Secrets of Next-Level Entrepreneurs

CHAPTER 1Creating a Winning Business Strategy—It's Easier Said Than Done

Alex Brueckmann

If you ask three business owners “what is strategy?” you will likely receive three different definitions. Their answers might range from “a plan on how we create value” or “our priorities for the next few years” to “an approach to winning against competitors” and “a framework used to make decisions.” There is nothing wrong with these answers. As a matter of fact, if you research a definition of the term strategy, you will find suggestions that match these ideas to a large degree. So, which definition is the most accurate? Which approach should be used for your business?

I would accept any definition of strategy as long as it captures some of these ideas if used consistently in your business. This can prevent businesses from running into major issues with severe consequences. The term strategy is highly versatile in all aspects of life, from the world of sports to business and beyond. It does not come as a surprise that many find it difficult to make sense of it.

This chapter will focus on strategy using examples of go‐to‐market strategies for start‐ups and competitive strategies for corporations. I will define what strategy is, describe the characteristics and importance of an impactful strategy, and examine the ethics of strategy.

What Is a Strategy Anyway?

The first matter to take care of is to define the term itself. For start‐ups and entrepreneurs, the term strategy is closely associated ...