Introduction:
Becoming a successful entrepreneur is not an easy task as it requires a lot of hard work, dedication, and knowledge. However, there are some valuable sources entrepreneurs can utilize to improve their understanding of business strategy. In this blog article, we have compiled a list of 5 essential business strategy articles every entrepreneur should read in order to gain insights, improve their decision-making skills, and enhance their business practices.
1. Harvard Business Review – “What Is Strategy?”:
This article by Michael E. Porter, a well-known strategist, seeks to define the meaning of “strategy” in a clear and concise manner. The article discusses the difference between operational effectiveness and strategic positioning, and how businesses should strive for unique and valuable offerings to stay ahead of competitors. The article provides examples of companies like Ikea, Southwest Airlines, and Zara, which use different strategies to achieve success.
2. Forbes – “Why Strategy Matters More Than Ever In 2021”:
This article highlights the importance of strategic decision-making in the current business environment, which has been affected by the COVID-19 pandemic. The author, Christian Sarkar, emphasizes that businesses should focus on purpose, values, and long-term goals rather than short-term profits. The article argues that strategy will help businesses build resilience and adapt to changing market conditions.
3. Inc. – “The 5 Essential Principles of Strategic Marketing”:
This article, written by John Jantsch, discusses the principles of strategic marketing, which include targeting the right customers, creating a unique value proposition, communicating effectively, delivering on the promises made, and establishing a brand promise. The article provides examples of companies like Apple, Chipotle, and Warby Parker, which have successfully applied these principles to their marketing strategies.
4. McKinsey & Company – “The Five Trademarks of Agile Organizations”:
This article by Aaron De Smet, Sarah Kleinman, and Kirsten Weerda discusses the characteristics of agile organizations, which are able to quickly adapt to changing circumstances and maintain a competitive edge. The trademarks of agile organizations include a clear sense of purpose, a network of empowered teams, rapid decision-making and learning, dynamic people model, and next-generation enabling technology. The article provides examples of companies like Google, Amazon, and Spotify, which are known for their agile practices.
5. Entrepreneur – “5 Strategies for Building a Powerful Network”
This article by Ivan Misner, Founder of BNI Global, discusses the importance of building a strong network as an entrepreneur. Building relationships with the right people can lead to new opportunities, referrals, and valuable insights. The article offers tips for building a powerful network, including focusing on quality over quantity, giving more than you receive, and being persistent and patient.
Conclusion:
In conclusion, these 5 essential business strategy articles provide valuable insights and actionable advice for entrepreneurs to improve their decision-making skills, enhance their strategic practices, and achieve success in their ventures. By reading these articles and applying the principles and strategies discussed, entrepreneurs can acquire the knowledge and tools necessary to navigate complex business environments and stay ahead of the competition.
