The Biz Playbook - how to be an entrepreneur

KEY POINTS

1. You need a clear Mission and Vision for your product or service
2. You must develop a point of difference
3. You need to establish your competitive advantage

CREATING A MISSION STATEMENT AND STRATEGIC PLANNING

Now that you have an idea to work with, you need to think what your idea means to your potential market. Your Mission Statement should outline your philosophy of what your idea means and how it will impact upon your customers. It tells customers just what your aims are and what you are attempting to offer to them.

The next step is to analyse your internal environment by looking at your STRENGTHS and WEAKNESSES. What is good about your idea and where does it need work?

Now look at the external environment by trying to identify the THREATS to your idea; at the same time look for the OPPORTUNITIES that are available to you so that you can achieve your dream.

TASK 1: WRITE YOUR MISSION STATEMENT

In one clear paragraph write down what you promise to deliver your customers that adds value to their life.

TASK 2: STRATEGIC PLANNING CHECKLIST (SWOT ANALYSIS)

1. Analyse your external competitive environment – the threats and opportunities.
2. Analyse your internal operating environment – the strengths and weaknesses.
3. Suggest strategies that build on your strengths and correct your weaknesses.

Have a look at this SWOT analysis example as a guide: