic was really important for entrepreneurs, especially those who are just starting their companies.(I could tell he thought it wasn’t important and that his question was just a semi-polite way of voicing that opinion!)

So I asked him how he would define being strategic.And he said, “Oh you know, all that competitive and industry analysis stuff — what is it?The five forces model?Isn’t that only applicable to big, complex companies?”

And then I agreed that, yes, if you define being strategic that way, it’s probably not that useful for most entrepreneurs–especially the brand new ones: starting a software company in their garage or a baby boutique in a downtown storefront. But I define being strategic very differently — I see it as a set of mental skills that help you achieve your dreams — whatever they may be — in an organized way.The definition I offered him (and that I propose in my book) for being strategic is this: consistently focusing on the core directional choices that will best move you toward your hoped-for future.

Most entrepreneurs have a hoped-for future– it’s why they’re entrepreneurs; they’re passionate about building some kind of a “better mousetrap.”

But in order to know which core directional choices will best take you to that future about which you’re so passionate, you also have to be very clear about where you are now and that’s something a lot of entrepreneurs aren’t that good at: they look at their current state with a mix of wishful thinking and selective vision!

So one key strategic skill for entrepreneurs is to be able to look at where they’re starting from- their strengths and weaknesses, assets and liabilities, and the circumstances around them that might support or impeded their success.I encourage people to learn to be fair witnesses; to look at their own situation as neutrally and objectively as possible.If you’re not accurate about where you’re stating from, it’s hard to know how to get where you’re going: if you’re traveling to New York and you think you’re starting from Philadelphia but you’re actually in Miami you’re in big trouble!

And once you’re clear on what is your true starting point — then you have to be able to make and stick to those core directional choices, or strategies.This is tough for entrepreneurs: it’s all too easy to make an important choice about how you’re going to build your business, and then abandon it when the going gets rough. For instance, when I was first starting my consulting company, almost 20 years ago, we made the decision to target primarily large and high-growth companies.We felt that we could build long-term relationships with them, of mutual benefit to us both, because they would continue to have need of our services over a long period, and would have the capacity (and budgets) to use us. In the early years, it was tempting to move away from that core directional choice and go for the local, small, quick-hit clients.But we stuck to our strategy, and have built a wonderful client list with many client relationships lasting 10 to 15 years.

This is just part of the conversation I had with the guy at the Inc 500 conference who didn’t believe in strategy for entrepreneurs. I don’t know if I convinced him — but he did buy a book and have me sign it!

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Determine What’s The Path

June 21, 2009 By Leave a Comment

After facing what’s in the way , you are ready to determine the path:

  • Be a fair witness
  • Pull back the camera
  • Sort for feasibility, impact, & timeliness (FIT)

Continue being objective as a fair witness and by pulling back the camera. Now, though, the whole picture should be coming into clearer focus. You know where you’ve been. You know where you are. You know where you’re going. You know what’s in the way.

Sort For FIT:

Can you actually pull this off (feasibility)? Is the strategy moving you toward your desired outcomes without breaking the bank (impact)? Does this strategy have to be done now or are other things more pressing (timeliness)?

These guiding principles are highlighted in Erika Andersen’s book Being Strategic.

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Face What’s In The Way

June 21, 2009 By Leave a Comment

After envisioning the hoped-for future, it’s time for you to face what’s in the way:

  • Be a fair witness
  • Pull back the camera
  • Sort for impact

Yes, these are the same steps for clarifying what is. But now you are gearing up to take action.

Be A Fair Witness:

How do you handle obstacles? Do you tend to overlook them? Or do obstacles overwhelm you? Treat the obstacles as critical data.

Pull Back The Camera:

It’s time to see what is and the hoped-for future. Think about what it will take to get from what is to the hoped-for future.

Sort For Impact:

Knowing where you are trying to go (hoped-for future) makes it easier for you to sort for impact. Now you prioritize the obstacles and identify the true deal breakers.

These guiding principles are highlighted in Erika Andersen’s book Being Strategic.

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Envision What’s The Hope

June 21, 2009 By Leave a Comment

After defining the challenge and clarifying “what is”, you can begin to envision the hoped-for future:

  • Pick a time frame for success
  • Imagine yourself in that future
  • Describe what success looks and feels like
  • Select the key elements

Pick A Time Frame For Success:

Be realistic. Some projects and initiatives will take more time than others. And most will take more time than you originally think. If you are tackling some BIG business issues, it might easily take a year or longer to resolve.

Imagine Yourself In That Future:

Fast forward in your mind to the time frame you chose. Imagine that you are sitting in the same chair but in the future. Imagine you are here to reflect on completing this big issue.

Describe What Success Looks And Feels Like:

What do you see in the future? What would success look and feel like? What is the mood in the organization? How is moral? How is business?

Select The Key Elements:

Once you have defined what success will look and feel like, jot down the key elements. These key elements are the foundation for your new vision. Share this with your team. Bring them into this process. Help them understand what you think success will look and feel like. Get their opinions too.

These guiding principles are highlighted in Erika Andersen’s book Being Strategic.

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Clarifying “What Is”

June 21, 2009 By Leave a Comment

Now the you have defined the challenge, it’s time to clarify what is. There are three steps to this process:

  • Become a “Fair Witness”
  • Pull back the camera
  • Sort for impact

Become A “Fair Witness”:

I like the example Erika Andersen uses:

“If you point to a white house and ask one of Heinlein’s Fair Witnesses (Stranger in a Strange Land, Robert Heinlein) what color it is, he or she will say, ‘It appears to be painted white on this side.’”

Think about this. Realize your perspective on “what is”. Just because you see a house that appears to be white does not necessarily mean all sides are white. You can only state the house is white if you’ve viewed all sides to confirm.

In a nutshell, do you state things as you’d like them to be or how they really are? I know I’ve been guilty of stating things are the way I’d like them to be. In these cases, I haven’t been a fair witness.

Pull Back The Camera:

What is your role? Are you watching what’s going on? Are you the “director” who understands how all the parts and pieces interact?

If you’re watching, you might only observe a subset of the big “picture”. For example, you might assume that your business is struggling because resources aren’t carrying their weight.

By playing the role of “director”, you should be able to pull back the camera to realize that the reason the business is struggling may have very little to do with the resources. Maybe you don’t have proper systems in place. Maybe your culture is stifling. Maybe people are motivated to do a good job.

Sort For Impact:

After being the fair witness and pulling back the camera, you can now sort for impact. Which factors mean more than others? Focus on what’s most meaningful.

These guiding principles are highlighted in Erika Andersen’s book Being Strategic.

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What Is Your Hoped-For Future?

June 14, 2009 By 2 Comments

Are you just going through the motions? Or are you on the path of your hoped-for future? If not, maybe it’s time to start.

I recently blogged about a new book, Being Strategic. I ordered and received my copy a few weeks back. A couple days later, Erika Andersen–the author, sent a signed copy (thanks, Erika!).

At the time of this post, I’m over 50% done with my first read. I’m going through this pretty quickly the first time. The second read will be more deliberate. I’ve read enough, though, that I’m ready to share some thoughts.

Let me share Erika’s definitions for STRATEGY and TACTICS:

Strategy – core directional choices that will best move you toward your hoped-for future.

Tactics – specific actions that will best implement your strategies.

Maybe you prefer other definitions for these terms. For me, Erika says it best. What is your hoped-for future? What actions are you taking to achieve this?

Not sure you are cut out for this? Here is a little more guidance about being strategic:

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