Strategic thinking helps CEOs build successful businesses. It helps them establish everlasting enterprises. It is one of the key elements of decision-making.
It is different from strategic leadership. It differentiates between leaders from managers. The strategy is the means and mechanism through which organizations accomplish their goals and objectives. It is the process of preparing for the future by scanning the internal and external environment and weighing the strengths and weaknesses of competitors and creating the future. It is to reciprocate with the counter moves and actions as per the tactics of competitors to stay ahead of the game.
Michael Porter defines, “Strategy is about setting yourself apart from the competition. It’s not a matter of being better at what you do – it’s a matter of being different at what you do.” The strategy helps identify what is holding back to reach the next higher level. It is not a popularity contest.
It helps please the majority of customers, not all customers. The strategy is fundamentally a set of choices the leaders make across the value chain. So, leaders should not try to be the best but to be unique to stand out from the rest.Corporate strategy involves a judicious blend of strategy and tactics. CEOs must work in trenches and blend strategy and tactics effectively to build successful businesses.
They must keep their language simple and straight to enable a layperson to understand and implement their strategy. They must be strategic thinkers blending both strategy and tactics. To be a strategic thinker, you must dream bigger, think bigger, see the big picture, and understand the tactics. When you want to succeed as an entrepreneur you must combine strategy and tactics. Here
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Entrepreneurship
CEO
